I really do apprecite your help. Howver it seems you do want these foreign accounts since you gamble a lot on line and dont want to pay taxes o n it (which is the boat im in) If im wrong please correct me. Our government is so corrupt its not even funny and they dont pay me when I was getting my ass handed to me a few years ago, so now they can eat my taint.
tkf18ny said:
i've been considering moving down to argentina after the MLB season...and if i do, believe me, i won't ever pay U.S. taxes again!
if i'm not a resident of the u.s., i'm not going to pay uncle sam anything. but now, i am a resident, i live in DC, i enjoy the benefits that we enjoy here. i can't, in good conscience, not pay my due.
granted, i'm all for tax avoidance to the fullest extent possible (avoidance is NOT to be confused with evasion) if there's something i can avoid paying or if i can claim deductions and write-offs, believe me, i'll push it as far as i can!
but you have to understand my position. i cycle tens of thousands of dollars to and through offshore books each month. and i use western union (with a u.s. bank-issued credit card) every month. i have a MASSIVE paper trail if the IRS ever wanted to give me a problem.
even though i'm legit, for some idiot IRS agent who finished last in his college class and that was the only job he could get, ends up looking into me, he's just going to assume that i'm up to no good. that's how they are. guilty until proven innocent.
i'm not going to risk it. i'm not going to give them the chance. i've spent so much time overseas, both living and working, and have a lot of very knowledgeable friends who have taught me a lot about offshore investing, that i'm very, very comfortable with an "international" lifestyle.
i keep my money overseas and, probably, by the fall i'll be living overseas again as well. the u.s. has lost its luster. and there are no signs of improving.
when you file your taxes you're pretty much required to report everything, including interest earned an ALL bank accounts, foreign income earned etc.
and if you are a u.s. citizen you will be required to pay taxes on what the IRS deems taxable...
i'm not saying to evade any taxes or not report anything that is required to be reported.
i'm just saying to put your money in a safe place so if you ever get caught up in a witch hunt, which the IRS is famous for, you'll be protected. they won't be able to do anything to you. your money will be out of reach and you'll have the last laugh.
and if you are a u.s. citizen you will be required to pay taxes on what the IRS deems taxable...
i'm not saying to evade any taxes or not report anything that is required to be reported.
i'm just saying to put your money in a safe place so if you ever get caught up in a witch hunt, which the IRS is famous for, you'll be protected. they won't be able to do anything to you. your money will be out of reach and you'll have the last laugh.
Christian said:
You're still required to file US tax returns or else you'll be breaking the law. Now may not be easy for them to catch you, but still it could change your options down the road. Might be tough to get a passport renewed for example. It would make sense to file those returns though unless you are doing very well since I think the standard deduction is something like 80k for foreign sourced income.
Thanks for your contribution to the Rx Christian. Just practicing for the MOD gig. Seriously,Christian said:with everyone worrying nowadays about the IRS and the possible future crackdown by the U.S. govt. of the offshore industry (which i don't believe will ever happen, but some of you are worried about it)
there's a simple fix for all of this. start doing all your banking offshore.
don't believe all the hype and all the movies....offshore banking isn't just for millionaires (or billionaires) or criminals and drug dealers.
although, the guy who taught me everything i know about offshore banking actually used to be a drug trafficker, ha ha, so go figure...
anyway, there are plenty of banks that let you open accounts for as little as $25,000 USD (usually less for british pound accounts, about the same for euro...25,000E or so)
you get all the benefits of regular u.s. banks....online banking, 24/7 customer service, credit cards, ATM cards, checks (if anybody still uses those nowadays
and you're out of reach of all u.s. govt. agencies (i.e. IRS)
the best offshore centers, in my opinion, are austria, luxembourg, liechtenstein, switzerland (although Swiss banks have the worst CS in the world unless you truly are rich) and isle of man
i've heard good things about banking in panama and belize from the guys who run the website escapeartist.com (a great website if you're into the whole expat thing), but i prefer european banks (longer, more established tradition of banking privacy).
i'm still amazed to see all these guys in the states who have $50k or $75k (or more) in their banks in f-in topeka, kansas...all the while, wagering thousands of dollars offshore or with bookies (and probably not paying their taxes)...
it's 2006...and this is a global economy fellas! you guys buy the most modern laptops and plasma tv's and cars and everything else but you still do your banking at the brick and mortar place on the corner of your town!
oh, if you want a site to check out to see what you can expect...check out www.sboff.com
and no, i don't work for that site nor do i bank there. but a close friend of mine runs an investment firm in dubai and she's always recommended that place to me (it's on the isle of man). personally, i prefer austria for banking.
great threadChristian - so after all of this Im not sure I understand what you think you are getting out of offshore banking:
1. You have to check the box on your 1040 that says you have an overseas bank with more than 10k in it. So the IRS knows about it.
2. You cant bring the money in the US or use the money here without paying taxes.
3. You cant just walk in to an offshore bank and open an account. Most of the time you need an introduction and that can cost between 5 and 10k.
What is the advantage? An offshore account is totally different than say a Cayman Trust to protect assets against federal seizure. Are you going to hoard money in Austria tax free and then leave the USA? I dont get it. I have yet to hear any advantages.
1. You have to check the box on your 1040 that says you have an overseas bank with more than 10k in it. So the IRS knows about it.
2. You cant bring the money in the US or use the money here without paying taxes.
3. You cant just walk in to an offshore bank and open an account. Most of the time you need an introduction and that can cost between 5 and 10k.
What is the advantage? An offshore account is totally different than say a Cayman Trust to protect assets against federal seizure. Are you going to hoard money in Austria tax free and then leave the USA? I dont get it. I have yet to hear any advantages.
1) who cares if the IRS knows about? they can call me on the phone and ask me if they like and i'll tell them i have an account offshore. i don't care. even if they know about it, they can't touch my money.
WRONG. BUZZ. FALSE.
The IRS can get these funds. And almost every foreign govt cooperates now. Ever hear of an offshore Trust? That is the only way to shelter your funds from an IRS seizure....
On to #2.
WRONG. BUZZ. FALSE.
The IRS can get these funds. And almost every foreign govt cooperates now. Ever hear of an offshore Trust? That is the only way to shelter your funds from an IRS seizure....
On to #2.
2) i don't need to bring any of that money into the u.s. i keep my "pocket money" in my u.s. bank account. all my investments are overseas, including gambling. i don't need any large amounts of money here in the states. but even if i did, i easily could....
plus, why can't you guys understand that i DO pay taxes on my money. re-read this thread. nowhere have i said i never paid taxes on my earnings! i only said that with all the offshore gambling i do and the large amounts of cash that i cycle to and through dozens of sportsbooks, numerous banks, credit cards, neteller, etc. it just makes sense for me to keep the majority of my nest egg in a safe place (i.e. offshore) where no U.S. agency can access it.
This part is very interesting to me. I would describe my banking and gambling in the same way you do, except no cc's or WU, I use only US banks. So my question to you is, what are you worried about?
I have a gambling attorney on retainer. He is one of the top 3 gambling attorneys in the USA and widely known. He set up my business. The bottom line is this:
1. Gambling is LEGAL online at the federal level.
2. You are entitiled to file as a professional gambler with the IRS.
3. If the IRS wants, they can seize funds in offshore bank accounts. It is not a simple security from the IRS getting at your money.
SO WHAT IS THE ADVANTAGE.
plus, why can't you guys understand that i DO pay taxes on my money. re-read this thread. nowhere have i said i never paid taxes on my earnings! i only said that with all the offshore gambling i do and the large amounts of cash that i cycle to and through dozens of sportsbooks, numerous banks, credit cards, neteller, etc. it just makes sense for me to keep the majority of my nest egg in a safe place (i.e. offshore) where no U.S. agency can access it.
This part is very interesting to me. I would describe my banking and gambling in the same way you do, except no cc's or WU, I use only US banks. So my question to you is, what are you worried about?
I have a gambling attorney on retainer. He is one of the top 3 gambling attorneys in the USA and widely known. He set up my business. The bottom line is this:
1. Gambling is LEGAL online at the federal level.
2. You are entitiled to file as a professional gambler with the IRS.
3. If the IRS wants, they can seize funds in offshore bank accounts. It is not a simple security from the IRS getting at your money.
SO WHAT IS THE ADVANTAGE.
3) an "introduction" i have no idea what you're talking about. all you have to do is send them your information (usually certified copies of passport, driver license, bank statement, a household bill such as electricity or heating to show residency, etc. etc.) and they open your account.
NOW I DONT BELEIVE YOU EVEN HAVE AN OFFSHORE ACCOUNT.
NOW I DONT BELEIVE YOU EVEN HAVE AN OFFSHORE ACCOUNT.
CHRISTIAN - DO YOU HAVE AN OFFSHORE CORPORATION SET UP?
This is just about Switzerland but it is the same almost everywhere.
Opening an account in Switzerland is not like opening one in your home country, where you can normally do it with your driver's license and 10$. Swiss banks have to face heavy due diligence regulations and are very cautious in dealing with new clients. They prefer when the client comes introduced and properly documented by somebody they trust.
Moreover there are 400 banks in Switzerland, and all specialize in one way or another into a specific customer segment. Knowing these differences between Swiss banks and their internal policies and organization is the key to locating the bank that will provide a given client with the best possible service with only the restrictions made necessary by Swiss law.
This is just about Switzerland but it is the same almost everywhere.
Opening an account in Switzerland is not like opening one in your home country, where you can normally do it with your driver's license and 10$. Swiss banks have to face heavy due diligence regulations and are very cautious in dealing with new clients. They prefer when the client comes introduced and properly documented by somebody they trust.
Moreover there are 400 banks in Switzerland, and all specialize in one way or another into a specific customer segment. Knowing these differences between Swiss banks and their internal policies and organization is the key to locating the bank that will provide a given client with the best possible service with only the restrictions made necessary by Swiss law.
vanzack said:
go onto escapeartist.com and look at their list of offshore banking centers. they list overseas banks by country. start checking out some websites. email their CS or call them up. ask what the requirements are for opening an account....
first, i have no idea what it takes to open an account in the caymans or anywhere else in the caribbean or latin america...i'm only familiar with european banking centers...
anyway, it doesn't take an "introduction" or a 5k or 10k fee for opening an account. hell, at a lot of banks, it only takes $25k to open an account!!!
so you're telling me they're going to charge you a 25% "introduction" fee just to open a $25,000 account? uh, i think someone is scamming you.
then again, if that's how things are in the caymans, then i apologize for being sarcastic. but in europe, there's no such "introduction" nonsense.
you can walk into a bank just about anywhere you want and open an account on the spot (if you have the right paperwork with you)...
or you can talk to their CS reps on the phone and have all the information certified and mailed to them for approval. it's time consuming, but there's nothing secretive or difficult about it.
then again, if that's how things are in the caymans, then i apologize for being sarcastic. but in europe, there's no such "introduction" nonsense.
you can walk into a bank just about anywhere you want and open an account on the spot (if you have the right paperwork with you)...
I emplore you to reference these sites:
http://swiss-bank-accounts.com/e/faq/before.html
http://www.offshore-services.biz/offshore-banking/
http://www.atrium-incorporators.com/Offshore%20Banking%20-%20Introduction%20Fees.htm
I assume these companies exist because anyone can walk in to a bank and open an account? Have you ever heard of Micheloud & Cie - they are a HUGE company that only does this.
Please, dont tell me you opened an austrian bank account with a utility bill. I know way too much abou this stuff to beleive that.
you can walk into a bank just about anywhere you want and open an account on the spot (if you have the right paperwork with you)...
I emplore you to reference these sites:
http://swiss-bank-accounts.com/e/faq/before.html
http://www.offshore-services.biz/offshore-banking/
http://www.atrium-incorporators.com/Offshore%20Banking%20-%20Introduction%20Fees.htm
I assume these companies exist because anyone can walk in to a bank and open an account? Have you ever heard of Micheloud & Cie - they are a HUGE company that only does this.
Please, dont tell me you opened an austrian bank account with a utility bill. I know way too much abou this stuff to beleive that.
And Christian - I would be glad to set aside the hassle of getting the offshore account - that is really secondary.
I want to understand what you think are the advantages.
I posted above that you were wrong about your statement that the IRS cant get at your money offshore and you made no reply.
Then I rebutted your #2.
Please respond - I would like to hear one single advantage.
I want to understand what you think are the advantages.
I posted above that you were wrong about your statement that the IRS cant get at your money offshore and you made no reply.
Then I rebutted your #2.
Please respond - I would like to hear one single advantage.
If anyone believes this guy you will have a rude awakening.
Trust me when I tell you if you are a US citizen or you use a us mailing address to have an "offshore bank" account just goto your local BOA and open an account as it is not any different. The "swiss bank acount" theory was true many many years ago but the US has the ability to make many countries abide by rules of the US. MOST banks in the world have to report to US agencies if they have bank accounts for US citizens now. Also the right to siezure is BS as trust me if you owe the US enough they WILL get it and if they don't what good is your money when you are sitting in jail. But I guess if you pay taxes as he states he does then why would the US want to seize his money anyways so it would seem pretty silly to go through all that trouble to bank 6,000 miles away in such stable countries.
The only thing you get from banking offshore is instead of hiding 100,000 dollars easily here you might be able to get away with 300,000. But trust me if your rich and you have millions of dollars offshore the US govt will catch you just like they would if you had a bank account with BOA.
I am refering to simple offshore bank accounts and not the highly rich who can find ways where you can 100% hide money from the us.
I know many people years ago when the countries offshore were bullied by the US to report, recieved letters stating that new regulation required them to provide the US yearly with a list of all US citizens and us Mailing address account to the us govt.
They don't tell you that now as they presume you should know and it is not the business to let you know. Just as US banks will not tell you exactly what there rules are in reporting transactions.
Be warned do your research and don't end up in jail 10 years down the road for something you did now. Laws have changed and most banks don't tell you as they want your money. The us is one of the wealthiest countries and they want your money. Imagine they made it clear that opening an account with them would be no different then opening one 2 miles down the road from you. Would you do it? HELL NO and thats why they don't make it public knowledge as they hope to get the business of people that remember the old days.
Trust me when I tell you if you are a US citizen or you use a us mailing address to have an "offshore bank" account just goto your local BOA and open an account as it is not any different. The "swiss bank acount" theory was true many many years ago but the US has the ability to make many countries abide by rules of the US. MOST banks in the world have to report to US agencies if they have bank accounts for US citizens now. Also the right to siezure is BS as trust me if you owe the US enough they WILL get it and if they don't what good is your money when you are sitting in jail. But I guess if you pay taxes as he states he does then why would the US want to seize his money anyways so it would seem pretty silly to go through all that trouble to bank 6,000 miles away in such stable countries.
The only thing you get from banking offshore is instead of hiding 100,000 dollars easily here you might be able to get away with 300,000. But trust me if your rich and you have millions of dollars offshore the US govt will catch you just like they would if you had a bank account with BOA.
I am refering to simple offshore bank accounts and not the highly rich who can find ways where you can 100% hide money from the us.
I know many people years ago when the countries offshore were bullied by the US to report, recieved letters stating that new regulation required them to provide the US yearly with a list of all US citizens and us Mailing address account to the us govt.
They don't tell you that now as they presume you should know and it is not the business to let you know. Just as US banks will not tell you exactly what there rules are in reporting transactions.
Be warned do your research and don't end up in jail 10 years down the road for something you did now. Laws have changed and most banks don't tell you as they want your money. The us is one of the wealthiest countries and they want your money. Imagine they made it clear that opening an account with them would be no different then opening one 2 miles down the road from you. Would you do it? HELL NO and thats why they don't make it public knowledge as they hope to get the business of people that remember the old days.
