Tiny Shetland island declares independence

The new Crown dependency of Forvik Island will be a tax haven with no income tax, VAT, council tax or corporation tax. A currency, the Forvik gulde, will be issued later this year. There is now a page where you can apply for citizenship

Offical Website of Forvik Island

Stuart Hill declares independence

http://www.shetland-news.co.uk/news_06_2008/Stuart Hill declares independence.htm

Tiny Shetland island declares independence

http://news.yahoo.com/s/nm/oukoe_uk_britain_island_independence

 

Saw this recently. Interesting. He'll likely get crushed, but it's good to see the spirit of secession and independence is alive and well.

 

DUDDDDDDEEEEE. I'm seriously moving there. I will fight to keep it alive if i have to.

See yall later

 

Nate, I wouldn't dream of doing it with less than $20k in cash and the ability to defend yourself with a firearm.

You can expect to have nothing, pay 10x as much as market rate for anything you need to bring to the island, and shortages etc.

It's not totally insane for a young single man, but it's pretty damn close. Personally, I would wait to see if the Island gets setup, and then look to buy in from a disgruntled citizen who doesn't think it turned out the way he hoped it would.

 

http://shetlandconversation.squarespace.com/where-is-forvik/

lmao, this is hilarious.

 

Haha, nah I'm not really moving there. I'm really looking into the tax haven status though.

 

The whole island is only 2.5 acres and there are no trees, only grass.

Your best move would to get your own island and join a confederation. Out of the approximately 100 islands, only fifteen are inhabited. The main island of the group is known as Mainland. Crops raised are oats and barley. Livestock include sheep and shetland ponies.

 

I might do that. If this holds up, couldn't you just apply for citizenship and locate your company there? Does a country need to be recognized to be an eligible tax haven?

 

Caymen Islands is one of the biggest tax havens.

Here's a good article

http://www.pbs.org/wgbh/pages/frontline/shows/tax/schemes/cayman.html

 

Thanks i'll read the article, but I've heard of the Caymens before and read there is soooo much BS just to have a chance to be tax-free. I'd really like to just destroy the IRS honestly..

 

lol. You could just move to a country with more sane taxation.

 

As long as you are an American citizen, you have to pay tax on your WORLD income independent of where you live. If you don't then among other things, they can even confiscate your passport.

Cayman is really a bad idea for Americans, they have bend over for IRS and will give them all your information but it can work for other nationalities. It is funny that while IRS fights other offshore jurisdiction, USA itself acts as offshore for citizens of other countries.

 

American get an exemption of something like 70k. On a third world economy you could put a few dollars in your pocket. But overall the exemption isn't that useful.

The real benefit of an offshore tax haven is to set up a foreign corporation. There are something like 12,000 US corporations that are headquarted in the Cayman Islands. But if you are an individual you are going to have to pay your taxes on income and capital gains.