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Getting second passport capital gains tax optimisation?

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DavidS

Active Member
Specific problem:

Individual holds stocks in offshore broker, but has passport of a nation with not favourable stock tax (capital gains) regime.

Would getting a second passport from a country where capital gains tax is favourable help in this situation?

How it would work:
1) Get second passport and mail forwarding address in Panama or something
2) Open new broker account using the passport details and address
3) Transfer stock positions from original broker registered with first country passport to new broker registered with favourable countries passport.
4) Enjoy tax free life.

One would do this WITHOUT actually living in the country of second passport, still maintaining real residence.

What are problems with this scheme?

It seems that due to information exchange the original country might still get info you have offshore holdings, but would they be able to do anything about it if you show them that you are registered as tax citizen in the new country?
 

Sols

Staff member
Mentor Group Gold
Ok, so we should close this forum then?
It's 2021. The plans you have are not compatible with the day and age we live in today. This forum is not about illegal tax evasion. We're here to discuss modern solutions for modern businesses that are in line with modern regulations.

These days, almost everything hangs on residence. Where do you live? Those are the tax laws that apply to you, regardless of where your money is.

Don't like those tax laws? Move to a tax haven.

Don't want to move but still save on taxes? Work with a local CPA/attorney to optimise deductions and structures within the confines of local law.
 
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DLS Dubai Company Formation and banking solution
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