U.S. citizens ditch passports in record numbers due to high taxes

Re:U.S. citizens ditch passports in record numbers due to hi... by jawngee on Wednesday May 08, 2013 @06:56PM (#5677592)

My company is a Hong Kong registered entity and there is no tax because no work is being performed in Hong Kong. Personal income tax in HK is like 15%, but only of you earned that income in HK.

Some people I know who have setup a similar thing only pay themselves 50k USD a year and the company pays for the rest as expenses. It's a little more complicated then that, but that is the gist of it.

Hong Kong and Singapore are set up to work like this. It's how all the mainland Chinese hide their money from the communists.

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Re:U.S. citizens ditch passports in record numbers due to hi... by stfu on Wednesday May 08, 2013 @07:36PM (#5677817)

Very interesting. How much is the setup / running costs for a system like this?

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Re:U.S. citizens ditch passports in record numbers due to hi... by jawngee on Wednesday May 08, 2013 @07:43PM (#5677850)

About $1200. There are a ton of companies in HK that will set it up for you (that's all they do).

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Re:U.S. citizens ditch passports in record numbers due to hi... by nolite on Wednesday May 08, 2013 @11:20PM (#5678597)

I've been looking for a reputable one for this for a few months now.. hard to know since I have no connection. Can you give a recommendation?

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Re:U.S. citizens ditch passports in record numbers due to hi... by seanmcdirmid on Wednesday May 08, 2013 @08:49PM (#5678124)

> Some people I know who have setup a similar thing only pay themselves 50k USD a year and the company pays for the rest as expenses.

Technically those people are still on the hook for the expenses the company pays for them, sans the generous overseas housing deduction that congress recently implemented.

I have the opposite problem really. All my money is held by the communists (well, in my China Merchants Bank account anyways).

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Re:U.S. citizens ditch passports in record numbers due to hi... by gojomo on Thursday May 09, 2013 @04:33AM (#5679379)

Are you a resident of HK or doing this as a citizen/resident elsewhere? I'd be interested in speaking with any experts/service-providers you could recommend for the process of setting up an HK-based company. (Contact info in my profile.)

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Re:U.S. citizens ditch passports in record numbers due to hi... by tosseraccount on Wednesday May 08, 2013 @07:29PM (#5677772)

And get it into a Schwab account.

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