Investment tips for travelling sex trade worker?

[Legless_Marine2]

My (Canadian) friend is a nomadic sex trade worker. They're making money hand over fist abroad, wants to invest, but is unsure of where to best invest.

The more I thought about the question, the more I see that they're in a unique position. Additionally, there are tax-related complexities due to the source of their money.


Does anyone have any advice for this person?



Thanks in Advance,
LM2

[Sadboy]

I would open an offshore bank account in the Bahamas (tax havens and secretive) and use third party MSBs to wire the funds. That's my guess

[adam c]

pics for help

[dannie]

I agree with Sadboy, offshore is the way to go for their situation.

[broken_legs]

you can bring up to 10,000 dollars cash into the country without reporting it.

If they can't prove you got it via illegal or unlawful means, or prove that you got it via employment they cant touch it. I think?

[Graham_A_M]

Interesting circle of friends you have

[dannie]

You can bring in up to 10k without reporting it, but is that the same for all countries? What if you had 12k in cash and you were flying out of....i dunno, Morocco. What happens? Would they investigate?

Plus, if you deposit 10k or more at the bank, the clerk has to fill out a form stating what the amount was for. (Some are more leniant than others on this one). She would get busted if she came in every second day to deposit just under 10k.

And if these chicks are making money as hard core as it seems, they would be bringing waaaayyy more than 10k back with them. Just my thought.

[tentacles]

Education.

[broken_legs]

Originally posted by dannie
....

And if these chicks are making money as hard core as it seems, they would be bringing waaaayyy more than 10k back with them. Just my thought.

I don't think theres any rule on taking money OUT of a country.



And who said they were chicks?

[rage2]

Originally posted by broken_legs
If they can't prove you got it via illegal or unlawful means, or prove that you got it via employment they cant touch it. I think?

This is not true. They can re-assess your income based on your standard of living. Meaning if you got away with say $200k in cash every year with a reported $0 income for 5 years and they can't prove it, they'll just look at how you're living, and assess your last 5 years at ~$200k. Sometimes they'll assess you at $300k and fuck you over even more.

That's what gets "cash income" guys such as drug dealers most of the time. So even if you're a drug dealer or a whore, you should report your actual income and deposit the money, and pay taxes on it.

Now, if she's making her money abroad, make sure the years she made the money she hasn't been in canada for over 176 days, otherwise she's accountable for Canadian taxes.

Bringing money over the border can be done, but that's a whole another thread.

If she wants to invest the money, offshore is the best way to go... keep everything out of the country, and when you want to spend the earnings, use an offshore credit card and you're set. Just don't buy a house/car or anything that sizable with that money, or you'll run into the above problems. If you need to buy a car and a house using offshore money, there are ways around that too... again, need another thread.

I had experience dealing with this stuff from years ago, and know what works and what doesn't .

[Tik-Tok]

Originally posted by rage2

I had experience dealing with this stuff from years ago, and know what works and what doesn't .

In the traveling sex trade industry? Wow. You pimp you. Now we know how you can afford a 700hp car

[KRyn]

How much "sucky sucky" did you have to give to get where you are now?

[rage2]

Originally posted by Tik-Tok
In the traveling sex trade industry? Wow. You pimp you. Now we know how you can afford a 700hp car

haha ya I wish. There's not a huge market for Asian dudes in the sex industry .

[Weapon_R]

Originally posted by rage2

haha ya I wish. There's not a huge market for Asian dudes in the sex industry .

Supply and demand. There's way too much supply

[BigMass]

Originally posted by Weapon_R


Supply and demand. There's way too much supply

supply is irrelevant when there's zero demand Am I right or am I right. Or am I right…

[Pacman]

Originally posted by rage2

haha ya I wish. There's not a huge market for Asian dudes in the sex industry .

I thought the "Lady Boys" were quite popular with old, overweight, sweaty German sex tourists.

[broken_legs]

Originally posted by rage2

This is not true. They can re-assess your income based on your standard of living. Meaning if you got away with say $200k in cash every year with a reported $0 income for 5 years and they can't prove it, they'll just look at how you're living, and assess your last 5 years at ~$200k. Sometimes they'll assess you at $300k and fuck you over even more.

That's what gets "cash income" guys such as drug dealers most of the time. So even if you're a drug dealer or a whore, you should report your actual income and deposit the money, and pay taxes on it.

Now, if she's making her money abroad, make sure the years she made the money she hasn't been in canada for over 176 days, otherwise she's accountable for Canadian taxes.

Bringing money over the border can be done, but that's a whole another thread.

If she wants to invest the money, offshore is the best way to go... keep everything out of the country, and when you want to spend the earnings, use an offshore credit card and you're set. Just don't buy a house/car or anything that sizable with that money, or you'll run into the above problems. If you need to buy a car and a house using offshore money, there are ways around that too... again, need another thread.

I had experience dealing with this stuff from years ago, and know what works and what doesn't .

Start a few corporations, try a real estate holding one, a management one etc.... Funnnel the money into them and create false rents for non existent apartments etc...

I think thats called Money Laundering, seem to work pretty good for lots of criminals on TV haha

[TACO.VIDAL]

Band.

Canada Revenue will come in and due a "net worth" audit. Theyll tear your life apart. Theyll search every nook and cranny of your house and any property they can trace back to you. Theyll inventory and appraise everything you own. If you cant prove where your money came from, say bye bye to everything you own.

Originally posted by rage2

This is not true. They can re-assess your income based on your standard of living. Meaning if you got away with say $200k in cash every year with a reported $0 income for 5 years and they can't prove it, they'll just look at how you're living, and assess your last 5 years at ~$200k. Sometimes they'll assess you at $300k and fuck you over even more.

That's what gets "cash income" guys such as drug dealers most of the time. So even if you're a drug dealer or a whore, you should report your actual income and deposit the money, and pay taxes on it.

Now, if she's making her money abroad, make sure the years she made the money she hasn't been in canada for over 176 days, otherwise she's accountable for Canadian taxes.

Bringing money over the border can be done, but that's a whole another thread.

If she wants to invest the money, offshore is the best way to go... keep everything out of the country, and when you want to spend the earnings, use an offshore credit card and you're set. Just don't buy a house/car or anything that sizable with that money, or you'll run into the above problems. If you need to buy a car and a house using offshore money, there are ways around that too... again, need another thread.

I had experience dealing with this stuff from years ago, and know what works and what doesn't .

[fcukda]

what about people who get paid under the table? i.e. servers working in a restaurant, and they get money from tips?

[JAYMEZ]

^^ You still have to claim some TIPs. You can get really fucked over for not doing it.. The gov't isnt that dumb! Anyways , I think the poster is talking about big money.

- Offshore bank
- Offshore investments and Credit card