The less flash, the more kept cash!

Comment #3

justxploring — Wed, 26 Dec 2007 23:53:17 GMT

I know very little about offshore investments. This was discussed recently on a thread (or blog) I mentioned The Brothers in Costa Rica who were put out of business by the government after paying people 3% a month or more. The problem is that people who never took out the money were left with nothing and the the IRS began investigating. I know that we are still supposed to pay taxes on overseas investments, but I'm sure the very wealthy know loopholes. I don't know if it's still that way, but I remember years ago reading that the reason all the cruiselines register the ships in other countries is to avoid paying U.S. tax although all their business comes from U.S. travelers. For example, Carnival Cruiseline has its headquarters here in Florida, but it is "incorporated" in Panama. That saves the company about $400 million a year in income tax! Why can't the rest of us do that?... [ More ]

Comment #2

Coin Toss — Wed, 26 Dec 2007 23:37:46 GMT

Isn't that why the "big boys" have offshore investments?

Comment #1

justxploring — Wed, 26 Dec 2007 18:21:06 GMT

It's true that if you own your home without a mortgage and have no car payment or credit card debt, then you basically need to pay your monthly bills like insurance, utilities, food & gas. That can be a lot too, especially if you have medical bills. However, someone who wins the lottery should be able to manage all of his/her expenses without ever running into financial trouble. I am 100% positive that if I "only" won $500,000 (after taxes) today I would never worry about money again..aside from all of the banks going under and the FDIC failing to provide coverage.... [ More ]

Original Blog Entry: The less flash, the more kept cash!

Coin Toss — Wed, 26 Dec 2007 14:26:58 GMT