Domestic Tax Havens

Looking to soften the tax bite? Consider what the denizens along billionaire’s row in Incline Village, Nevada, have known for years.Residents of this mansion-studded hamlet on the northeastern shore of Lake Tahoe are not subject to state income taxes because Nevada doesn’t have any, while their neighbors on the lake’s California side can face state rates topping 10 percent.

“If you have $50 million worth of capital gains in one year, that’s $5 million more in your pocket,” says Alfred Peguero, a partner at PricewaterhouseCoopers who advises wealthy clients.

Moving to a zero-income-tax state—Nevada, Florida, Wyoming, South Dakota, Washington, Texas, and Alaska—could be a great way to save on taxes. But the strategy is not easy and is certainly not for the masses.

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April 3, 2008 | Filed Under asset protection, tax havens 

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