1148 posts
  • Has referred 1+ members
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fillerspace says
bitfade said
i heard IRS subscribed to the thread when it was opened

When I start selling here, I’m going to set up an offshore trust-owned LLC in the Cayman Islands and have Envato deposit my earnings there. I’ll then use a back-to-back loan to repatriate the money to the US (e.g. find a bank who will accept a deposit in an interest bearing account and then lend me the money at the same rate). Since loans made at market interest rates are not taxed in the US, and the loan is backed by the money deposited in the account, I can keep the money as long as I want tax-free (I can make payments from the account, or even default on the loan with no consequences). It’s all legal, and large companies like Google use a variation on this technique to avoid paying taxes in the US (they use Ireland and Bermuda instead of the Caymans).

3106 posts
  • Located in Australia
  • Helps us moderate the forums
  • Has been part of the Envato Community for over 5 years
  • Helped several times protecting Envato Market against copyright violations
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dtbaker Moderator says