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Ask HN: If you could start a start-up anywhere in the world

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Re: Ask HN: If you could start a start-up anywhere in the world

#71

Post by rdouble »

geoka9 wrote: post #69
cpursley wrote: post #64

Earlier quoted context omitted.

FAQ: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Em... No, just jurisdiction over it's citizens. The USA is one of the only countries that taxes and requires its oversees citizens to file a tax return. You can go to jail for not reporting a foreign bank account - pretty insane.

That's right, but why banks should worry about this? How does this regulation increase the cost of having an American client?

The potential penalties for noncompliance with the new tax laws can hugely affect the banks' bottom lines.

http://online.wsj.com/article/SB1000087239639044459270457806...

Re: Ask HN: If you could start a start-up anywhere in the world

#72

Post by geoka9 »

raquo wrote: post #67
geoka9 wrote: post #48

Earlier quoted context omitted.

Vancouver? Not in the winter, unless you're crazy about skiing :)

Well, it's not that bad... lol nope, couldn't keep a straight face. Yep, December is hell. Wet, dark hell. Otherwise pretty neat.

It's a wet dark place right now, if you ask me :)

Re: Ask HN: If you could start a start-up anywhere in the world

#73

Post by rdouble »

kintamanimatt wrote: post #70
rdouble wrote: post #65

The Netherlands is probably the easiest (only?) way for an entrepreneurial American to get a foothold into Europe. There's a Dutch-American friendship treaty which makes it easy to start a business there with a small amount of money.

I'm actually British! The EU is my visa-free playground!

Well then. You could go to Australia. It depends on what you're trying to do, I guess.

Re: Ask HN: If you could start a start-up anywhere in the world

#74

Post by raquo »

geoka9 wrote: post #72
raquo wrote: post #67

Earlier quoted context omitted.

Well, it's not that bad... lol nope, couldn't keep a straight face. Yep, December is hell. Wet, dark hell. Otherwise pretty neat.

It's a wet dark place right now, if you ask me :)

Well hey, at least I knew in advance what I was signing up for :) http://d.pr/i/9Qkr

Also,

Re: Ask HN: If you could start a start-up anywhere in the world

#75

Post by nirvana »

geoka9 wrote: post #69
cpursley wrote: post #64

Earlier quoted context omitted.

FAQ: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Em... No, just jurisdiction over it's citizens. The USA is one of the only countries that taxes and requires its oversees citizens to file a tax return. You can go to jail for not reporting a foreign bank account - pretty insane.

That's right, but why banks should worry about this? How does this regulation increase the cost of having an American client?

Because the OECD has enacted numerous "money laundering" laws, and the IRS has regulations that require foreign banks to report information on US citizens with accounts.

Sure, the foriegn bank is not located in the USA ,but many of them have branches in the USA, or are in one way or another allied with US banks. All of them do business with US banks.

Thus, all of them are liable for "money laundering" which has been defined so broadly that basically anyone can be convicted of it.

So, even though they are non-US entities they are required to file forms with the IRS, and the burden is getting bigger every year, and if they don't they risk censure under OECD rules or being fined as HSBC was, etc.

It's easier to just not do business with US citizens.

Re: Ask HN: If you could start a start-up anywhere in the world

#76

Post by geoka9 »

rdouble wrote: post #71
geoka9 wrote: post #69

Earlier quoted context omitted.

That's right, but why banks should worry about this? How does this regulation increase the cost of having an American client?

The potential penalties for noncompliance with the new tax laws can hugely affect the banks' bottom lines. http://online.wsj.com/article/SB1000087239639044459270457806...

Wow. Forcing foreign jurisdictions to follow one's domestic regulations to help enforce compliance of one's citizens is bizarre.

I'd say it even trumps the regulations that are largely post-Soviet legacy in countries like Ukraine, for example.

Re: Ask HN: If you could start a start-up anywhere in the world

#77

Post by hect0r »

geoka9 wrote: post #53
hect0r wrote: post #34

UAE. Free market economy, law and order, easy air travel to anywhere in world via Emirates/Etihad/Qantas, majority of world's people live within +/- four hours of timezone, access to both low cost resources but also some highly skilled resources, etc

When people bring up places like this, it makes me wonder if they've considered the implications of inadvertently breaking the laws that are based on traditions/religion. Like being caught with a porn magazine in your bag or even crossing a province border with a bottle of booze (even that can be illegal there).

Neither pornography or booze are prerequisites for startup success. If someone has a predliction for either that they cannot surpress then I suppose this UAE the place for them.

Re: Ask HN: If you could start a start-up anywhere in the world

#78

Post by cpursley »

geoka9 wrote: post #76
rdouble wrote: post #71

Earlier quoted context omitted.

The potential penalties for noncompliance with the new tax laws can hugely affect the banks' bottom lines. http://online.wsj.com/article/SB1000087239639044459270457806...

Wow. Forcing foreign jurisdictions to follow one's domestic regulations to help enforce compliance of one's citizens is bizarre. I'd say it even trumps the regulations that are largely post-Soviet legacy in countries like Ukraine, for example.

Yep, this is what desperate empires do when they know it's the end of the line. The US has enacted a series of virtual Berlin walls. The only way to escape is to expatriate and relinquish citizenship at an American embassy. And to add insult to injury, the US Government takes 45% of all your assets over $2.5 million if you take this route (not that I have that problem). And this is already after-tax income, mind you. It's quite sad, really.

Re: Ask HN: If you could start a start-up anywhere in the world

#79

Post by kintamanimatt »

cpursley wrote: post #78
geoka9 wrote: post #76

Earlier quoted context omitted.

Wow. Forcing foreign jurisdictions to follow one's domestic regulations to help enforce compliance of one's citizens is bizarre. I'd say it even trumps the regulations that are largely post-Soviet legacy in countries like Ukraine, for example.

Yep, this is what desperate empires do when they know it's the end of the line. The US has enacted a series of virtual Berlin walls. The only way to escape is to expatriate and relinquish citizenship at an American embassy. And to add insult to injury, the US Government takes 45% of all your assets over $2.5 million if you take this route (not that I have that problem). And this is already after-tax income, mind you.…

I don't think it's as high as 45%, or at least I can't find something to corroborate that.
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