Day Trading Laws and Taxes for IBC

[samdan777712]

I've been looking into tax defferment and offshore 401k, IRA, IBC, etc. But as an American the same issue comes up basically 'You're American, no bank for you, no brokerage for you be gone".

In the grand scheme of things, is the ultimate way to get around this simply create a shelf company IBC with nominee shareholder/director, nominee incorporation, virtual office in offshore jurisdiction, put a LLC inside of it and hire another LLC that you are the director of, hire yourself as a financial officer/contractor working for the foreign entity with signatory control over the foreign LLC bank account?

What exactly are the tax implications? Is it true that the IBC cannot show you as a beneficiary, shareholder, and director, it has to be entirely nominee? This is a tough combo of legality and taxes. I just need to figure out the law. I guess I could be looking at a unsavory situation where the IBC has to be licensed as a brokerage ...not ideal.

 

[Martin Everson]

As you know the problem is your a U.S Person . That makes you very special and unwanted in offshore circles outside America. A bit like a guy with HIV wanting to join in an orgy.

I would comply with U.S extra territorial and intergalactic laws and pay every sent owed to the U.S government. Basically there is no appetite in the industry for involving one self with anyone US. Pretty much every bank that has disappeared in the offshore world has been because of U.S including Loyal bank in St Vincent where CEO has been convicted. No credible offshore provider or offshore bank would risk dealing with a U.S Person so don't waste too much time on looking for credible solution to hide yourself. What one would offer a guy from Europe they would not risk with a U.S person and end up extradited to gitmo.

 

[samdan777712]

I mean I read numerous sites offering various services about setting up bank accounts attached to offshore LLC. Many are self directed offshore IRA, held in offshore LLC or offshore trust. Midland IRA services offers this type of custodian ship. And there are a number of others in the states. I've looked into well respected law firms in southern california who offer corporate planning overseas and tax planning. It really seems like you need a good courier or firm to help you set up the bank. That said I don't even know if a IBC is best. I like the foundation structure as well.

 

[Martin Everson]

I mean I read numerous sites offering various services about setting up bank accounts attached to offshore LLC.

These websites are sometimes unemployed Indian programmers sat in a shed in Bangalore offering these services. I mean your a U.S Person so forget about it. Pay your taxes and let your tax dollars pay for more F35 planes and predator drone strikes on some innocent children in some third world country .

There is no one other than scammers and desperate people that will risk their freedom to offer a U.S Person any service, act as nominee or offer them any sort of structure - look what happened to Loyal Bank...lol!!!!

Even U.S tax preparers everyday get jailed, business shutdown or convicted by US Federal government. Check out below link and see some of the stories of U.S tax preparers who tried to help American's/themselves via various schemes (aka tax fraud) that were convicted.

https://www.justice.gov/tax/tax-div...rer&items_per_page=50&f[0]=field_pr_date:2019
2019 49 cases
2018 96 cases
2017 134 cases
2016 166 cases

The U.S tax code is very very complex so some local firms may think they know what they are doing when it comes to offering you an offshore solution but IRS tend to think differently 9/10 times.

 

[samdan777712]

Well I'm actually not implying that I aim to avoid taxes. It really is about privacy. I don't want the endless list of crypto industry players overseas to judge me as american retail. There are very complex exemptions in SEC and CFTC that allow americans to work for overseas entities that can *sometimes* and not easily, let you access brokerages.

Obviously IBC taxation is very complex. I don't mind paying CFC taxation on the IBC, it just has to look like I'm working for a group or an entity. Kraken also offers far better services to its corporate clients.

 

[Martin Everson]

It really is about privacy. I don't want the endless list of crypto industry players overseas to judge me as american retail. There are very complex exemptions in SEC and CFTC that allow americans to work for overseas entities that can *sometimes* and not easily, let you access brokerages.

Forget privacy as an American. Some non-US crypto exchanges have been shutdown and people awaiting extradition to U.S or life in U.S prison. Had they not had American clients, dealt with USD or in fact dealt with dirty stolen crypto out of US they would not be facing the magnitude of U.S gunpoint justice over what is contentious allegations of money laundering and defrauding American clients. Problem with dealing with U.S Person is the U.S can accuse you of absolutely anything and you have to plead guilty whether your innocent or not or face decades in prison . Just imagine your a crypto industry player outside US and some American transacts through your exchange with crypto that originated from some U.S exchange theft....your life is over.

https://news.bitcoin.com/owner-of-romanian-exchange-coinflux-to-be-extradited-to-the-us/
https://news.bitcoin.com/btc-e-operator-alexander-vinnik-to-go-on-hunger-strike-lawyer-says/
But good luck anyway

 

[samdan777712]

It's not about anonymity or taxes, it's about frank and dodd. and of course capital control and the fascism of the CFTC and Fincen. Tht said I believe I can make a trading group slash investment fund with canadians if the canadians own it. But it requires a lot of regulatory fees and license and auditing. But there are legal ways to work insid the CFTC eligible contract participation requirements. It's just really really damn difficult and expensive, but I want access to Kraken futures. I want a real exchange that is safe to put big money on.

 

[Martin Everson]

I don't think you get it. You won't find any non-US person willing to help a US person as only prison awaits them for doing so. You may want to try an American specific forum and help to prevent this forum from being shutdown like talkgold was for some extraterritorial intergalatic US offense. Good luck with CFTC and Fincen. If you were serious you would explore your real ethnic roots get a second passport from that country and renounce your US citizenship and be free.

 

[samdan777712]

I suppose there's nothing I can do but talk to corporate attorneys in person. I wish I could say there was no reason for you to be that afraid, but unfortunately we both know the reality of it.