Comments by "Marvin Fine" (@torontovoice1) on "How do Offshore Companies Work?" video.

  1. Interesting topic, I am in that position myself. You might want to look at the happiness index which just came out last couple of days. And the US was not on top!
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  2. You don't get around them, you just have to do PCR tests and follow the rules. It's a pain in the ass to travel, but those who want to travel and are willing to endure whatever the inconveniences. The lounge at the airport has gone way downhill because of the virus. Even the meals in j class are not what they used to be.
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  3. You know a lot of the things that you say are correct, but there is one thing you're leaving out. The majority of people don't have businesses that are portable. I remember the president of Home Depot on CNBC said that they pay the most taxes of any us corporation, and they are domestically held. He also spoke at length about rising taxes and he said if America is not competitive, the talent can go elsewhere. And that's true. But they're not going to third world countries. I don't think I'd want to start a business in Hong Kong, in particularly what the Chinese communist government is done. There's a certain amount of camaraderie that people give from living and working in a particular country and ecosystem. You just can't do this remotely. So if you're an investor and you just collecting income from the markets, then it doesn't really matter where you go. But I think by and large, people that are high net worth or ultra high net worth generally want to live in countries with good infrastructure, healthcare, and nice people. There's a correlation between people's income and crime, and social programs. And of course, the poorer country is generally the more corrupt it is. You can see by what's happening in today's day and age where the US government is hunting down all the Russian billionaires and confiscating their assets. I don't think it's an overreach for one to consider that they are going to go out and say hey, you aided and abetted your government to invade Ukraine, and we have to put out $20 billion dollars to bail them out. We want our money back, so we're taking it from you! And how many people around the world would be up in arms about that? Not many I don't think, and if you look at the masses they would also say hey, these guys are all in bed together and all of their money was likely ill-gotten! Roman abramovich just got his Portuguese passport. Now they want to change the law! But still, they can't throw him out of Europe, but that's not stopping the UK from seizing his football team. And there's a long list of people behind him we're in front of him depending on which way you look at it. The US government has assembled an entire team right now searching the entire world for assets that are held by these people. I'm sure they mostly have complex structures, but how long will it take them to figure it out? And since the whole world is dependent on US dollars, every Bank in the world will say yes sir when the US government bangs on their door asking for seizure of assets.
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  4. Don't be misguided by the numbers. How many billionaires are there in the United States? Even for that matter how many millionaires are there if you don't include their principal residence? I don't know the number but it's not a lot compared to the average population. And these people are not very vocal, so when you're getting people commenting they're all people that are scraping the bottom, and jealous of anyone else who has more than they have. Politicians for the most part rely on donations from wealthy individuals, so they're not going to cut off your funding and piss people off! That's why even the left like to talk about wealth tax, but they know it's suicide if they would ever invoke it. Even the discussion of wealth tax in California caused the Elon musk to move to Texas. But he's not the only one I'm sure, people aren't going to wait around for confiscatory taxes!
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  5. I know Ireland has good tax benefits, but the weather is awful! I don't think I want to live there
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  6.  @enjoyslearningandtravel7957  I guess if you were that interested you could have just googled it. But I won't keep you in mystery, it's business class. It's an airline term, so when you're traveling business class people don't like the same we're traveling business class, so it's just referred to as j class.
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  7.  @realalexmackenzie  Canada has been closing accounts for non-residents of late. I've seen letters from various schedule a banks particularly on trading accounts where they say hey, we don't want your business anymore and as of this date you can no longer buy anything but you can sell and move money and you cannot transfer anymore money into the account. Swiss accounts yes but I think you need a minimum of I don't know half a million maybe before they're going to sit down and talk to you. And most other countries like you said will not entertain you unless you have a residence at least in that country. I wouldn't look at wise as keeping large balances. They're completely unprotected, so if they go tits up, you're screwed! I would maybe use them for travel as a debit card, and I do use them as well for transferring money but I don't keep substantial balances in the account. It's getting more and more difficult to open up a bank accounts, and I don't know if you've seen but the US particularly Mr Joe Biden just signed an executive order to examine how to regulate cryptocurrencies. Once the US does that and when you look at the executive order you can see that they're not in favor of this asset if you could call it that at all. First of all it's used to bust sanctions and used by all kinds of nefarious people such as drug dealers weapons dealers, cartels etc. Then of course there's tax evasion which is rampant and of course and most importantly it's a threat to the US dollar. Once they decide to regulate it, it'll be a short trip to zero for Bitcoin and the others.
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  8.  @danspencer9499  well they can and they are, but usually in cash. That way there's no Trace! It's the same logic as used with cryptocurrency which are largely unregulated and unreported.
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  9.  @danspencer9499  I don't think that's his market Dan . He's looking for people that are earning seven and eight figures who want to drop 50,000 or more on a tax initiative. If you're retired, you probably don't care about the income tax in Columbia because you're probably only receiving pension, and whatever retirement income you're getting is likely in the US and they get first bite. They're also may be a tax treaty? Have you looked into what perils will accrue to you if you become a citizen of Colombia? Specifically what are your tax obligations? I think your taxed on worldwide income. If you have a US passport, I really don't know what possible advantage you could accrue from getting a passport from Columbia? And the only thing I could possibly think of is that you could go to the country if there was an embargo like with the virus for seeing now. But that hasn't happened in almost a hundred years! I don't see any peril either unless there are tax obligations. You have to understand where Andrew is coming from. He doesn't have a US passport, he relinquished it! So the total sum of all his passports and all his residence permits are substantially less than one US passport! If you have a whole bunch of b passports, they don't accumulate. So people really passports from why the United States, Canada, Australia, and New Zealand. Next on the list is probably the EU Schengen countries, followed by the UK maybe.
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  10.  @dmitryk7320  I think they have a non-dom program. If you're from there, you don't qualify. It's the same type of non-dom that is operated in the UK, Cyprus, and Malta
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  11.  @danspencer9499  very good points. I'm sure the weather is good there, but I do know people from Colombia who are desperate to escape. They tell me that the corruption is rampant, and there's an awful lot of crime. Now I guess if you're a retiree like myself, you're not involved in the activities and you stay out of the areas that are compromising. I think the cost of living is also quite low, I live in the country with the highest cost of living.
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