Avoid Taxes On Poker Winnings

By: Inco Intertrust Click author's name for more of his/her articles

Poker Profits
If a poker player has been lucky in an online poker room, at some point he will transfer his winnings to his personal bank account.
These winnings are always paid to the poker player's personal account, this is usually the account that the player previously used to open and fund the poker account.
The poker company provides several payment methods for this transfer; it usually involves online payment processors like moneybookers or netteller. In turn these accounts are linked to the local current account of the poker player.
Privacy
Poker companies provide the possibility to fund the poker account anonymously by a prepaid card, which can be purchased at gas stations, the poker player is not allowed to receive the profits completely anonymously.
Depending on the amount and regularity of the winnings, the player's privacy information will leave tracks on the internet which can be used by criminals. For many players the protection of personal data is as important as the avoidance of taxation. Online Poker websites take efforts to prevent 'identity theft' but the financial institutions themselves remain a risk.
Identity theft is a major concern of almost half of all consumers, according to recent studies. The amount of abuse that is annually reported which involves private information indicates that this mistrust in financial institutions is not unjustified, and that people who are structurally active on the Internet, and earn money by doing so, should be very careful.
Taxation of Poker Profits
Taxes on poker profits can be avoided. Poker players can claim residence in countries such as Ireland(which is done by many European players) or even real tax havens, or they can work under poker "sponsorship agreements" with foreign companies. These options are in most cases to expensive and complex for small poker players. But now, there are several options available for the smaller poker player.
Through a foreign company, together with a bank account in Switzerland or other bank haven, poker players can operate anonymously and the profits will be received in a secure environment without a trace of operations in financial institutions or poker companies.
Within this environment, a tax strategy can be created which is suited to the poker player's requirements; this ensures that the player acts legally and without risk.
Receive Poker Profits Tax-free
Inco Intertrust has developed several solutions specifically tailored for poker players, which allows poker profits to be received abroad without being subject to tax, and without the need for the player to live abroad.
Inco Intertrust is a professional corporate service provider and has hundreds of companies under management worldwide. Because of the large client base Inco Intertrust has good relations with Swiss banks.
This enables clients of Inco Intertrust to open a bank account within 24 hours without visiting the bank. The transaction costs are low, and the minimum balance requirement is only â‚¬ 10,000, which can be reached during the first year. This amount is not frozen and the client can access the money at any time.
The poker player will also get access to online banking, and will receive an anonymous debit card, without any name, which can be used at ATMs worldwide. This allows the poker player to access their money at any time of day.

Article Source: ABC Article Directory

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