Offshore Banking

[Pauls' Revere]

Which countries have no tax on savings accounts? i'm researching Balliwick of Jersey, Andorra, and some others. Anyone have any recommendations?

 

[Pauls' Revere]

different types of accounts in Singapore:

http://www.guidemesingapore.com/blo.../opening-a-personal-bank-account-in-singapore

Citibank for personal accounts: I believe min balance of 5K needed.

https://www.ipb.citibank.com.sg/eng...m?cid=Arca:CPA:Dis:Vario:260911:Onlin:Eng:100

Anybody with more info? I'm seriously considering expatriating my money.

 

[oyarde]

different types of accounts in Singapore:

http://www.guidemesingapore.com/blo.../opening-a-personal-bank-account-in-singapore

Citibank for personal accounts: I believe min balance of 5K needed.

https://www.ipb.citibank.com.sg/eng...m?cid=Arca:CPA:Dis:Vario:260911:Onlin:Eng:100

Anybody with more info? I'm seriously considering expatriating my money.

I would not expat all of your money , or really , even cash in general . Some precious metals.

 

[DFF]

Which countries have no tax on savings accounts? i'm researching Balliwick of Jersey, Andorra, and some others. Anyone have any recommendations?

The countries you mentioned are probably fine as well as Switzerland and the Cayman Islands.

The problem though is there's pending legislation from the US government called FATCA that basically forces foreign banks to disclose any US account holders information to the IRS.

However, a lot of banks don't want to deal with this bullshit, so they're turning away new US customers and closing existing customers accounts.

I don't think Singapore's going along with this nonsense though so this might be your best bet.

 

[Dianne]

I was reading some ex pat blogs recently and Scott Trade came up fairly often.

 

[nbruno322]

There are 18 countries in the world that have no personal income taxes, they are listed at the article below.

http://www.internationalman.com/78-...4-americans-can-still-benefit-from-tax-havens

Also, Doug Casey's International Man site is an excellent resource for this topic.

 

[Zippyjuan]

Moving money overseas won't avoid US income taxes though. Are you receiving tons of interest on your bank accounts which is being taxed? Savings accounts don't pay much these days (many savings accounts don't pay anything anymore) so maybe it would be more financiallly beneficial if you have huge amounts in savings accounts to put them into something with a higher return?

 

[Pauls' Revere]

The countries you mentioned are probably fine as well as Switzerland and the Cayman Islands.

The problem though is there's pending legislation from the US government called FATCA that basically forces foreign banks to disclose any US account holders information to the IRS.

However, a lot of banks don't want to deal with this bullshit, so they're turning away new US customers and closing existing customers accounts.

I don't think Singapore's going along with this nonsense though so this might be your best bet.

Thanks for the (FATCA) info. Here's the link regarding more info on that. Evidently if you stay within certain thresholds you might be ok.

http://www.irs.gov/Businesses/Corporations/FATCA-Information-for-Individuals

Additionally, other organizations to watch.

OECD - Organization for Economic Coordination and Development.

TIEA - Tax Information exchange Act.

FATF - Financial Action task Force.

FATCA - Foreign Account Tax Compliance Act. (mentioned above).

 

[nbruno322]

Here is a good overview of FATCA

http://www.internationalman.com/78-global-perspectives/987-the-devolution-of-financial-privacy

And a list of countries that have signed up for FATCA and those that have not and probably wont.

http://www.internationalman.com/im-...ts-and-those-that-will-not-comply-us-dictates

 

[Pauls' Revere]

Then there's FBAR - Foreign Bank and Financial Accounts. Can't help but laugh at how close the acronym is to FUBAR.

http://www.irs.gov/Businesses/Small...t-of-Foreign-Bank-and-Financial-Accounts-FBAR. But again seems there are limits to what you can do.

If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Internal Revenue Service by filing a Report of Foreign Bank and Financial Accounts (FBAR). See the ‘Who Must File an FBAR’ section below for additional criteria.

 

[nbruno322]

Then there's FBAR - Foreign Bank and Financial Accounts. Can't help but laugh at how close the acronym is to FUBAR.

http://www.irs.gov/Businesses/Small...t-of-Foreign-Bank-and-Financial-Accounts-FBAR. But again seems there are limits to what you can do.

If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Internal Revenue Service by filing a Report of Foreign Bank and Financial Accounts (FBAR). See the ‘Who Must File an FBAR’ section below for additional criteria.

The FBAR penalties can only be described as a form of cruel and unusual punishment...

"I don't know how any decent human being could look at themselves in the mirror again after helping to put away an old widow—or anyone for that matter—for a make-believe "crime" like not filing an FBAR. If throwing an elderly widow in a cage for six years for not properly filling out a government form is not cruel and unusual punishment, then the phrase has no meaning."

http://www.internationalman.com/78-...el-and-unusual-is-the-only-way-to-describe-it

 

[nbruno322]

If You Have an Offshore Bank Account, You Need to Know About the New FBAR

"There have been some changes lately to the FBAR that you need to know about. Namely, starting this year, it must be filed online—paper forms will no longer be accepted."

http://www.internationalman.com/78-...-account,-you-need-to-know-about-the-new-fbar

 

[Dianne]

different types of accounts in Singapore:

http://www.guidemesingapore.com/blo.../opening-a-personal-bank-account-in-singapore

Citibank for personal accounts: I believe min balance of 5K needed.

https://www.ipb.citibank.com.sg/eng...m?cid=Arca:CPA:Dis:Vario:260911:Onlin:Eng:100

Anybody with more info? I'm seriously considering expatriating my money.

Don't you have to go to singapore in person to open an account? I looked into that myself. Of course Luxemberg was a #1 tax haven until the Feds brought them into the World Bank( .

 

[eduardo89]

The countries you mentioned are probably fine as well as Switzerland

From what I've seen, Swiss banks do not want to open accounts for Americans anymore, especially if you're not depositing a substantial amount of money.

 

[Pauls' Revere]

So, I found out that you can set up a LLC in Nevis, then have a Cook Island Trust own the LLC in Nevis and you can be manager of the LLC. It also gives the finger to the Mareva Injunction.

Seems a Nevis LLC can be set up for ~ $1200, even just one person. While a Cook Island Trust (depending on type) can cost up to 10K. I found an agency which offers a fully triggered Cook Island Trust when triggered but can be created and managed in the states, called a Bridge Trust.

Anyone else have other info?

https://www.offshorecompany.com/company/nevis-llcs/

 

[cjm]

blimp. good thread.

 

[oyarde]

From what I've seen, Swiss banks do not want to open accounts for Americans anymore, especially if you're not depositing a substantial amount of money.

You should be OK then