Comments by "Marvin Fine" (@torontovoice1) on "My Best Offshore Tax Advice" video.
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Another very interesting video. Unfortunately, there are very few businesses that you can operate in the manner as well describe. Could you be a physician working in Canada, teleworking through the Cayman Islands? I don't think so? I don't even think you can maintain your license if you're not a resident? So I think these concepts apply to the smallest number of people such as the nomad capitalist yourself. So people that are doing consulting they don't have a fixed place of abode or don't need a fixed place of abode it can certainly work for. I don't know if you've read the rules on transfer pricing lately, after I watch this video I just finished reading them. They're quite onerous, and the onus is on the taxpayer and to prove that the value of the transfer pricing is reasonable and commiserates with normal business practices. And the tax departments can void them at any time and or disallow many of the expenses. Of course there's always appeals and court cases etc. I just finished speaking with five different people who moved to Dubai after renouncing their American citizenship, and are now involved in trying to get it back and apply for a green card. I guess the allure of the tax-free world didn't work for them like it does for many others. I think there is certainly a good case to be made if you have income that is not domiciled in a particular country, and you're able to work offline. Why should you pay tax in that case? There are a lot of places you can go to where you can pay little or no tax, certainly not the 50% type tax that you would pay in Canada or other Western countries. But I just think it's a very select and obscure type of business that you have to have to be able to utilize these techniques, or maybe even be retired. So what can you learn from all this? Well, you can focus your efforts on trying to find a business that is portable. I suspect that in the future, more and more businesses and maybe like that. But I think governments all around the world are going to try to step up their enforcement of taxation. Look at what happened with the minimum tax for example? It only applies to a very select few but then again income tax was supposed to be temporary. And I think the other thing is that there is even a very small percentage of people that are in business per se. Most people are employees. I've spoken to international pilots who have moved to the Bahamas to avoid taxation on their salaries. So there are ways to get around some things if you're creative enough, and if you have the drive to do it. It's much more complex and compounded however if you have a family and a dog! Anyway, as usual, a very interesting and entertaining a video.
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