Going offshore to escape the CFTC

you will notice eaglefx cryptorocket, hugosway and osprefx all use the same broker start up service so they all offer the same looking mt4 platform and the same crytpto and 24/7 chat support

1 Like

All brokers play tricks. The only solution I have found is create a table with NORMAL SPREADS and look at bid/ask. If spreads are above your NORMAL SPREADS then remove all stop orders and wait until NORMAL SPREADS return from the broker. That is the only way I have found to deal with spikes and for bad ticks nothing I know of that can be done for that problem.

Coinexx I have had a few issues but always received money at the end of the problem
LQDFX I have had a few issues but always received money at the end of the problem
FXChoice I have not had any issues

NOTE: everything I have done was bitcoin. Nothing by wire or any other kind of transfer like skrill, etc.

I have had coinbase take the money. So I no longer use coinbase. That is not a broker problem that is a problem with coinbase being in the pockets of US Gov.

3 Likes

keep us inform on your trading experience with osprefx, when i did my research on them a while back i didnā€™t trust them but thatā€™s just me :point_right::roll_eyes::point_left:

I am going with you. I opened an account with EagleFX last year but did not fund it. So I will just fund EagleFX and see if I can get money out of Eagle.

What I wish I could find is a bank that would do bitcoin. So you do not have high fees for moving in and out of BTC then transferring the USD back to bank or from bank. 2% in 1% out etc what ever it is. You are talking about 3 or 5% just to move money. That is way more than a wire cost. I would like a way to move BTC fast so you are not exposed to bitcoin movements and itā€™s less cost than what a wire would normally cost.

1 Like

you will like Eagefx and all of my withdrawals have came within 2hrs on the same day, report back if you experience any problems, :v:

I cannot find any documentation to verify this claim. I am aware of specific tax laws that involve applied tax for expatriated persons that reside inside of the United States for extended durations following expatriation as well as imposed taxes for certain individuals that were required to file US tax returns for 10 years following expatriation, but these particular examples do not seem to apply due to irrelevancy and/or because such requirements are part of dated tax code that is no longer applicable. Not to say that people are not required to settle their tax debts after renouncing citizenship, since that could likely incentivize a mass exit haha.

Nonetheless, I am hopeful that you are incorrect, but I, myself, cannot be sure of much as it relates to this particular subject.

METHOS is correct.

Here is an excerpt from an article that should be read by all of you who are considering renouncing your U.S. citizenship ā€”

The biggest change since 2017 is that you used to have to file returns for several years following your renunciation. Now, all you have to do is file one final tax return, pay the renunciation fee, and maybe the exit tax and youā€™re done.

If that short excerpt makes renouncing citizenship sound like a piece of cake, read the article ā€”


2 Likes

It is a very informative article. I suppose that it may be a final option for some, given the current state of affairs. I have entertained the idea, briefly, a few times, for different reasons. Most of the people that I know simply opt to carry dual citizenship, however, the options are limited and are usually only available to people with ample cash reserves. I have met a few people that carry dual citizenship from birth, but most of us are not so lucky.

1 Like

you are correct i did find a articale about renouncing The Tax Consequences of Renouncing US Citizenship | Nomad Capitalist

EDIT i see the article already been posted

EDIT: IRS Expatriation Tax | Internal Revenue Service

1 Like

getting a 2nd passport is not to hard in most offshore caribbean islands als long as you have the money

https://www.offshore-companies.co.uk/eng/offshore/faqs/

1 Like

I was planning on funding a new account with bitcoin and had pretty much planned on using Coinbase. Now I am wondering what kind of problem you had and what advice you might give as far as using Coinbase and what other exchanges might be better.

I would certainly appreciate advice from any contributors to this thread since I am a complete newby as far as dealing with cryptos.

To be clear, when I make reference to dual citizenship, I am referring to having two valid passports, simultaneously. Most countries will not allow you to apply for citizenship unless you first renounce your current citizenship, however, there are some countries that will allow you to pay for the privilege via CIPā€™s (citizenship by investment programs) or similar, allowing you to keep your US citizenship while buying into theirs, thus allowing you to have two different passports that can be used for traveling/work etcā€¦

The options are limited and most are costly (100k on the low-end, last I checked). Some require a minimum investment over a specified period and offer additional benefits. If you were able to procure a Bulgarian passport, for example, then you would also be part of the EU, allowing you to freely work, travel and reside et al. in multiple countries. Although, to be fair, someone in such a position might consider renouncing their US citizenship anyways, from a taxation perspective. Last time I checked, the US was only 1 of 2 countries that taxes its citizens, even while they are living abroad, so you would essentially be getting double-taxed, based on my understanding.

1 Like

Thanks, so going by how this company explains it:

  • An OffShore Trust in the Cook Islands, owns your IBC.
  • You are the manager of your IBC, unless a ā€œbad thingā€ happens, then the Trust becomes the manager to protect the IBCā€™s assets.

Iā€™m no expert, but I reached out to ( http://offshoreincorporate.com) and asked them about their PIF and IBC package, and they mentioned the US citizen needs to be careful not to cross the management and control line. The above sounds like it does that.

*Note: Iā€™m not endorsing the above website, but they do seem to have some good information.

And another issue with trusts, is they need to have beneficiaries, if I understand correctly. While the PIF in Seycelles, can be itā€™s own beneficiary. (https://offshoreincorporate.com/can-i-avoid-being-listed-as-the-beneficial-owner-of-my-company/)

From that page: ā€œIf you set up a Seychelles Foundation to own the shares of your Offshore Company or IBC if anyone (eg a bank or revenue authority or regulator) ever asks who is the beneficial owner of this Company, you can legally say itā€™s the shareholder, because the shareholder is a Seychelles Foundation and Section 71 of the Seychelles Foundations Act which youā€™ll find enclosed (ie DO email them a copy of the legislation) provides that the legal and beneficial owner of any asset held by a Seychelles Foundation IS THE FOUNDATION ITSELF.ā€

In talking with someone from the company, they mentioned they have a list of brokers they recommend and can set up the bank account with tier 1 banks. So I imagine, they can assist in setting up the broker accounts too. But I donā€™t know.

And again, not endorsing them. Iā€™m interested in their services, but Iā€™ve only found a few good reviews and 1 rip off report (that eventually was resolved). So Iā€™m unsure and still exploringā€¦ plus it seems like the only options so far, involve having to trust putting someone else in charge of your company and hoping they follow the contract, being offshoreā€¦ they could easily just run off with your money and legally it would be hard I think, to recover it.

1 Like

Coinbase can be used for a few rounds but after 20 or 30 transactions they will figure out you are sending money to or receiving money from unregulated brokers and take the money. It just takes them a while to figure it out. It might be faster now so it could be 5 or 10 times before they figure it out.

Just saying you need to be careful. Also remember above 50K at end of year offshore triggers FATCA. You can go upto 74.99K during the year offshore. Haft to stay under 75K during the year per SSN or Tax ID for company.

You can try cash app but itā€™s 2% you can try uphold they say 1% but it appears to be around 3 or 4%. ABRA is another one that accepts USA people. Just depends. Look around is all I can say.

How does Coinbase take the money? 1broker was shut down and it was no fun waiting, but even there I eventually got my BTC back. Is Coinbase actually seizing peopleā€™s crypto now? If so, thatā€™s a new level of overreach

Some of these so-called security measures are obviously given priority over customer convenience, and more often than not, put into place to cover their own rear-ends, first and foremost. Nothing new here. Banks have been doing it for years. Pushing people to premium services by degrading standard services is also nothing new. Disgusting, but nothing new.

That being said, I have never heard of CoinBase seizing funds that were used for trading via offshore broker. That does not sound legitimate at all and poses many concerning questions.

I no longer use Coinbase either. I had nothing but problems with them. So far, I really like Cash App.

1 Like

Coinbase dose not give you the BTC and if you convert it they will take the money out of your account. That has happen to me two times. So I no longer use coinbase for anything offshore.

1 Like

are you saying coinbase took your money for no reason

Deposit:Bank>Coinbase>BlockchainWallet>Broker
Withdrawal:Broker>BlockchainWallet>Coinbase>Bank
Iā€™m no longer using Coinbase, I used to Deposit/Withdraws Coinbase>Offshore broker, Offshore broker> Coinbase AND They Froze my account.
Now Iā€™m using Cash App, there is no fee, bank to Cash App and small fee Cash app to bank, and lightening fast. Instantly money on your account.
PS: ā€œCash App is the Kingā€