Tax question when it comes to a BVI?

Question

I am investing 500K into a BVI for a hedge fund in Asia to trade my money. WHen i deposit money into a Bank account into a BVI, would i be taxed?

After a year of gains, and i try to get the money back into the state, would i be taxed?

Need help from a tax attorney

Answer 1

I agree with Judy & even you, Chris - get a tax attorney and/or a CPA, both with international tax experience (preferably ones that know what a BVI is)

Answer 2

British Virgin Islands (BVI) Each year you are required to report all of your worldwide income from ALL sources on your correctly completed 1040 income tax return.

Hope that you find the above enclosed information useful. 12/12/2011

Answer 3

If I was investing half a million dollars in ANYthing, I sure wouldn't depend on a bunch of strangers on the internet for advice.



And out of curiosity, what's a BVI?

Answer 4

British Virgin Islands? Body Volume Index? Binary Visual Editor?

Answer 5

if you are a US citizen you are taxed on world wide income and if you generate income from this investment, yes you will pay taxes on it

transferring the money back to the US will not generate any taxes, the original amount was probably already taxed at some time

however, large amounts such as this will generate interest with the Homeland Security office and of course, the bank is r'qd to report transactions of $10000 or more

Answer 6

What is a "BVI?" I've never heard of that in 45+ years of finance and tax practice.