Question:
Is it possible If I have a 2nd passport, and with that open an offshore business or bank account or both in that country. and then trade the offshore (out of united states) stock market. and with that being said, if i am trading as a non us citizen in a low tax or 'no tax' haven would I be able to essentially pay as little as zero taxes on the profits from trading? thank you for your time! (all legally course)
-j.p.
Answer:
Disguising your income in any way is a federal tax code violation, and can end you in jail. There are many ways to AVOID tax - that's legal; but deliberately EVADING tax - well, that's big trouble. Remember Al Capone?
You can open an a/c off shore, but you must declare all earnings and you will be taxed. If it was so easy to avoid tax, we would all do it.
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