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Moving to Aruba/Cancun/Australia tax/residency questions
I'm considering moving out of the country sometime next year or the year after and I think the 2 most desireable places are Aruba, Cancun Mexico and perhaps Australia.
How can I get granted permanent residence in Aruba, Mexico or Australia? From my understanding you can only live in these countries for a temporary period unless you become a citizen or somehow become approved for permanent residence. How do I go through this process for each country and how hard is it to get in for a professional internet gambler? Secondly, from my understanding Aruba and Australia does not tax gambling winnings. Is this true? Does Mexico tax online gambling winnings (is online gambling even legal?) and if either countries tax you what is their going percentage? I'm going to have to pay taxes on my winnings either way to the US but I'd like to get the 80k credit of course. If Mexico's/Australia's tax rate is as high as ours then I wouldn't be able to save anything on taxes. I've tried to do alot of google research on the following questions but I just can't come up with anything. Please help me out with this or point me to a webpage/person that I could get some answers out of. Thanks a bundles |
#2
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Re: Moving to Aruba/Cancun/Australia tax/residency questions
For Aruba, you will be applying for Dutch Citizenship. You have to be a resident for 5 years before you can apply.
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#3
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Re: Moving to Aruba/Cancun/Australia tax/residency questions
If your making enough money playing poker to consider moving out of the country to avoid paying taxes on your 1st 80K of income heres a tip... hire an ACCOUNTANT or a LAWYER or whoever to get the answer. You obviously have the money to do so.
Your going to do this anyway right? I mean your not going to just get your info from an internet message board and say that "Joe Schmoe" said this and this so it must be true. And I really hope your not just going to "google" the info to save a few bucks on what could be a life altering decision. I've never understood why people ask comlicated legal questions in regards to taxes, citizenship etc on an internet poker forum A) You are goiing to get 16 different answers B) 16 out of the 16 answers will be wrong because everyone is an expert on the subject c) If you make possible life altering decisons such as not paying taxes or moving to a different country etc based on what you read here well you are an idiot. ( Not calling you an idiot, just making a point) The "Do I have to pay taxes in Canada" thread is a perfect example of this. If your not completely nuts and are going to hire a proffesional whatever to answer your questions correctly then why bother posting here in the 1st place? You are going to get so much incorrect information that any correct answers you recieve will be mixed in with all the junk. Also heres another thought to ponder: Is it worth it to save 25K a year in taxes or whatever your tax rate is (I don't know your tax rates cause I live in Canada) to move to a different country, leave your friends and family behind and have a different quality of life? |
#4
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Re: Moving to Aruba/Cancun/Australia tax/residency questions
I agree with much of what you say.
A couple of nit-picks though: 1. Many professional accountants don't even know what they're talking about when it comes to online-gambling. Some will say that it's not even possible to file a schedule-C as a professional (simply because they aren't familiar with it). I have recommended to those who go to a professional to take with them a copy of Walter Lewis's Gambling Guide to Taxes so that they can show the accountant the specific part they are referring to. Also - there are actually some on here who do know what they're talking about. There was a tax-thread on here from last Feb or so and a guy with the handle CPA (who actually is one) had some terrific input and answered a lot of questions. Overall though you are correct of course. Obviously you are still going to better with a professional than on an internet-forum. 2. I really don't think most people are looking to move as a situation to 'save money'. Some want to experience different cultures and areas...live in an area they would half-consider to be paradise....try something new. Whatever. The U.S. is fine (except I'm not thrilled about the taxes) And I have some friends here of course. But I would really love to see the world and do something like this. |
#5
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Re: Moving to Aruba/Cancun/Australia tax/residency questions
[ QUOTE ]
If your making enough money playing poker to consider moving out of the country to avoid paying taxes on your 1st 80K of income heres a tip... hire an ACCOUNTANT or a LAWYER or whoever to get the answer. You obviously have the money to do so. Your going to do this anyway right? I mean your not going to just get your info from an internet message board and say that "Joe Schmoe" said this and this so it must be true. And I really hope your not just going to "google" the info to save a few bucks on what could be a life altering decision. I've never understood why people ask comlicated legal questions in regards to taxes, citizenship etc on an internet poker forum A) You are goiing to get 16 different answers B) 16 out of the 16 answers will be wrong because everyone is an expert on the subject c) If you make possible life altering decisons such as not paying taxes or moving to a different country etc based on what you read here well you are an idiot. ( Not calling you an idiot, just making a point) The "Do I have to pay taxes in Canada" thread is a perfect example of this. If your not completely nuts and are going to hire a proffesional whatever to answer your questions correctly then why bother posting here in the 1st place? You are going to get so much incorrect information that any correct answers you recieve will be mixed in with all the junk. Also heres another thought to ponder: Is it worth it to save 25K a year in taxes or whatever your tax rate is (I don't know your tax rates cause I live in Canada) to move to a different country, leave your friends and family behind and have a different quality of life? [/ QUOTE ] Alot of people have already had this exact same question and answered it for themselves. So, they can relay the answers to tstone. This poker forum is one of the best places to ask this question. Its not close. Do you see why? I don't see why people always talk down about asking complex or specialized questions on this board. It is an excellent resources to get information from professional people. There are doctors and lawers and you name on this board, and its free. Ask away. |
#6
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Re: Moving to Aruba/Cancun/Australia tax/residency questions
[ QUOTE ]
I'm considering moving out of the country sometime next year or the year after and I think the 2 most desireable places are Aruba, Cancun Mexico and perhaps Australia. How can I get granted permanent residence in Aruba, Mexico or Australia? From my understanding you can only live in these countries for a temporary period unless you become a citizen or somehow become approved for permanent residence. How do I go through this process for each country and how hard is it to get in for a professional internet gambler? Secondly, from my understanding Aruba and Australia does not tax gambling winnings. Is this true? Does Mexico tax online gambling winnings (is online gambling even legal?) and if either countries tax you what is their going percentage? I'm going to have to pay taxes on my winnings either way to the US but I'd like to get the 80k credit of course. If Mexico's/Australia's tax rate is as high as ours then I wouldn't be able to save anything on taxes. I've tried to do alot of google research on the following questions but I just can't come up with anything. Please help me out with this or point me to a webpage/person that I could get some answers out of. Thanks a bundles [/ QUOTE ] I'm assuming you are U.S. citizen. You have to pay taxes on your winnings no matter where you live. |
#7
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Re: Moving to Aruba/Cancun/Australia tax/residency questions
As TStone referenced in his original post...your first $80k of income that you make abroad are non-taxable in the U.S.
Income you make after your first $80k is still taxed. You have to have lived a certain percentage of the year outside the U.S. to be eligible for this exception. Something like 180 or 210 days or something outside the U.S. but saving on the first $80k isn't exactly small-potatoes. Matthew Hilger also makes mention of having done this in his book Internet Texas Holdem. LIGHTBULB: speaking of Hilger..... TStone - Hilger lived in Australia for awhile and I believe in his book he mentions that he has lived in 16 or 20 countries or something. You might want to swing by his forums (he has his own forum but I don't know the address) and ask him about it. He's as likely to have knowledge about this stuff as anybody here will. Let me know what you find out as this is a topic that interests me as well. Cancun or South America or Europe could be possible for me in a couple years. Not terribly likely...but i'd still like to know. |
#8
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Re: Moving to Aruba/Cancun/Australia tax/residency questions
[ QUOTE ]
You might want to swing by his forums (he has his own forum but I don't know the address) [/ QUOTE ] Matthew's wonderful forum is at http://www.internettexasholdem.com |
#9
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Re: Moving to Aruba/Cancun/Australia tax/residency questions
thanks mbob and OD and the others who helped. keep the comments a comin [img]/images/graemlins/smile.gif[/img]
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#10
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Re: Moving to Aruba/Cancun/Australia tax/residency questions
[ QUOTE ]
[ QUOTE ] I'm considering moving out of the country sometime next year or the year after and I think the 2 most desireable places are Aruba, Cancun Mexico and perhaps Australia. How can I get granted permanent residence in Aruba, Mexico or Australia? From my understanding you can only live in these countries for a temporary period unless you become a citizen or somehow become approved for permanent residence. How do I go through this process for each country and how hard is it to get in for a professional internet gambler? Secondly, from my understanding Aruba and Australia does not tax gambling winnings. Is this true? Does Mexico tax online gambling winnings (is online gambling even legal?) and if either countries tax you what is their going percentage? I'm going to have to pay taxes on my winnings either way to the US but I'd like to get the 80k credit of course. If Mexico's/Australia's tax rate is as high as ours then I wouldn't be able to save anything on taxes. I've tried to do alot of google research on the following questions but I just can't come up with anything. Please help me out with this or point me to a webpage/person that I could get some answers out of. Thanks a bundles [/ QUOTE ] I'm assuming you are U.S. citizen. You have to pay taxes on your winnings no matter where you live. [/ QUOTE ] Really? Does that mean that as a U.K. citizen I don't have to pay gambling taxes wherever I live? |
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