|
|
|
Adjustable vs Fixed Rate Mortgages
Mortgage rates can either be fixed for the duration of your loan or can be adjustable. An adjustable rate mortgage is a loan that is set up with an interest rate that changes based on pre-determined criteria, primarily tied to the federal interest...
Home Based Business Tax Deductions
Running a home based business reaps many wonderful tax deductions that other businesses some times may not claim. Unfortunately to many small business owners end up paying the government taxes every year because they are unaware or several small...
Home Business Legalities And Tax Advantages
Even if you work out of your home, most cities and/or counties require you to have a business license and/or permit. Check with your local government municipalities to find out what the requirements are for where you live. Depending on where you...
Love The Thrill of Risk? Invest in an Annuity!
With the stock market in steep decline, people are looking for safe places to invest their savings. Many banks and investment companies are pushing annuities. Annuities offer a higher interest rate than CD's, but are they safe? You could view an...
Wealth Creation and Mortgage Planning - Two Great Tastes that Taste Great Together
What if I were to tell you that almost everything you have been told about what to do with your home has been absolutely wrong and that one of the worst ways to build wealth is through your home? And what if I further went on to show you that...
|
|
| |
|
|
|
|
|
|
Currencies, Taxes and Citizenship
Currencies, Taxes and Citizenship
By William Cate
July 2004
[http://home.earthlink.net/~beowulfinvestments/]
[http://home.earthlink.net/~beowulfinvestments/globalvillageinvestmentclubwelcome/]
Would you accept 1,185,000,000 Tugriks for your company? If you invested in a company, would you accept repayment of your investment and profits in Tugriks? Outside of Mongolia, where the Tugrik is the national currency, the answer would be NO!
Acceptable International Currencies
Today, there are five major world currencies: the U.S. Dollar, the British Pound, the Japanese Yen, the Euro and the Swiss Franc. Payments in any of these five currencies are acceptable almost everywhere in the World.
There is a secondary tier of about twenty semi-acceptable world currencies, like the Canadian Dollar. They can be used in international business because they can be converted into the five major world currencies without the issuing Government's review of the currency transaction and the Government's potential intervention and termination of the payment.
Back to Tugriks
If you have a feed business in Ulan Bator, Tugriks are great. If you expect to die in Mongolia and have your children manage your feed business, Tugriks are terrific. However, if you want to expand your feed business into Russia or the PRC, Tugriks become a serious handicap to your plans. If you want to send your children to Cambridge, the registrar won't accept Tugriks for their tuition. Should you decide that the Mongolian Winters are more than you care to withstand in your old age, you can't use Tugriks to relocate to the South Pacific.
Assuming that you have average intelligence and a global vision, you'll do business in a major world currency. It's the only way that your company can grow beyond your national borders. It's the only way that you, your family and heirs will survive comfortable for the next hundred years. There is a saying in the States that few people heed. Don't put all your eggs in one basket. History teaches us that eventually political, economic and social upheaval destroy any basket (country).
Taxation Is Not Uniform Around the World
In the 11th Century, Robinhood fled to Sherwood Forest, objecting to a 20% Government income tax rate. A millennium later, the income tax rate in the UK is 50% and nobody knows the exact location of Sherwood Forest. This isn't progress.
At this time, you can find your Sherwood Forest in Belize, Nevis, the Cayman's, Nuie, the Bahamas and a list of low tax countries. If you have a global
business, it must be located in a low tax country to maximize your profits. If you want to maximize your income, your investment profits must be taken in a country that will tax them least. I'm among the guides to the modern Sherwood Forests. If you don't see the logic in operating from Sherwood Forest, you can't succeed in the Global Village.
Citizenship is Your Choice
You had no control over where you were born. As an adult, you have every right to determine your citizenship. You formed your company in some country. You have every right to move it to whatever country best services your needs. If you intend to operate a Global Business as an International Citizen, you should do both.
I favor Belize for your corporate jurisdiction. Taxes are extremely low on non-Belize business income. I favor Canada as a better citizenship location. You must make an investment in Canada to become a citizen. You must live in Canada for three years. Currently, nobody in the world is upset with the Canadians. The Canadian offer is worth considering for most business people.
Citizenship and Taxation
I know a Canadian attorney, who can secure Landed Immigrant Status for most families whose members lack criminal records and are HIV negative. Canada offers a five-year tax holiday for new citizens. So, you won't be taxed during the period that you must reside in Canada to obtain your citizenship.
Canada doesn't tax its nationals who are not living in Canada. You can avoid income taxes by leaving Canada with your new Canadian passport and living in any country that doesn't tax foreign-source income. Few countries tax foreign-source income of their non-citizen residents. So, you can live almost anywhere probably including your country of birth.
A global vision requires that you use a major world currency. You must seek the lowest legal tax rates on your income and that of your company. You should consider adjusting your citizenship to one that is more in tune with your international reality.
To contact the author: Visit the Beowulf Investments website: [http://home.earthlink.net/~beowulfinvestments/] Or, visit the Global Village Investment Club Website:
[http://home.earthlink.net/~beowulfinvestments/globalvillageinvestmentclubwelcome/]
About the Author
He has been the Managing Director of Beowulf Investments [http://home.earthlink.net/~beowulfinvestments/] since 1981 and is the Executive Director of the Global Village Investment Club [http://home.earthlink.net/~beowulfinvestments/globalvillageinvestmentclubwelcome/]
|
|
|
|
|
| Internal Revenue Service |
| The US government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications. |
| www.irs.gov |
|
| Tax Information for Individuals |
| Access to useful information, booklets and other tools from the Internal Revenue Service. |
| www.irs.gov |
|
| Tax Center - Yahoo! Finance - Tax forms, tips and calculators. |
| Yahoo! Finance: Tax - Find all the resources you need for tax season. Review recent tax law changes, estimate your taxes, find tax tips and expert answers ... |
| tax.yahoo.com |
|
| Taxes: Tax Planning, Tools and Advice - MSN Money |
| Microsoft's Tax Preparation site, in association with Tax Server. |
| moneycentral.msn.com |
|
| Tax - Wikipedia, the free encyclopedia |
| Governments use different kinds of taxes and vary the tax rates: ... Taxes are most often levied as a percentage, called the tax rate, of a certain value, ... |
| en.wikipedia.org |
|
| H&R Block | Taxes, Online Tax Preparation, Tax Software, Filing ... |
| Offers online and in-person tax preparation and tax software, mortgages, brokerage and financial services, consumer tips and tax planning information. |
| www.hrblock.com |
|
| TaxCut Online | H&R Block | Online Taxes, File Taxes Online ... |
| File your Taxes online with TaxCut Online. Learn how to file taxes online here. |
| www.hrblock.com |
|
| Income Taxes, Tax Returns, Refunds, Deductions and E-File Software ... |
| Popular tax preparation software by Intuit. Integrates with Quicken, spreadsheets and offers state by state electronic filing. |
| turbotax.intuit.com |
|
| Taxes & Estates, Tax and Estate Planning Advice - Forbes.com |
| Personal Finance - Get tax and estate planning advice and information from Forbes.com. |
| www.forbes.com |
|
| Essential Links to Taxes |
| TurboTax Premier For Federal Returns 2005 Win/Mac, TurboTax Total Tax Solution Deluxe 2005 with State Win/Mac, TurboTax Basic 2005 Win/Mac... ... |
| www.el.com |
|
| Government > Taxes in the Yahoo! Directory |
| Yahoo! reviewed these sites and found them related to Government > Taxes. |
| dir.yahoo.com |
|
| Taxes - Tax News for Home and Business from CNNMoney |
| The latest in tax law updates, news, forms & advice from CNNMoney.com. Includes a refund savings calculator, and interactive tax lessons. |
| money.cnn.com |
|
| The Tax Foundation - Educating Taxpayers Since 1937 |
| Devoted to educating taxpayers about tax policy and the total tax burden borne by Americans at all levels of government. |
| www.taxfoundation.org |
|
| Welcome to the Vermont Department of Taxes |
| Welcome to the Vermont Department of Taxes... ... Changes to Property Tax Adjustments in 2007 - updated 10/18. - Tax Expenditures Transition Report on ... |
| www.state.vt.us |
|
| Franchise Tax Board Homepage |
| The department that collects state personal income taxes and bank and corporation taxes for the State of California. Access to forms and tax information. |
| www.ftb.ca.gov |
|
| HM Revenue & Customs: Home Page |
| News and information on tax and national insurance, including downloadable leaflets and forms and the latest news on filing tax returns on-line. |
| www.hmrc.gov.uk |
|
| State and Local Tax |
| Piper Resources; State Tax Rates and Structure ...Federation of Tax Administrators; State Payroll Taxes Information ...Symmetry Software ... |
| www.taxsites.com |
|
| Quicken.com |
| www.quicken.com/taxes/ - 3k - Cached - Similar pages |
|
|
| Tax news and advice from Bankrate.com |
| Information on all phases of tax planning and preparation. |
| www.bankrate.com |
|
| Online Tax Advice - Tax Preparation Help - Income Tax Tips |
| Income Tax Tips - MarketWatch offers online tax advice and tips. ... IRS inflation adjustments mean tax break on next year's taxes. ... |
| www.marketwatch.com |
|
|