any getbiggers live in tax havens?

[Prayer Warrior]

Thinking of relocating to switzerland. Any swiss getbiggers here whose brain i can pick?

[SOMEPARTS]

Switzerland is mulling no longer being neutral and the idea that their bank records are secret from an actual inquiry is a decade gone at least.

https://www.forbes.com/sites/oliverwilliams1/2019/10/05/secret-banking-secrecy-became-extinct-one-year-ago-today/?sh=1b88b0915cb8

[joswift]

seems they are also choosy who they let reside there.

[Prayer Warrior]

Switzerland is mulling no longer being neutral and the idea that their bank records are secret from an actual inquiry is a decade gone at least.

https://www.forbes.com/sites/oliverwilliams1/2019/10/05/secret-banking-secrecy-became-extinct-one-year-ago-today/?sh=1b88b0915cb8

this has nothing to do with taxes tho

[Dave D]

this has nothing to do with taxes tho

PAY UNTO CESAR WHAT IS CESAR’S brother.

[IroNat]

Most places with really low taxes have few services and bad schools.

But if you don't need the services and you don't have kids it's ok, or you send your kids to private schools.

[Prayer Warrior]

Most places with really low taxes have few services and bad schools.

But if you don't need the services and you don't have kids it's ok, or you send your kids to private schools.

In my experience, socialist countries have very poor services and schools. They are not competing in a free market after all so why bother?

[ProudVirgin69]

The whole point of a tax haven is that you don’t live there, you just incorporate your business there.  Tax havens are very small countries that have little else to offer, eg: Cayman Islands, Lichtenstein, Ireland, etc

I looked into it after starting my own business and it involves significant recurring costs and expensive accountancy services.  Not worth it for most.  The US tax code offers enough pro-business legislation as it is.

Some US states have less taxes in general but, as IroNat points out, that may come with its own disadvantages.

[SOMEPARTS]

this has nothing to do with taxes tho

Money has nothing to do with taxes, or you have low reading comprehension?

[ElPolloSalmonello]

I was incorporated in Nevis but moved to HK. In HK, as long as you don't do business there, it's tax free.

[Teutonic Knight]

>>>> Monaco 

[Kwon]

this has nothing to do with taxes tho

PAY UNTO CESAR WHAT IS CESAR’S brother.

[Humble Narcissist]

Getbiggers are so wealthy taxes aren't even an issue.

[Prayer Warrior]

Getbiggers are so wealthy taxes aren't even an issue.

That must be so nice. As for me, taxes are always at the forefront of my mind. The first thing I think about when I wake up and the last thing when I go to bed, it is taxes, and how I can reduce them. Its a very heavy burden on my mind.

[GymnJuice]

That must be so nice. As for me, taxes are always at the forefront of my mind. The first thing I think about when I wake up and the last thing when I go to bed, it is taxes, and how I can reduce them. Its a very heavy burden on my mind.

Have you (or anyone else) looked into a defined benefit plan?

[Humble Narcissist]

Have you (or anyone else) looked into a defined benefit plan?

Like a pension or annuity?

[_bruce_]

Only way to avoid taxes is to have nothing or be well connected.

[GymnJuice]

Like a pension or annuity?

Something like this:

https://www.schwab.com/small-business-retirement-plans/personal-defined-benefit-plan

I was told you need to be able to put 50k / year into it for 7 years for it to be worthwhile. But that wasn't a professional's opinion.

[Humble Narcissist]

Something like this:

https://www.schwab.com/small-business-retirement-plans/personal-defined-benefit-plan

I was told you need to be able to put 50k / year into it for 7 years for it to be worthwhile. But that wasn't a professional's opinion.

I've been thinking a lot about investing lately. A person who has $500,000 in some account that pulls 7% return every year only gets $35,000/year to spend. A person with 1 million only pulls $70,000/year which is less than what a truck driver makes. When you die all of that invested money goes to relatives or whomever you put in your will. Seems like a huge waste.

[ProudVirgin69]

I've been thinking a lot about investing lately. A person who has $500,000 in some account that pulls 7% return every year only gets $35,000/year to spend. A person with 1 million only pulls $70,000/year which is less than what a truck driver makes. When you die all of that invested money goes to relatives or whomever you put in your will. Seems like a huge waste.

What’s the alternative?

Keep in mind when you retire you’ll be on Medicare and hopefully have your home paid off so costs are lower.  Btw, most financial advisors recommend not withdrawing more than 4% of an investment portfolio per annum.

[IroNat]

I've been thinking a lot about investing lately. A person who has $500,000 in some account that pulls 7% return every year only gets $35,000/year to spend. A person with 1 million only pulls $70,000/year which is less than what a truck driver makes. When you die all of that invested money goes to relatives or whomever you put in your will. Seems like a huge waste.

$500k-$1000k is just top pocket money for Getbiggers.

[Gym Rat]

Rob lives in Taxachusetts...

[Humble Narcissist]

$500k-$1000k is just top pocket money for Getbiggers.

Of course, I was asking for other people.