Quote:
Originally Posted by cooltraveler2
You as a person still have to pay taxes for any income you personally get, no matter where you get it. Why did you set up an offshore company if you didn't know what you would do with it?
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Many offshore companies are not used for 'visible' business; that is, they don't own stores, restaurants, etc.--they are used as ownership vehicles for foreign assets, bank accounts, land, etc. as they are a great way to keep one's personal information private.
Only American and Libyans are subject to taxation on foreign-earned income; if you think this is seriously unjust, then I suggest you write your Congressional representative/senator. Otherwise, there are systems set in place that can let you use your offshore company as a foundation--which has different laws regarding use of income and taxation. As always, consult a law firm that has a proveable track record of establishing and aiding in the administration of such an asset vehicle.
Good places to start:
International Living - Buy Real Estate, Retire Overseas
Asset Protection Plans, Offshore Asset Protection Services
The Tax Prophet: Offshore Asset Protection - the Basics
And as always, a little google goes a long way...
Offshore asset protection - Google Search
Cheers.