But do they count trading income from CFDs as income and therefore taxed on income?
I have no idea whther that is still the case - it's been 3+ years since my last post on this subject. But if Europe is where you want to trade from why not take a look at Cyprus, Gibraltar or montenegro. All have no CGT for CFD trading, or you could as someone else mentioned trade using spreadbetting and base yourself in the UK.
I am in the UK, I'd rather be elsewhere :cheesy:
If you make your money only trading CFD, wouldn't you also be subject to income tax?
I think Gibraltar has some income tax...
I gathered from the little flag under your handle that you are in the UK. What's wrong with the UK? It has great weather, cheap houses, a tax burden which will be getting lower and lower over the next few years. What's not to like about this place? Hehehe, on a serious note in reply to your question, I'm pretty sure there is no income tax on CFD's in Gibraltar because any gains would be classified as Cap gains and there is no personal CGT in Gibraltar. I'm sure the weather is nice most of the year but property is small and expensive just like in the UK and I don't know what the internet network is like (but I assume it's as good as the UK). Cyprus should tick all your boxes though - no personal CGT, good internet speeds, good property, nice weather and good transport links. Montenegro is similar to cyprus but closer to the UK.
These would probably be your best bets for southern Europe.
DionysusToast
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You don't need to live in a tax free haven.
Broker in the US. Bank in Isle Of Man, live outside of Europe or USA and trade online.
You'll be fine doing this IMO. You just need to limit the amount of days per year you spend in the UK but trust me, that wont be an issue.
Broker in the US. Bank in Isle Of Man, live outside of Europe or USA and trade online.
You'll be fine doing this IMO. You just need to limit the amount of days per year you spend in the UK but trust me, that wont be an issue.
You would still be taxable on the income in your country of choice...just that they probably can't track you? That's not quite the same thing
If trading CFDs was your main income, wouldn't that count as income tax not CGT?
DionysusToast
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Quite True San Miguel - but quite normal too. No different to UK expats on split salary agreements really.
Also - consider that not all countries implement laws in the same way the UK does. In my countries, they are more like 'guidelines'
Also - consider that not all countries implement laws in the same way the UK does. In my countries, they are more like 'guidelines'
"If trading CFDs was your main income, wouldn't that count as income tax not CGT? " Depends which country you choose. I know that Cyprus excludes shares/trading from CGT, so it's currently tax free. I'm pretty sure it's the same in Gibraltar. It would be different though in a country such as Switzerland, so you've gotta check each country individually - no small task, which requires tax expertise which I don't have!
"You would still be taxable on the income in your country of choice...just that they probably can't track you? That's not quite the same thing" and it would probably be illegal in 99% of jurisdictions.
DionysusToast - Why make life so complicated? Living outside of Europe (if you are trading Euopean instruments) can also bring it's own problems, like time zones. I don't like the idea of starting my morning at 1:30/2 am in the Carribean to trade European instruments. Also, you'd only have 90 days a year available in the UK and days travelling into and out of the UK will also be included in that 90 day allowance now.
DionysusToast - It's unfortunate that you are in the US and can't make use of spreadbetting like myself and SanMiguel in the UK. I think you should lobby Obama to make spreadbetting legal in the US, then i'll apply to emigrate and have the best of al worlds!!
"You would still be taxable on the income in your country of choice...just that they probably can't track you? That's not quite the same thing" and it would probably be illegal in 99% of jurisdictions.
DionysusToast - Why make life so complicated? Living outside of Europe (if you are trading Euopean instruments) can also bring it's own problems, like time zones. I don't like the idea of starting my morning at 1:30/2 am in the Carribean to trade European instruments. Also, you'd only have 90 days a year available in the UK and days travelling into and out of the UK will also be included in that 90 day allowance now.
DionysusToast - It's unfortunate that you are in the US and can't make use of spreadbetting like myself and SanMiguel in the UK. I think you should lobby Obama to make spreadbetting legal in the US, then i'll apply to emigrate and have the best of al worlds!!
Won't happen! Do you remember what they did to internet gambling during the poker boom?
To protect Vegas, someone lobbied the politicians and they banned banks from sending payments to online gaming sites.
Jock Strap
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you are basically advocating tax evasion, correct?
SanMiguel - "Won't happen". I agree, especially after the credit crunch. every western govt needs every cent/penny it can get it's hands on. there'll be no free lunch (except for bankers) for a long time. Is this why you are thinking of leaving the UK SanMiguel - The potentially much reduced standards of living in the UK in the near future?
montmorencyt2w
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No, I just think there are better places to live at least for the large majority of the year
Check this out though as a side story: http://www.youtube.com/v/3DPfKxOQGHU&hl=en_US&fs=1
DionysusToast
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Not really. There are shades of grey.
If someone wants the contact details of the consultancy firm that can set all of this up & keep you legal, then I can provide it.
It's a very specialized area and I don't pretend to understand it fully.
soldintime
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I trade from Malta. They have a Non-Domicile rule like UK and Ireland. As long as overseas income is not remitted in the same tax year it is tax free. Cheap rent, best climate in the world (according to International living) no council tax. Plus good connections to Europe.
DionysusToast
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I like the weather.
I'm not in the US - ignore that little flag thingy - T2W put that there, not me.
As for spreadbetting - I can't imagine why I'd ever want to do that. I have accounts with IB & TS and having filled in a W8-BEN, I don't pay tax on profits from either.
soldintime
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Since 1st of September this year I moved to Andorra. After 3 years of Malta I got enough of island life.
Last time I looked (which was a couple of years ago) property was fairly expensive there. Big change, climate wise from Malta, but you'll be closer to civilisation with both Spain and France next door. Let us know what you think of the place after 18/24 months or so. Was it easy to relocate there?
