If i have a website that makes a lot of money is there some country I can set it up in where I would not have to pay taxes? if not which countries have the lowest tax rates?
2007-04-20 10:31:33 · 3 answers · asked by winetaster6 2 in Business & Finance ➔ Taxes ➔ United States
Also, I would move to that country and become a citizen there
2007-04-20 10:43:44 · update #1
US citizens are taxed on their world wide income from all sources. It does NOT matter where you earn it.
Even if you give up your citizenship and move to a country that doesn't tax incomes as much, the IRS will come after you for 10 full years and levy US taxes on that income if they even think that the reason that the reason you gave up your citizenship was to dodge US taxes. The mere fact that your new country levies less income tax is considered prima facia evidence of the tax dodge and will trigger the 10 year levy.
2007-04-20 12:42:50 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
There are no income, sales or property taxes in the Cayman Islands. Unless you are already a Commonwealth citizen, becoming a Caymanian is fairly difficult. And keep in mind the cost of living there is perhaps 30% higher than in the US.
2007-04-20 19:24:59 · answer #2 · answered by SDD 7 · 0⤊ 0⤋
If you're a US citizen, it doesn't matter where your income is from, you'll pay US taxes on it.
2007-04-20 17:36:19 · answer #3 · answered by Judy 7 · 1⤊ 1⤋