luckyd1976
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Is this the beginning of the end for US based Overseas Investments??? Obama/IRS are looking for any and all Revenues they can.
Would it be a good idea to practice tax evasion?
- Thread starter arabianights
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stochastic
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Sounds like it. From the IRS publications:
Hiding Income Offshore
Not reporting income from foreign sources may be a crime. The IRS and its international partners are pursuing those who hide income or assets offshore to evade taxes. Specially trained IRS examiners focus on aggressive international tax planning, including the abusive use of entities and structures established in foreign jurisdictions. The goal is to ensure U.S. citizens and residents are accurately reporting their income and paying the correct tax.
Foreign Financial Accounts
In addition to reporting your worldwide income, you must also report on your U.S. tax return whether you have any foreign bank or investment accounts. The Bank Secrecy Act requires you to file a Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), if:
* You have financial interest in, signature authority, or other authority over one or more accounts in a foreign country, and
* The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.
"pursuing"?
Hiding Income Offshore
Not reporting income from foreign sources may be a crime. The IRS and its international partners are pursuing those who hide income or assets offshore to evade taxes. Specially trained IRS examiners focus on aggressive international tax planning, including the abusive use of entities and structures established in foreign jurisdictions. The goal is to ensure U.S. citizens and residents are accurately reporting their income and paying the correct tax.
Foreign Financial Accounts
In addition to reporting your worldwide income, you must also report on your U.S. tax return whether you have any foreign bank or investment accounts. The Bank Secrecy Act requires you to file a Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), if:
* You have financial interest in, signature authority, or other authority over one or more accounts in a foreign country, and
* The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.
"pursuing"?
stochastic
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The Justice Department has expanded its criminal investigation into foreign banks that sell offshore private banking services to include Credit Suisse and HSBC, according to people briefed on the matter.
U.S. to expand tax inquiry to include Credit Suisse and HSBC - International Herald Tribune
BERN, Switzerland – Switzerland's president declared Thursday that his country will hold onto its treasured tradition of confidential bank accounts, even as it took the unprecedented step of revealing over 250 tax cheats to U.S. authorities.
"Banking secrecy, ladies and gentlemen, remains intact," President Hans-Rudolf Merz told reporters.
--Don´t think so.
UBS move shakes foundations of Swiss bank secrecy
U.S. to expand tax inquiry to include Credit Suisse and HSBC - International Herald Tribune
BERN, Switzerland – Switzerland's president declared Thursday that his country will hold onto its treasured tradition of confidential bank accounts, even as it took the unprecedented step of revealing over 250 tax cheats to U.S. authorities.
"Banking secrecy, ladies and gentlemen, remains intact," President Hans-Rudolf Merz told reporters.
--Don´t think so.
UBS move shakes foundations of Swiss bank secrecy
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stochastic
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Here´s how NOT to do it for sure. Terry Neal´s case. (author Terry Neal who wrote “The Offshore Advantage”) Yes, this guy actually wrote a book on how to cheat. He had offshore accounts IN HIS NAME!
Then, on April 15, 1996, Neal checked the "no" box as to the existence of any interest in or signature authority of foreign bank or securities accounts. He received 5 years at the big house.
Terry Neal Arrested
While preaching secrecy and stealth, he maintained a very high profile, writing books and lecturing at seminars about ways to screw the U.S. and Canadian governments – things sure to draw attention to his activities. We suspect that the IRS and Revenue Canada will hold Terry and “milk him” for information about those who have done business with Nevis American Trust and his other companies, just as they did when they got their hands on the owner of Guardian Bank in Cayman (which has since netted the IRS over $1 billion in back taxes, penalties, and interests, and resulted in dozens of convictions and felony plea-bargains).
Terry Neal -- Quatlosers Hall of Shame
Then, on April 15, 1996, Neal checked the "no" box as to the existence of any interest in or signature authority of foreign bank or securities accounts. He received 5 years at the big house.
Terry Neal Arrested
While preaching secrecy and stealth, he maintained a very high profile, writing books and lecturing at seminars about ways to screw the U.S. and Canadian governments – things sure to draw attention to his activities. We suspect that the IRS and Revenue Canada will hold Terry and “milk him” for information about those who have done business with Nevis American Trust and his other companies, just as they did when they got their hands on the owner of Guardian Bank in Cayman (which has since netted the IRS over $1 billion in back taxes, penalties, and interests, and resulted in dozens of convictions and felony plea-bargains).
Terry Neal -- Quatlosers Hall of Shame
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zigglewigler
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You could try being a permanent tourist, only if a national of a country that taxes on the basis of residence and not citizenship, so US nationals are screwed whatever they try.
Living in a country upto to the tourist visa limit, then moving on, and rotate. As long as you have internet connection, you can carry on making money.
Living in a country upto to the tourist visa limit, then moving on, and rotate. As long as you have internet connection, you can carry on making money.
Technically Fundamental
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Well technically, I bet you could set up an dormant offshore limited company with current and reserve accounts. Use the reserve account as you please and then - technically - you yourself would not have an offshore investment/bank account nor would you be making any money from the company. You'd just have shares in a dud company which you woul dnot have to declare.
I'm pretty shore thats all still illegal and I wouldnt recommend it but I think thats closer to the goal.
I'm pretty shore thats all still illegal and I wouldnt recommend it but I think thats closer to the goal.
stochastic
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Foundations
Foundations in conjunction with corporations are the best asset protection in the modern world. Many people own offshore corporations. Some own foundations. The benefits to this are many.
A foundation can own assets. This includes real estate, boats, and automobiles. The foundation can not enter into the business world. In this respect a foundation is limited. However, a foundation can own a corporation.
With the privacy laws instituted within some jurisdictions, the foundation can be set up by an offshore corporation. The foundation can then set up another corporation or buy a pre-existing company. This allows for complete anonymity. The paper trail would be lost to any one trying to determine the assets of an individual. This is true asset protection.
Foundations are not subject to taxes if the income in derived from outside the jurisdiction. Although a foundation can not participate in commercial business activities, the ownership of a corporation allows a foundation to gain financial assets through the business activities of the corporation. There is also no tax on bank interest. Stock gains are not taxed either. Panama has no inheritance tax. This makes it a very strategic move for investors.
A foundation can have no owner. Therefore the assets of the foundation are protected. This includes any of the assets from corporations the foundation may own.
At present to set up a foundation, corporation, and bank account it would cost an investor approximately $3500. There are times this amount may be less. The benefits are far greater.
When a foundation is the owner of a corporation, the corporation can not have any of the assets garnished. The courts can not demand money from a corporation owned by a foundation. The foundation has no owner. The only time a foundation may be responsible for any type of financial payment is if there was a known illegal activity in which the foundation participated in.
Judgments made against the corporation owned by a foundation can not be issued. The foundation can set up beneficiaries to disperse funds to. The founder can be listed as a beneficiary.
The bank accounts set up for a foundation will have debit cards which can be used around the world. The assets of the foundation are accessible from any location. Wire transfers are accepted and able to be placed.
With the foundation charter, the beneficiaries are listed. There is no question as to where funds are to be dispersed. There is never a dispute between the beneficiaries because everything is listed properly. Everyone is protected with a foundation owning a corporation.
Foundations in conjunction with corporations are the best asset protection in the modern world. Many people own offshore corporations. Some own foundations. The benefits to this are many.
A foundation can own assets. This includes real estate, boats, and automobiles. The foundation can not enter into the business world. In this respect a foundation is limited. However, a foundation can own a corporation.
With the privacy laws instituted within some jurisdictions, the foundation can be set up by an offshore corporation. The foundation can then set up another corporation or buy a pre-existing company. This allows for complete anonymity. The paper trail would be lost to any one trying to determine the assets of an individual. This is true asset protection.
Foundations are not subject to taxes if the income in derived from outside the jurisdiction. Although a foundation can not participate in commercial business activities, the ownership of a corporation allows a foundation to gain financial assets through the business activities of the corporation. There is also no tax on bank interest. Stock gains are not taxed either. Panama has no inheritance tax. This makes it a very strategic move for investors.
A foundation can have no owner. Therefore the assets of the foundation are protected. This includes any of the assets from corporations the foundation may own.
At present to set up a foundation, corporation, and bank account it would cost an investor approximately $3500. There are times this amount may be less. The benefits are far greater.
When a foundation is the owner of a corporation, the corporation can not have any of the assets garnished. The courts can not demand money from a corporation owned by a foundation. The foundation has no owner. The only time a foundation may be responsible for any type of financial payment is if there was a known illegal activity in which the foundation participated in.
Judgments made against the corporation owned by a foundation can not be issued. The foundation can set up beneficiaries to disperse funds to. The founder can be listed as a beneficiary.
The bank accounts set up for a foundation will have debit cards which can be used around the world. The assets of the foundation are accessible from any location. Wire transfers are accepted and able to be placed.
With the foundation charter, the beneficiaries are listed. There is no question as to where funds are to be dispersed. There is never a dispute between the beneficiaries because everything is listed properly. Everyone is protected with a foundation owning a corporation.
