How to make a fortune in 6 easy steps

Easy is a relative term.

1) Set up LLC in the USA.

2) Set up offshore corporation.

3) Sell shares in the LLC to people who need tax write offs.

4) Buy a huge track of land in third world.

5) Run unprofitable business in third world.

6) Collect huge paycheck from the offshore corporation, while having the corporation buy your houses and cars to use for your "job".

It is legal, (provided it is set up correctly) and people are already doing this now.

It is fun how a screwed up tax code creates more opportunities for a select few to profit.

You can take this with as many grains of salt as you like...

Hopefully a few of you will see opportunity in this post.

It would be a wonderful way to use the system, to go beyond the system.

This post is dedicated to the Internal Revenue Service.

Suck my ass IRS.

 

I was actually thinking about this kind of thing

if you set up the LLC out of nevada then you have even less of a tax burden.

 

or you could scope out a few houses for a few weeks, do a one night job, and pawn everything in another state.

 

In this case it really does not mater where you set it up.

The goal of the LLC is to go broke. That way investors can write off the loss and it puts them in a lower tax rate.

They actually make money by loosing money.

How trippy is that?

 

I'm more of a bait and switch kinda guy. :biggrin:

 

And it didn't even involve stealing underwear. I'm impressed! :cheers2:

 

Stealing underwear should be done for the love...not the money.

 

Or,

1) Buy a semi-automatic handgun
2) Purchase a ski mask
3) Buy some gloves
4) Grow a set of balls
5) Knock over a bank
6) Don’t get caught


Hotwater

 

Interesting stuff UA.
I know people who've bought companies that declare losses of millions for a price of tens of thousands.

Britain is a strange place tho'.There's this bullshit idea that the Tax Collection is the Crown , which supposedly is the law.Because British people are "subjects of teh Queen" and not citizens with any rights.

Part 3 of your plan looks the trickiest.Part 6 could mean grief over here.
But put a British passport in the bin and suddenly Britains a good place to live , tax-wise.

 

Part 3 is the tricky part. But once you network in the right circles there are people that will wait in line for the right tax shelter.

The IRS itself provides a loophole for part 6.

As long as you live outside the USA for more that 300 or so days a year(I forget the exact amount of days) up to $70,000 a year is tax exempt.

You just have to file the right form.

So 70 grand a year and the corporation pays for your housing, cars. vacations, etc.

I do not have a clue about English code or law.

 

Hmm , drawing parallels , part 3 we can sell limited companies with losses.
Its usually done by accountants here
I suppose part 4 might entail a risk , depending on how its done.
I think the trick with the corporation is to "lose money tax wise", without losing "real world money".But yes , sounds a good idea..

This reminds me a little of a friend of mine who got sentenced to six years in jail for filling in some forms wrongly.
People say "Ahhh but you dont get locked up for six years for filling in some forms wrongly".
But I say to them "No , but you do if its for 25 million pounds of cigarette duty"...

 

I know this post really means nothing.

But I met 2 people today that are doing this. I did some calling around to my expatriate friends and almost all of them are in some way involved in this.

Why did not someone clue me in.

Over 10 years of nonstop work and making extreme sacrifices for my goals.

Now I learn I could have done it in a tenth of the time. With attorneys and paperwork.

Thanks for telling me people...

 

you just have to be out of the country 183 days a year actually. (more than half) from what I understand.

 

Even better. The IRS site has the form. I thought it was 300 but thats why I pay others to take care of.

Yes setting it up would take a few lawyers and following the law to the letter.

I just feel cheated I never figured it out.

Damn you hard work!

 

You know you're kinda sexy when you bash the IRS. Just sayin'...