Taxes are killing me

Firespawn
Firespawn

Hello guys, I'm swing trader from Slovenia but short term gains (buy and sell under 12 months) are taxable 40% in my country and that's killing me. That's ridiculous.

What should I do, what are my options? I'm willing to open any kind of business in other countries if that's necessary. How could I take advatage of EU policy in that case?

Help Veeky Forumsbro, lads.

WebTool
WebTool

Why not open a company in Hong Kong and do all your trading through that?

VisualMaster
VisualMaster

Thank you for suggestion. I'm not big league pretender like many guys here on Veeky Forums so I'll honestly say I have no idea how to do that and if it is legal.

Stupidasole
Stupidasole

what's swing trading?

Spazyfool
Spazyfool

Burger here.

What I do is find a non-FACTA country. FACTA is an agreement the United States has with many countries that requires the cooperating nation's banks to disclose any profits an American citizen makes in that country. So for example banking in Canada/EU/Australia would get me busted. But banking in Burma, Morocco, Cambodia, etc allows me to hide a ton of income.

Therefore, I'd find if your country has something similar and find a country that doesn't disclose your info to Slovenia, and bank there.

viagrandad
viagrandad

Thanks, fair enough but is there any less sketchy strategy? I'm not sure if I would like to literally hide my money since I'm not talking about millions but tens of thousands.

I would pay up to 25%. I was thinking if there is some kind of loop so I can open a firm somewhere and pay corporate gains or something. But I think I would have to denounce my residency for that..

lostmypassword
lostmypassword

can u show a bid explaning this

WebTool
WebTool

is there any less sketchy strategy
No lol.
I'm not a high roller either (I'm posting here, aren't I?), but fuck the government. I'm still saving quite a bit.
I was thinking if there is some kind of loop so I can open a firm somewhere
Open up one in Tunisia. They don't give a shit.

viagrandad
viagrandad

move to a country with no capital gains

Nojokur
Nojokur

VISA to US

VISA to any country with low taxes

UK and hide it as our tax authorities are terrible (especially if you're not a Brit)

askme
askme

I have the exact same problem except here in the Netherlands you pay upwards to fucking 50%. It's practically full blown communism. I have no idea how I'm supposed to make any decent income here. I'll likely end up moving just for this reason.

Some good advice in this thread though

RavySnake
RavySnake

That's just hideous tax rates. You gave me fucking cold sweats, I've only just started investing here in Australia. As far as I can tell short term gains is taxed here at the full capital gains tax rate, which I think is equal to the income tax rate you paid that year, If any aussies could set me straight, it would be appreciated.

farquit
farquit

buy citizenship from malta, or st. kitts, or other no tax heavens that allow you to buy in a passport.

open an llc in any of the tax heavens, and just be yourself :^)

Raving_Cute
Raving_Cute

I've been thinking about this, what's the best place to open the LLC? BVI?

Also if your LLC makes money, do you pay yourself a salary and then just pay tax on the salary (assuming you're still living somewhere in the western world and not trying to actually break laws)? Or can you just buy everything you need, even personal stuff, with a debit/credit card that belongs to the LLC?

Sir_Gallonhead
Sir_Gallonhead

Well yeah f-fuck the g-government but I still have to give them 40% and die a little bit inside.

Jesus Christ, even 50%? This is fucked up, bro.

This is for millionaires. I guess I'll have to swallow my pride and give 40% until I'm financially capable of getting foreign citizenships and tax heaven firms.

I feel like I'm being denied by my own country because I want to legally succeed. Literally raping me with taxes while guys selling drugs don't give a fuck and have much more than me. Thanks Obama.

kizzmybutt
kizzmybutt

Now I understand why it pays to do crime in Eastern Europe. Terrible bureaucracy.

TurtleCat
TurtleCat

35% over %87,000
45% over $180,000
+4-7% in payroll tax for State
+4% in fees
10% federal sales tax
$0.38 per liter on fuel
Still have to pay property taxes

HOW THE FUCK DO YOU LIVE?

Ignoramus
Ignoramus

Become a non-resident. In most countries if you are there 180 days or less you arent liable for tax. As a trader we can make money anywhere.

So leave the country twice a year and have a residence somewhere else. You can always go back, but as long as you can prove on paper you were away, you will be tax free.

Firespawn
Firespawn

ti pizda pokvarjena, kdo ti je pa šolo plačal a?
a si jo sam?
pa koliko plačaš ko greš k zdravniku? pa cesto si boš sam asfaltiral?

ko zaslužiš pa takoj spizdiš z denarjem ven. kakšen človek si ti?
zaradi takšnih kot si ti nam ne bo nikoli uspelo. crkni

takes2long
takes2long

It can't be that easy, can it? Like you're literally scot fucking free when it comes to taxes just by moving twice a year?

Emberfire
Emberfire

Reč to Bavčarju, jebem te u usta.

TurtleCat
TurtleCat

Hong Kong takes 20% of what you earn (that is taxable... and ehem visible to them) no matter if you ear $50000 or $5 billion.

girlDog
girlDog

No bullshit social security taxes in Hong Kong. Also tight Chinese girls will stick to your virile European cock all day every day. Live the dream, man.

Sharpcharm
Sharpcharm

Sounds like a lot of money to get sucked off by some catfish looking whore.

Stupidasole
Stupidasole

look up how tax residency is determined in your country
also ask a lawyer to be 100% safe

Raving_Cute
Raving_Cute

Start trading crypto instead.

DeathDog
DeathDog

What I do is find a non-FACTA country
Fucking christ bro... he's fucking Slovenian

SLOVENIAN

Not AMERICAN

Methnerd
Methnerd

Maybe talk to an accountant there in Slovenia. Here in the US we have different ways to structure an entity like an LLC that's is either owned by or owns a Self Directed IRA. It can be a lot of paper work but it has its benefits. And no, not the self directed BS they throw at you at Merrill Lynch, an actual Self Directed IRA. One that you manage yourself

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