Offshore Confidential Accounts - Securing Assets

[samak]

i have a friend who worked for one of the large Swiss Banks in Private Banking in Singapore.

Forget that as US Citizen you can deposit any money you want to hide from the IRS on one of the large Swiss banks, even not in the former offshore heavens Singapore and Hongkong.

[buffalo_bill]

As I said : Talking to their "specialists " might be a good idea. Recommendation from an existing client of greatest help .

 

BuBi

[Guest]

Dude - don't do it. You are more likely to get in trouble with the Govt. or get ripped off than realize any real benefit. If you are worried about asset protection see a REPUTIBLE CPA and Trust attorney. There are plenty of safe and 100% legal options. A "specialist" in off shore "asset protection" is more likely to rob you than help you. There are nearly bullet proof options available to you here in the states. I am a financial "specialist" - you are going down the wrong road. Stop before you lose your hard earned money or have to spend it on attorneys when the govt. comes for you!!!

[buffalo_bill]

Tony,

 

many thanks for taking care of my financial health but I am not an American citizen .

 

In defence of the Swiss banking industry I would like to say that at one of their HKG outlets nobody will rob you , you will instead be treated as a precious customer in case you have enough to offer . I could write an article about offshore strategies to hide money , but I don't . Past history for me.

 

BuBi

[kojis]

Hong Kong and offshore business... Hong Kong and Bubi... I heard as well about several companies who went down the french taw department machine and had a set up via Hong Kong smashed...dear costs... talked about this with two friends who move several million dollars a year and indirectly own a bunch of offshore companies and they chose to use Taiwan as their favourite financial platform. They find it safer than HK, although I didn't get yet all details of their set up and it does include a bunch of east Asian countries, incuding HK. Who has more experience with Taiwan??

 

I gross less than those friends but as overdrinking and holidaying don't seem to halt my activities from somehow growing bigger I'm kinda looking for safer ways to screw the State ( first moral rule that one: screw the State)

 

Besides it seems citizens of different countries face different issues - poor germans... Steffi Graff's father was even sentenced to 3+years in jail for tax evasion if I recall properly... France sucks quite a bit as well whereas Britain seems business frienlier and the tax department there not that regarding on the origins of the invoices and other accounting and business management details. As I plan to set up a new company and office in London in the near future, would like to read some experiences on the topic as well...

 

Besides Andorra is small country who seems to get popularity as well in France and Spain... heard about a few set ups made via the country recently, convenient if you live near and have to move significant amounts of cash... convenient for a few more things it seems but does not enjoy EU enrolment.

 

What about UK then? Is it true the government doesn't care much if invoices for suspicious services or goods come from offshore tax havens??

[Maco88]

Don?t forget to report any foreign bank account with a balance of over $10K (form TD F 90-22.1 ) and to report any earnings on your tax return. I have learned over the years not to f**k around with the IRS, so I don't even think about hiding money overseas. Maybe your fear of judgements from lawsuits overides that.

TH

 

I think the idea is mainly for asset protection. What good is it if your gov't knows about it. Friggin leeches, they want to tax you within an inch of your life.

Good luck to anyone who wants to go off-shore to dodge these greedy bastards.

The are ways it can be done with total secrecy. However it does take alittle work from what I can see.

 

 

[cagedsoidog]

"Buy cash certificates and put them in a safety box."

 

What are "cash certificates? And how does one obtain them?

[cavanami]

Singapore charges a percentage on money going into the country, when I checked this April.

 

Go a "google" on USA tax treaties (or similar) and you will find over 80 countries that share tax data with the USA...these are the ones publicly known.

 

The USA has stiff penalties if you are found "hiding" money. If you check the USA IRS site and others, they talk of taking all the money in the account.

 

My brother-in-law, had the same idea as you. His accountant/legal people found New Zealand to be good but you have to have s local person, with signature authority over the account, so he optdd out.

 

Please post if you find a good place!

 

[Bangkoktraveler]

To the original poster:

 

Set your business up as a corporation. When your business becomes a corporation, what assets you have are not touchable. The corporation is a seperate enitity.

 

Stay legitimate and you will be able to sleep okay at nights.

[cavanami]

To the original poster:

 

Set your business up as a corporation. When your business becomes a corporation, what assets you have are not touchable. The corporation is a seperate enitity.

 

Stay legitimate and you will be able to sleep okay at nights.

 

I setup as a LLC, just to avoid the hassles with the meetings/documents/filings/double tax, of a corp.

The LLC is not taxed, but the $$$ are passed down to the LLC owners. There is limited liability (depending where you seup). No yearly meetings/documents/filings, etc.