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Author Topic: NH tax burden drops  (Read 14196 times)

Mike Lorrey

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Re:NH tax burden drops
« Reply #30 on: April 26, 2004, 11:07:20 pm »

Mike Lorrey ...

 Belize turned over a couple of years ago. Belize is old news. Most of the countries who were used as tax havens have rolled over.

What, exactly, do you mean by "rolled over"? Yes, I'm aware about the new requirements about reporting of US citizens opening offshore bank accounts, that is typical. Trusts, however, are a separate deal. Belize Trusts are still, today, quite useful to shield assets and avoid (not evade) taxes legally by simply putting them under the ownership of an irrevocable trust there. Non-resident foreigners not employed in the US can invest in the US free of capital gains taxes. An offshore trust IS such a non-resident foreigner and so long as you are not directly controlling the trust, then its veil cannot be pierced.
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JasonPSorens

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Re:NH tax burden drops
« Reply #31 on: April 27, 2004, 07:23:14 am »


So you see....residence in NH is being seriously reconsidered by me.

Remember that the level of taxation is unacceptable everywhere in the country.  The purpose of this Project is not to promote people's immediate financial gain (otherwise, why would we need to advertise?), but to make significant, permanent changes in society.
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Tracy Saboe

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Re:NH tax burden drops
« Reply #32 on: April 27, 2004, 09:41:51 pm »

One thing that Mike apparently isn't recognizing is the amount of time, and effort, involved in establishing these trusts -- even if they are reletively easy to accomplish. It's effort that you shouldn't need to be forced to do.

You know if it's not much per capita (or just in $$$) perhaps it wouldn't take much to completely abolish it with-in the next few years.

Tracy
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wes237

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Re:NH tax burden drops
« Reply #33 on: April 27, 2004, 10:13:19 pm »

Time, effort, and LOTS OF MONEY is what it requires to protect your money offshore. And it is not easy to do. Sorry, Mike Lorrey, but you know nothing about the issues. I would invite you to pull up Bahamas or the EU on the internet and read up on "rolling over". Since 911 it is the USA putting the screws to all those ideas of protecting your assets. It is chaos all over with people moving their money from Isle of Mann, Caymans, Bahamas, Belize, etc, etc, etc. Panama is bragging they won't let it happen to them...but I am not holding much hope.

Sorens, I won't delay my financial gratification for the FSP. I may reside in NH, but will not establish residence until and unless I can be assured of a better deal than what I got going now. You want to remove my membership? That is up to you. So what? I don't like "joining" anything anyway. Don't mean anything to me. I can move anywhere I want without the FSP's permission.

Like Harry Browne says: don't join anything...there is more freedom and liberty in being an individule.
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freedomroad

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Re:NH tax burden drops
« Reply #34 on: April 27, 2004, 11:35:03 pm »

This is a great thread.  I  did not know that NH was lowering its taxes and planned to lower than again.  That is amazing.  Almost every state in the nation is getting worse when it comes to taxes and NH is getting better.

Maybe NH is more free than I thought.  The gun laws are getting better, the tax laws are getting better...  What else is going on that you folks from NH are not telling us.  Clearly, NH is moving in the right direction.  Let's go there and keep it moving along.
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George Reich

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Re:NH tax burden drops
« Reply #35 on: April 28, 2004, 07:52:37 am »

Many types of interest and dividend income are exempt from this tax. Anyone with considerable interest and dividend income should look more carefully at the particulars of this tax before writing off NH as a place to live.  

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Dalamar49

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Re:NH tax burden drops
« Reply #36 on: April 28, 2004, 10:07:49 am »

Sorens, I won't delay my financial gratification for the FSP. I may reside in NH, but will not establish residence until and unless I can be assured of a better deal than what I got going now. You want to remove my membership? That is up to you. So what? I don't like "joining" anything anyway. Don't mean anything to me. I can move anywhere I want without the FSP's permission.

We're not your servants, Wes. If you want lower taxes we'll need your help to win them. Or you could just sit home and watch the television as we fight for freedom with everything we got.

Your choice, Wes. What's it gonna be? Whine, grope and watch tv or joining us in NH for the opportunity of a lifetime? Freedom aint free and its not gonna be won by quoting Harry Browne and bitchin' about a tax on interest.

Personally I can't wait to move to NH and meet my destiny and I'm exstatic that change is already being made without our presence. Just think what it'll be like when the libertarians (small-l) get there.  8)
« Last Edit: April 28, 2004, 10:08:54 am by Dalamar49 »
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wes237

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Re:NH tax burden drops
« Reply #37 on: April 28, 2004, 10:11:50 am »

I don't watch TV. I don't whine. I don't sit around. I have made my decision. What part didn't you understand? You haven't done a damn thing that makes me want to join you anywhere. Shove it.
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Dalamar49

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Re:NH tax burden drops
« Reply #38 on: April 28, 2004, 10:19:46 am »

 :o

No need to get unfriendly there, Wes. But change aint going to happen until we stop bitchin' and gripin' and start doing.

Taxes suck. We know it and that's why we're trying to fix that, but we'll need your help in NH. Will you help us, Wes? Will you help us abolish the tax on interest?

Or will you quote Harry Browne, sayin' "joining" stuff is stupid? I hope you'll help us, Wes, but until then maybe you should take your negativity down a knouch.

Such black thoughts can't be helping you health.  ;)
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wes237

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Re:NH tax burden drops
« Reply #39 on: April 28, 2004, 10:22:42 am »

Unfriendly? You haven't seen unfriendly. What do you know about anything Mister 20year old?  You don't have anything of interest to tell me. You ain't got a clue.
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Tracy Saboe

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Re:NH tax burden drops
« Reply #40 on: April 28, 2004, 12:10:08 pm »

Sorens, I won't delay my financial gratification for the FSP. I may reside in NH, but will not establish residence until and unless I can be assured of a better deal than what I got going now. You want to remove my membership? That is up to you. So what? I don't like "joining" anything anyway. Don't mean anything to me. I can move anywhere I want without the FSP's permission.

We're not your servants, Wes. If you want lower taxes we'll need your help to win them. Or you could just sit home and watch the television as we fight for freedom with everything we got.

Your choice, Wes. What's it gonna be? Whine, grope and watch tv or joining us in NH for the opportunity of a lifetime? Freedom aint free and its not gonna be won by quoting Harry Browne and bitchin' about a tax on interest.

Personally I can't wait to move to NH and meet my destiny and I'm exstatic that change is already being made without our presence. Just think what it'll be like when the libertarians (small-l) get there.  8)

This was EXTREMELY, uncalled for. He's asking legitimate questions, and all you can do for them is verbally attack him.

Tracy
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Jack Conway

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Tracy Saboe

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Re:NH tax burden drops
« Reply #41 on: April 28, 2004, 12:13:09 pm »

Quote
Many types of interest and dividend income are exempt from this tax. Anyone with considerable interest and dividend income should look more carefully at the particulars of this tax before writing off NH as a place to live.

This, on the otherhand, was very helpfull.  Thanks George Reich

Tracy
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Mike Lorrey

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Re:NH tax burden drops
« Reply #42 on: April 28, 2004, 02:39:46 pm »

Sorens, I won't delay my financial gratification for the FSP. I may reside in NH, but will not establish residence until and unless I can be assured of a better deal than what I got going now. You want to remove my membership? That is up to you. So what? I don't like "joining" anything anyway. Don't mean anything to me. I can move anywhere I want without the FSP's permission.

We're not your servants, Wes. If you want lower taxes we'll need your help to win them. Or you could just sit home and watch the television as we fight for freedom with everything we got.

Your choice, Wes. What's it gonna be? Whine, grope and watch tv or joining us in NH for the opportunity of a lifetime? Freedom aint free and its not gonna be won by quoting Harry Browne and bitchin' about a tax on interest.

Personally I can't wait to move to NH and meet my destiny and I'm exstatic that change is already being made without our presence. Just think what it'll be like when the libertarians (small-l) get there.  8)

This was EXTREMELY, uncalled for. He's asking legitimate questions, and all you can do for them is verbally attack him.

I wouldn't say 'extremely'. It was rude, but wes is being rather rude and is not taking any personal initiative to find out things for himself. We who are here have done a LOT of work to help people elsewhere get the information they need to make a decision, but nobody has ANY right to feel they are entitled to our work for free. The information is out there. ALL NH laws are on the internet for people to browse as they see fit. People should also not feel entitled or expect us, who are not lawyers or accountants, to give you valid interpretations of the law. That is your own responsibility which you should pursue with your own lawyers and accountants.

As for myself, Wes, I happen to know that it costs several thousand dollars to set up a Belize trust.

Here is some info on the current Belize trust law:
http://www.deloittebelize.com/OfshrTrust.htm
http://www.offshorebiz.com/legislation_trust.html

as follows:
"Protection of Assets

Trusts formed under Belize law are highly secure since a Belizean court cannot set aside or vary a Belizean trust. No Belize Trust has ever been compromised. A Belize court cannot entertain any claim against the trust property emanating from the order of a foreign court regarding marriage or divorce, or succession or claims by creditors in an insolvency. This is one of the strongest pillars upholding the Belize Trust and serves to completely shield the assets of the trust despite any laws relating to fraudulent transfers, bankruptcies or reciprocal enforcement of judgements laws which sue-happy attorneys would otherwise use in an attempt attach assets.

Tax-Free Trusts

Trusts are completely free from any form of taxation provided that neither the settlor nor any of the beneficiaries are residents of Belize during that year; and the trust assets do not include any property located in the territory of Belize. There is no income tax, inheritance tax or stamp duty liability in relation to income, death or transactions relating to a Belize Trust trust. Foreign Exchange regulations do not apply."

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Mike Lorrey

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Re:NH tax burden drops
« Reply #43 on: April 28, 2004, 02:47:50 pm »

More info on Belize Trusts and how well they protect you:

http://www.trustprofessionals.com/wildoc/WILdoc_A2.html

Belize Court Upholds Confidentiality Laws
Belize City, Friday, January 20, 1995

In a landmark decision asserting Belize’s sovereignty as an offshore financial jurisdiction, the Supreme Court of Belize upheld the country’s confidentiality laws by revoking a previous court order set in motion by the Securities and Exchange Commission of the United States requesting that confidential documents, belonging to Swiss Trade and Commerce Trust, Ltd., be handed over to them.

In the case, Securities and Exchange Commission (SEC) vs. Swiss Trade and Commerce Trust, Ltd., Banner Fund International, Lloyd Winburn et al, Supreme Court Justice Troadio Gonzalez ruled that documents held by the Belize court belonging to Swiss Trade and sought by the SEC, be immediately returned to Swiss Trade and Commerce Trust, Ltd.

Lawyers for Swiss Trade said that what this means for Belize is that this aspect of confidentiality, which is an important feature of the offshore industry, has been upheld. “What this means is that any party who seeks to destroy the concept of confidentiality would have to contend with our system, which has demonstrated its ability to uphold the relevant laws,” Attorney Oscar Sabido said.

The decision is expected to have major international repercussions as the world financial community looks to Belize and its new offshore services industry. “It is certainly a shot in the arm of the offshore industry because of the fact that it is an industry which is just beginning,” Sabido said. A country’s ability to assert its sovereignty without the interference of outside forces is a major deciding factor in choosing a place to invest and protect personal property.

When asked for his comment related to the decision, Lloyd Winburn, Director of Swiss Trade & Commerce Trust, Ltd., in Belize, stated, “The Court’s decision confirms our reasons for establishing our company in Belize originally. The Law related to confidentiality has been tested and found to be not lacking clarity and strength. Any other ruling by the Court would have sent a signal throughout the financial world that Belize could not be trusted to protect assets, provide confidentiality of transactions or otherwise serve the needs of those who seek to do business away from their home jurisdiction.”

The decision clearly shows that the SEC stepped out of bounds in trying to obtain confidential information, the matter having been urged on both sides by learned Queen’s Council.

The case arose after the SEC appeared at Swiss Trade’s office on March 3, 1994 with the expectation that they would be able to just take the files and leave the country with them, with no regard whatever to Belizean law. The quick reaction of company employees prevented any further disregard for the law on the part of the SEC and their Belizean lawyer, Eamon Courtenay, who previously had been the lawyer for Swiss Trade.

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Mike Lorrey

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Re:NH tax burden drops
« Reply #44 on: April 28, 2004, 02:57:19 pm »

This is the actual, current, Belize Trust Law:

http://www.belizelaw.org/lawadmin/PDF%20files/cap202.pdf
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