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jzzzzzzz
SuperStar
Joined: July 07, 2006
Posts: 1378
Status: Offline
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 Posted:
July 25, 2007 - 06:15 PM |
 
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If you are non tax resident in the UK but still have money paid into the UK account you do not need to pay tax on it - I assume you mean tax on the interest. You need to fill in some tax forms and inform your bank though. |
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Edd
Lurker
Joined: Oct 12, 2006
Posts: 24
Status: Offline
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July 25, 2007 - 09:27 PM |
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I work for Austen Morris Associates and just happened to notice your discussion.. if you guys need any advise, PM me or give me a call at +86 13585577172
For your question, yes we do help people set up offshore bank accounts which is also 100% free of charge. its not that complicates to obtain one
Cheers
Moe |
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Edd
Lurker
Joined: Oct 12, 2006
Posts: 24
Status: Offline
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July 25, 2007 - 09:38 PM |
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Offshore bank accounts having nothing to do with offshore investments... its just like any bank account but its set up with bank based on a tax haven.
Personaly, i use Standard Bank Isle of Man, they have good service www.sboff.com - contact Pete Hartley (Customer relationship officer) Pete.Hartley@standardbank.com they also have an office in hong kong and i guess you can find the number on the website.
You could also use lloyds isle of man, but thier service is really bad
If you need any help, you may contact me at: moe.e@austenmorris.com
Good Luck!
Moe |
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wolfy
Fire-eater
Joined: Sep 13, 2004
Posts: 2510
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July 26, 2007 - 09:26 AM |
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| p1atl10 wrote: |
Conclusion
Citizens and residents of the United States are taxed on their worldwide income. |
That’s what I said. If you are an American citizen and you own a company overseas, that company is not liable to corporation tax in America. If that company pays you a salary of more than $82,000 that’s what you are liable to be taxed on. |
_________________
Good old English spirit! http://www.youtube.com/watch?v=7MG27BKwjaI |
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p1atl10
Board Royalty
Joined: Mar 18, 2005
Posts: 6089
Location: Shanghai
Status: Offline
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July 26, 2007 - 11:02 AM |
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Wolfy,
Think we are in violent agreement on that point.
I was also referring to the fact that there are several illegal schemes used to hide profits that involve the establishment of a foreign company.
Ownership of a foreign company in and of itself is not a problem. |
_________________
Not all chemicals are bad. Without chemicals such as hydrogen and oxygen, for example, there would be no way to make water, a vital ingredient in beer.....Dave Barry |
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wolfy
Fire-eater
Joined: Sep 13, 2004
Posts: 2510
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July 26, 2007 - 11:34 AM |
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| p1atl10 wrote: |
Wolfy,
Think we are in violent agreement on that point.
I was also referring to the fact that there are several illegal schemes used to hide profits that involve the establishment of a foreign company.
Ownership of a foreign company in and of itself is not a problem. |
I'm not sure how illegal it is to "hide" profits in a foreign company especially if you are a non-resident. That's what all the big US hedge funds do. They are all based in the Cayman Islands but operate perfectly legally in the US. |
_________________
Good old English spirit! http://www.youtube.com/watch?v=7MG27BKwjaI |
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p1atl10
Board Royalty
Joined: Mar 18, 2005
Posts: 6089
Location: Shanghai
Status: Offline
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July 26, 2007 - 12:02 PM |
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Depends on how it is done....
Residency is irrevelant. Citizenship is.
Illegal uses of a foreign corporation include for a US Citizen, regardless of where they live include:
http://www.irs.gov/businesses/small/article/0,,id=106568,00.html
Abusive schemes usually create structures that make it appear a nonresident alien or foreign entity is the owner of assets and income, when in fact and substance, true ownership remains with a U.S. taxpayer.
Taxpayers may utilize a variety of devices to conceal transfers of money or other property to a foreign entity, where the income it generates may be hidden. The simplest method of diverting income is sending skimmed income to an offshore account or entity. Other methods used to transfer money or other property offshore include the use of payments disguised as deductible expenses (for example, rents or purchases) that are paid to entities controlled by the taxpayer and generally located in a tax haven jurisdiction.
Taxpayers may fabricate sales of property to a foreign entity that they control, perhaps in exchange for a note of which they do not expect repayment. This gets title to the property - and its future earnings - offshore. In some cases, taxpayers may purchase nonexistent equipment from a tax haven corporation controlled by a related entity. Taxpayers then often improperly claim depreciation on payments really made to themselves.
Once money or title to property is moved offshore, the taxpayer can continue to manage it with ease using sophisticated means of communication and funds transfers. Some tax haven banks, trust companies, attorneys, and accountants operate virtual factories making false documents to create paper trails to confound auditors. A taxpayer or his foreign representative can easily create front corporations inside or outside the United States to carry out the taxpayer's instructions. For example, one Cayman banker explained how his bank could credit checks made payable to U.S. dummy corporations to a customer's offshore account. These dummy corporations are set up for that purpose so that the checks would clear through the offshore bank's correspondent account at a U.S. bank with no evidence the funds were credited elsewhere.
The other issue is getting the funds back into the US once they are offshore.
With the restrictions placed on funds movement because of various anti-terrorist and drug laundering legisislations...should one want to engage in wealth creation through offshore vehicles, it is much toughr to get the money back into the US "under the radar"..
And as a final bit of warning for all of us Americans who are bombarded with offers from "offshore investment councilors" here in Shanghai....
Buyers beware...
Promoters
Promoters of such schemes may offer comprehensive management services that include bookkeeping and return preparation. Or, the promoter may simply create initial documents that create a "paper shield" behind which the taxpayer/client can control everything.
Certain promoters are candid with their clients, acknowledging the scheme depends on fictitious arrangements designed to mislead the IRS. Others unscrupulously sell their clients on the idea that the arrangement legally permits avoidance of tax liability. Such promoters may point to case law and show the client how their arrangement avoids the pitfalls of previous schemes.
Keep in mind the promoter does not have to convince the IRS; just convince the client long enough to make the sale. Once a taxpayer has entered into an abusive scheme, it may be difficult to get out of it. Consequently, the taxpayer may rely heavily on the promoter for advice, and even representation, when confronted with an IRS examination.
The growth of Internet promotions has led increasing numbers of middle-income taxpayers into such arrangements. Even though the dollar amounts involved are usually smaller, the growth in numbers of taxpayers represents a serious compliance problem. |
_________________
Not all chemicals are bad. Without chemicals such as hydrogen and oxygen, for example, there would be no way to make water, a vital ingredient in beer.....Dave Barry |
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wolfy
Fire-eater
Joined: Sep 13, 2004
Posts: 2510
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July 26, 2007 - 12:08 PM |
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| Quote: |
| Residency is irrevelant |
Not if you intend on never returning to the States.
You can cut and paste all the IRS websites you want but it doesn't change the reality of offshore jurisdictions existing. |
_________________
Good old English spirit! http://www.youtube.com/watch?v=7MG27BKwjaI |
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p1atl10
Board Royalty
Joined: Mar 18, 2005
Posts: 6089
Location: Shanghai
Status: Offline
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July 26, 2007 - 03:01 PM |
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Yo....lighten up!
I will probably never return to the US either.
But as long as I am working anywhere in the world, and am a US Citizen, I am by law, obligated to pay US taxes. Sucks. But that's the law.
You draw the line on whatever side of the law you choose....so will I.
Never said that offshore jurisdictions do not exist. They obviously do.
My only point was that under certain circumstances, the use of offshore corporations can be considered as tax evasion by the US Government.
Once again...people are fee to choose where they want to stand on the law.
And finally...was just some putting some information out there for the US ex-pats here who are constantly being solicited by the many "offshore investment advisors" wanting us to use their services to shelter income.
Sat through a couple when I first became an expat.....and was led to believe they are legal. Did some digging to understand the legal status of these shelters.
Just passing that on..... |
_________________
Not all chemicals are bad. Without chemicals such as hydrogen and oxygen, for example, there would be no way to make water, a vital ingredient in beer.....Dave Barry |
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phiota
Raver
Joined: Nov 01, 2005
Posts: 467
Status: Offline
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July 26, 2007 - 11:51 PM |
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With the global banking system I think it is hard now then ever to not declared assets. Can China/USA/London (lawyers/government) know thru HSBC if you open an account in Hong Kong and never reported it or is only opening bank account at tiny banks the only way?
John |
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wolfy
Fire-eater
Joined: Sep 13, 2004
Posts: 2510
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July 28, 2007 - 03:36 PM |
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John, offshore jurisdictions are protected by a legal concept called banking secrecy which means banks located there do not open their books to anyone. All the big high street banks have branches in offshore financial centres and they keep the names of their clients confidential - it would ruin them if they didn't. |
_________________
Good old English spirit! http://www.youtube.com/watch?v=7MG27BKwjaI |
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Chinarose
Squeeker
Joined: Aug 04, 2003
Posts: 14
Status: Offline
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Sep 24, 2007 - 05:30 PM |
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From my understanding having looked in to this myself, you can either use accounts based in Isle of Man, Jersey or Guernsey as well as Hong Kong. I think some of the options are LLoyds TSB, HSBC and Standard Chartered.
For a profesional opinion, I would be happy to recommend an advisory company which I have experienced and which has an excellent reputation. It is currently a little less well known than the usual ones that roll off the tongue in Shanghai but I think this is because they do less of that 'cold calling'.
The company is called GLADSTONE MORGAN based in Times Square.
021-5117 9393.
The GM has been in china for about 5 or 6 years. Let me know how you get on. |
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p1atl10
Board Royalty
Joined: Mar 18, 2005
Posts: 6089
Location: Shanghai
Status: Offline
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Sep 24, 2007 - 10:51 PM |
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^ and you work for? |
_________________
Not all chemicals are bad. Without chemicals such as hydrogen and oxygen, for example, there would be no way to make water, a vital ingredient in beer.....Dave Barry |
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seo4china
Talker
Joined: Nov 20, 2006
Posts: 76
Location: Paris/Hong Kong/Shanghai
Status: Offline
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Sep 26, 2007 - 02:23 PM |
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CaptainCook
Rocker
Joined: Mar 20, 2007
Posts: 684
Status: Offline
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| Posted:
Sep 27, 2007 - 04:34 PM |
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On the same note, does anyone here uses deVere & Partners? |
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LaVecchiaSignora
SuperStar
Joined: July 24, 2006
Posts: 1531
Status: Offline
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| Posted:
Sep 27, 2007 - 05:46 PM |
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| horsemandk wrote: |
Off-shore accounts are only for investments and not banking!
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Ha ha ha, classic one horsemandik. |
_________________
I like walking in the rain because no one knows im crying |
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