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I'm looking into moving some of my hard earned cash offshore. A touchy subject these days post 9/11, post Patriot Act, post everyone's a terrorist and / or washing money. I'm not interested in hiding money. I AM interested in not having all my eggs in one basket (be that country or currency). Consider this post an open ended invitation to discuss the ins and outs of moving money. In my mind a super important issue as things continue to unravel.
Dogg
http://www.panamalaw.org/index.html
http://swiss-bank-accounts.com/e/index.html
http://www.fs.com.uy/services/corporate-banking/
Stranger
Dogg, If you do open an account outside the USA, make absolutely sure you file the FBAR form (Treasury Form TDF 90-22. 1) with the USA Treasury every year before June 30. If you fail to do so the penalties are severe.
Dogg, If you do open an account outside the USA, make absolutely sure you file the FBAR form (Treasury Form TDF 90-22. 1) with the USA Treasury every year before June 30. If you fail to do so the penalties are severe.Yes sir. I reviewed that draconian measure recently. There are some very expensive potholes and dangerous landmines to avoid in this venture. No surprise.
Much thanks
I don't know if the laws have changed but it used to be that that the "individual ownership" of a corporation in the CR was un recorded. Or to put it anotherway there was no way to trace the owners. With a Corporation you can open a account in U$D and get a visa debit card that works everywhere. They offer checks also but checks are easier to track
I don't know if the laws have changed but it used to be that that the "individual ownership" of a corporation in the CR was un recorded. Or to put it anotherway there was no way to trace the owners. With a you can open a account in U$D and get a visa debit card that works everywhere. They offer checks also but checks are easier to trackWhat you are talking about here is called a "Bearer Share" Corporation available in certain jurisdictions. The Corp has shares with entitle the holder to ownership of the corporation. If he sells the shares the ownership changes but it is not recorded anywhere as in USA law. Panama was the center of this years ago. I understand they've gotten very expensive. There are law firms that specialize in acquiring and maintaining these types of structures.
I worked with a guy that helped structure successful USA businesses for about 5 years back in the 90's. He uses Dominica now. Several of the islands do the same.
There are operations, multi generation concerns, in BA who can move $ in and out with absolutely NO records for around 3. 5%
If you want to have piece of mind and leave it in the USA I would suggest buying some ratio of gold / silver, preferably "junk" silver if you can find any. Supplies are getting scare of physical metal all over the world at dealers. Waiting lines and long fulfillment times for orders. It's only going to get worse and the prices considerably higher. This, of course, you can keep somewhere safe in the USA if you're not planning on leaving.
Towncryr in San Rafael, Mendoza
TejanoLibre
10-05-11, 16:38
I'm looking into moving some of my hard earned cash offshore. A touchy subject these days post 9/11, post Patriot Act, post everyone's a terrorist and / or washing money. I'm not interested in hiding money. I AM interested in not having all my eggs in one basket (be that country or currency). Consider this post an open ended invitation to discuss the ins and outs of moving money. In my mind a super important issue as things continue to unravel.
DoggHey DB!
A friend of "Ours" is an off-shore banker that was doing that here in BA for a few years and now he is doing it out of the DR.
He works for an English company and it's all very legit but he finally realized that it's impossible to do business with the Argies so he moved to the DR!
He can provide a safe haven for your hard earned pesos!
He is Canadian.
Let me know Dude.
TL.
P. S- He won't wash it for you but he can hide it or do whatever else you might want.
I tried to wash 20 million and he would not do it. u$s! He ran away from me as fast as he could!
I tried to wash 20 million and he would not do it. u$s! He ran away from me as fast as he could!Hey TL,
No problem. I can take care of the 20m for you. Just give me a call, or better yet just bring it to the house on Friday night and I'll give you a receipt for your cash.
Thanks,
Jax
Spassmusssein
10-05-11, 20:34
-was it 20k 20m or 20b.
And futurely. How much is that in food-stamps?
TejanoLibre
10-06-11, 15:50
-was it 20k 20m or 20b.
And futurely. How much is that in food-stamps?It was 20 million DOLLARS in Euros, dollars and gold!
No Food Stamps though!
Mostly 500 Euro notes because they take up less space.
TL.
P. S. My commission would have been a bullit in the head I think!
I'm going to use this thread to post links to articles I come across.
http://assetprotection.escapeartist.com/newsletter/asset-protection-in-panama-earn-up-to-9-on-your-cash
#
Daddy Rulz
10-07-11, 12:59
Dogg, If you do open an account outside the USA, make absolutely sure you file the FBAR form (Treasury Form TDF 90-22. 1) with the USA Treasury every year before June 30. If you fail to do so the penalties are severe.What a perfect name for this form. The fact that I have to keep the IRS informed of where my declared and taxed income is hanging out is indeed Fucked up Beyond All Recognition.
(Sorry this post offers nothing of substance beyond my outrage)
I've vowed to acquiesce to TL and not post about anything except pussy. However, some ideas floating around in this thread are potentially dangerous, depending on how you implement them. The following assumes you're a USA citizen. If you set up a foreign corporation in Costa Rica or Panama or wherever, do not expect to be able to avoid reporting the existence of foreign accounts to the IRS. You'll not only have to file the FBAR, you'll also have to file Form 5471, which shows you as the beneficial owner of the foreign company. The Form 5471 is a pain in the ass to fill out. If your corporation does anything more complicated than opening a bank account you're going to need an accountant with specialized knowledge to complete it. Your run of the mill CPA won't have a clue. It doesn't matter whether you have nominee directors of your corporation, you still have to file the FBAR's and Form 5471.
The penalty for failure to file 5471 isn't so severe. While the government could probably put you in jail for failure to do so, and will if you're doing something like laundering money, right now IRS policy is to charge $10,000 for every year your fail to file the form. The FBAR on the other hand, they will rape you and potentially send you into bankruptcy if you have a decent percentage of your net worth parked in unreported foreign bank accounts and / or corporations. If you or your corporation has an unreported foreign bank account, the current IRS policy is to take 50% of the maximum value in the account each year going back 6 or 7 years, plus penalties and interest on the unreported income. So say you have $1,000,000 in an account, with negligible interest income, so the amount doesn't change from year to year. They'll charge you a penalty for failing to file the FBAR of $3. 5 million. If they want to be hardasses, they could put you in jail or go back more than 7 years.
I know someone who had $9 in unreported interest income from a foreign bank account over a period of several years. He didn't file the FBAR, and he perjured himself by checking the box on his form 1040 stating that he had no foreign bank account. He went through voluntary disclosure where he brought the existence of the account to the attention of the IRS. He paid $4, 000 in penalties and more than that in legal and accounting fees. And under voluntary disclosure, he only had to pay 20% of the maximum value of the account for 1 year, instead of 50% for 7 years.
If you form a foreign corporation and file the forms, you're not going to avoid tax on investment income by virtue of holding assets in a foreign corporation. You personally pay taxes on any interest, dividend, capital gains, or real estate rental income received by the corporation. However, most other types of income received by the foreign corporation won't be taxable to you personally. So if you have a legitimate foreign business that doesn't involve investments, you can delay paying USA tax by having a foreign corporation. However, when you take your profits from the corporation via dividends or a salary, you will pay USA tax. Don't think you can get around this by having your corporation loan you money. It won't work.
Some people believe it's worth taking the risk and having an unreported foreign corporation or foreign bank account. That might have been the case 10 or 20 years ago. But the world is changing. Look at some of the developments that have occurred in the last few years, like UBS and HSBC providing the IRS with the names of account holders and taxing authorities being provided with the beneficial owners of many of the trusts in Lichtenstein. The IRS will pay a hefty finders fee to anyone who becomes aware of your foreign account and provides them with information to be able to prosecute you. Someone mentioned withdrawing funds from an unreported foreign bank account with a VISA card. My memory is a little hazy, but I've read things that indicate this is a very bad idea -- I believe the IRS has gotten names from VISA and Mastercard.
Getting back to Doggboy's original question, if you're looking to park money in a bank account overseas to hide it from the IRS because you're worried about the direction the country is taking forget about it. If you're willing to file the FBAR then maybe it makes sense. You'd have thousands of options. Pick the country and the currency and open a bank or brokerage account there. I've done this through the mail before, and it's taken anywhere from a few weeks to months. It's easier if you actually visit the country. If you do that be sure to take original copies of bank statements and utility bills. They may come in handy. Also, check account opening requirements before you leave the US -- sometimes the foreign bank will want a letter from your U.S. bank or someone like an accountant or lawyer. It may be easier to invest in foreign currencies through a USA bank or broker. Futures contracts, foreign currency deposits, and forward contracts are all possibilities. If you're not looking to invest a large amount, you might take a look at Everbank. I've never used them, but understand they don't require as much for a foreign currency deposit as the large USA banks.
Lumber Joe
10-18-11, 11:18
Offshore banking centers and tax havens facilitate tax competition that is induces national governments reduce taxes and make business environment more favorable for businesses. That in turn translates into higher economic growth. So offshore banking (http://www.offshorebankingtoday.com) benefits everyone ordinary people and HYIPs.
I spotted this article on a Costa Rica forum today and along with Tiny's post, well, things don't bode well.
http://www.usexpatcostarica.com/2011/10/irs-foreign-banks/
I spotted this article on a Costa Rica forum today and along with Tiny's post, well, things don't bode well.
http://www.usexpatcostarica.com/2011/10/irs-foreign-banks/When you're going broke you look for money wherever you can find it. Still, if one follows the rules, there will be nothing illegal about placing one's funds offshore. But, clearly Uncle Sam would like you not to and is worried about capital flight (not to mention the deficit) in the years to come. They certainly won't be afraid to intimidate as many countries, and their own citizens, to get their way.
TejanoLibre
10-20-11, 16:59
When you're going broke you look for money wherever you can find it. Still, if one follows the rules, there will be nothing illegal about placing one's funds offshore. But, clearly Uncle Sam would like you not to and is worried about capital flight (not to mention the deficit) in the years to come. They certainly won't be afraid to intimidate as many countries, and their own citizens, to get their way.Did you get in touch with my banker buddy?
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