I thought you might be the same Moe.
Sorry to hear about your legal troubles. Do you still spend much time in the Bahamas? I've been meaning to head down there this winter, airfare is surprisingly pretty cheap still.
Off-shore Banking Question..
- Thread starter TudorJones
- Start date
Sorry to hear about your legal troubles. Do you still spend much time in the Bahamas? I've been meaning to head down there this winter, airfare is surprisingly pretty cheap still.www.sovereignsociety.com
I joined them about a year ago.
I moved 90% of my small but charished wealth that I have accumulated in the last 3 years, to offshore. I learned a lot from this site.
We also have a group of Medium to very successful individuals, from all Industries, who meet from time to time to discuss the changing laws for "Off shore" banking as well as dual citizenships in key 'SAFE" zones.
Panama was one but they recently changed major 'Immigration" and "Banking" laws.
I'm still a young 38 but I always want to know what my "Exit" plan is.
You don't have to join the Sovereign Society. You can research and find out a lot as well.
I joined them about a year ago.
I moved 90% of my small but charished wealth that I have accumulated in the last 3 years, to offshore. I learned a lot from this site.
We also have a group of Medium to very successful individuals, from all Industries, who meet from time to time to discuss the changing laws for "Off shore" banking as well as dual citizenships in key 'SAFE" zones.
Panama was one but they recently changed major 'Immigration" and "Banking" laws.
I'm still a young 38 but I always want to know what my "Exit" plan is.
You don't have to join the Sovereign Society. You can research and find out a lot as well.
What were the impacts of these changes? No need for all the details, just generally were they for better or for worse?
yep, condo on cable beach, b.t.w. belize is looking good to set-up shop.Quote from Trader KGB:
I thought you might be the same Moe.
"At The Sovereign Society, our mission is to help you achieve Total Wealth - the peace of mind that comes with knowing your financial affairs are kept private, your assets are fully (and legally) protected and that you have unfettered access to the worldâs top performing investments. We've identified the safest and most private nations around the globe, where our members can find the best offshore banks, tax havens, legal structures, insurance vehicles, investment opportunities and tax management solutions.
Our Global Council of Experts - experienced lawyers, estate planners, tax consultants, investment analysts, money managers, trust providers and currency traders - all specializing in offshore finance, are at your service. Take advantage of our offshore asset protection and global investment strategies and feel the freedom of total wealth."
Somehow, this has the feeling of a place that will be targeted. I don't think some of these don't-pay-taxes hicks understand the reach, understanding and ability to find you from Western governments.
It works until you are caught. And then, you have to ask whether 15 years in prison made it all worthwhile.
A large number of the schemers from the past have been caught and lost their cases to the government. The fines and prison terms are very real. From "pure trusts: to "offshore accounts" to "shelf companies" to "using a corporate ATM card" to IBCs. Legitimate advisors now shy away from selling these schemes.
If you've got tens of millions, you can set up Foundations. But if you're a regular Joe, there's only one way to avoid The Man: swing/position trade out of your IRA. It's a tough road for some: you're long only and you're mostly stocks and ETF's. But the flexibility is growing daily.
Seriously, it's legal and it makes sense: the IRS can't fault you for making 20-50%/year out in your IRA because that is the entire purpose of an IRA: to make money for your future. Furthermore, it's unlikely that the IRS will change your ability to swing trade (other than the PDA) because then they would be limiting market liquidity for a vast corner of the market.
So don't move away from your family and friends and don't mess with Homeland Security: stay clean, legal and do things the way the IRS wants you to. Plus, if you're a decent trader, why in the world would you put your money in a foreign bank/brokerage where your trading and investing is so limited?? Good traders need liquidity, access to markets as well as fast and reliable trading platforms.
Now, as screwed up as the US Congress is and as nasty as the IRS is, they do one thing right: they have created an environment that has given us the liquidity, the market access and the platforms that we need to make money. And, if you're a decent trader, what else do you want?
Governments have always, since the dawn of time, put a gun to the heads of their citizens and said, "Pay up." That's just the way it is. Maybe in a hundred years people will get more enlightened and realize they don't need a bunch of idiots in Congress or Parliament or whatever to run and ruin their lives. But right now the vast majority of citizens want big, bloated, bureaucracies invading their personal lives, so for now we have to let our fantasies of a World Without Government go...
Think about this instead: you can make money anywhere on planet earth with a decent i'net connection and the US government sits there and protects your right to do it. Yes, they demand WAY too big of a slice of your pie. But, still, they are watching out for you: they want you to succeed so they can get their share.
So do what they want: make a lot of money.
Seriously, it's legal and it makes sense: the IRS can't fault you for making 20-50%/year out in your IRA because that is the entire purpose of an IRA: to make money for your future. Furthermore, it's unlikely that the IRS will change your ability to swing trade (other than the PDA) because then they would be limiting market liquidity for a vast corner of the market.
So don't move away from your family and friends and don't mess with Homeland Security: stay clean, legal and do things the way the IRS wants you to. Plus, if you're a decent trader, why in the world would you put your money in a foreign bank/brokerage where your trading and investing is so limited?? Good traders need liquidity, access to markets as well as fast and reliable trading platforms.
Now, as screwed up as the US Congress is and as nasty as the IRS is, they do one thing right: they have created an environment that has given us the liquidity, the market access and the platforms that we need to make money. And, if you're a decent trader, what else do you want?
Governments have always, since the dawn of time, put a gun to the heads of their citizens and said, "Pay up." That's just the way it is. Maybe in a hundred years people will get more enlightened and realize they don't need a bunch of idiots in Congress or Parliament or whatever to run and ruin their lives. But right now the vast majority of citizens want big, bloated, bureaucracies invading their personal lives, so for now we have to let our fantasies of a World Without Government go...
Think about this instead: you can make money anywhere on planet earth with a decent i'net connection and the US government sits there and protects your right to do it. Yes, they demand WAY too big of a slice of your pie. But, still, they are watching out for you: they want you to succeed so they can get their share.
So do what they want: make a lot of money.
For anyone that is int'd, it looks like Big Government is increasingly cracking down on tax havens. The havens are slowly giving way in order to join up with the global economy. See below for what has happened in Europe and Panama:
http://www.ft.com/cms/s/0/66205d1c-49e6-11dd-891a-000077b07658.html
Germany strikes tax haven deal
By Vanessa Houlder in London
Germany signed its first tax information exchange agreement with an offshore centre on Friday, in a sign of the continuing crackdown on secrecy in the wake of the Liechtenstein tax evasion scandal.
Its agreement with Jersey, which has already agreed to exchange information with the Netherlands and the US, is a sign that some offshore centres are keen to shed the âtax havenâ tag and promote themselves as well-regulated financial centres.
Köhler warning to Germanyâs business âeliteâ - Jun-18Bundesbank raises inflation forecast sharply - Jun-07Analysis: Merkel celebrates Germanyâs social market model - Jun-10Berlin to curb executives drafting laws - Jun-05Carmakers reverse stance on emissions - Jun-04Merkel ally backs curbs on executive salaries - May-22Pressure to reform tax havens has intensified after a former Liechtenstein bank employee sold information to German authorities, revealing widespread tax evasion. Finance ministers from the Group of Eight nations, who met in Osaka last month, called for stronger action against evasion. They said: âIn view of the recent developments, we urge all countries that have not yet fully implemented the OECD [Organisation for Economic Co-operation and Development] standards of transparency and effective exchange of information in tax matters to do so without further delay.â
The US is ratcheting up its anti-evasion efforts after a federal judge was asked to issue a summons requiring UBS, the bank, to turn over information about US taxpayers who may be using Swiss bank accounts to evade federal income taxes.
Three out of seven of the largest industrialised countries have now signed information exchange agreements with six offshore centres, as part of a long-running effort by the OECD to crack down on secrecy. Tax authorities worldwide are increasingly co-operating in a drive against evasion, while several countries including the UK have launched tax âamnestiesâ to persuade evaders to come forward.
The OECD blacklist of unco-operative tax havens has diminished in recent years from its original 35 named jurisdictions to the current group that includes only Liechtenstein, Monaco and Andorra.
But concerns have been raised, particularly by France and Germany, over countries such as Panama that have pledged reforms but failed to implement them. These countries have refused to reform their secrecy laws until similar reforms have been undertaken by OECD countries, particularly Belgium, Austria, Switzerland and Luxembourg.
Although Belgium has agreed to exchange information with the US and Switzerland has broadened its definition of tax fraud, there are still many opportunities to hide money in onshore jurisdictions.
http://www.ft.com/cms/s/0/66205d1c-49e6-11dd-891a-000077b07658.html
Germany strikes tax haven deal
By Vanessa Houlder in London
Germany signed its first tax information exchange agreement with an offshore centre on Friday, in a sign of the continuing crackdown on secrecy in the wake of the Liechtenstein tax evasion scandal.
Its agreement with Jersey, which has already agreed to exchange information with the Netherlands and the US, is a sign that some offshore centres are keen to shed the âtax havenâ tag and promote themselves as well-regulated financial centres.
Köhler warning to Germanyâs business âeliteâ - Jun-18Bundesbank raises inflation forecast sharply - Jun-07Analysis: Merkel celebrates Germanyâs social market model - Jun-10Berlin to curb executives drafting laws - Jun-05Carmakers reverse stance on emissions - Jun-04Merkel ally backs curbs on executive salaries - May-22Pressure to reform tax havens has intensified after a former Liechtenstein bank employee sold information to German authorities, revealing widespread tax evasion. Finance ministers from the Group of Eight nations, who met in Osaka last month, called for stronger action against evasion. They said: âIn view of the recent developments, we urge all countries that have not yet fully implemented the OECD [Organisation for Economic Co-operation and Development] standards of transparency and effective exchange of information in tax matters to do so without further delay.â
The US is ratcheting up its anti-evasion efforts after a federal judge was asked to issue a summons requiring UBS, the bank, to turn over information about US taxpayers who may be using Swiss bank accounts to evade federal income taxes.
Three out of seven of the largest industrialised countries have now signed information exchange agreements with six offshore centres, as part of a long-running effort by the OECD to crack down on secrecy. Tax authorities worldwide are increasingly co-operating in a drive against evasion, while several countries including the UK have launched tax âamnestiesâ to persuade evaders to come forward.
The OECD blacklist of unco-operative tax havens has diminished in recent years from its original 35 named jurisdictions to the current group that includes only Liechtenstein, Monaco and Andorra.
But concerns have been raised, particularly by France and Germany, over countries such as Panama that have pledged reforms but failed to implement them. These countries have refused to reform their secrecy laws until similar reforms have been undertaken by OECD countries, particularly Belgium, Austria, Switzerland and Luxembourg.
Although Belgium has agreed to exchange information with the US and Switzerland has broadened its definition of tax fraud, there are still many opportunities to hide money in onshore jurisdictions.
I don't know if you are following but the Justice Dept has a "john doe" warrant against UBS....there are thousands of rich Americans seriously sweating a prison term for tax evasion...UBS set up and solicited wealthy Americans....the Swiss are going to sing like a canary with your records....
The Germans, Brits and French are also going after tax evaders...
There is absolutely no place to hide from the tax man anymore..Game is over...and the prison time is increasing...
I would think the biggest risk now is that the country government will just take your money....who you going to complain to???
SteveD
The Germans, Brits and French are also going after tax evaders...
There is absolutely no place to hide from the tax man anymore..Game is over...and the prison time is increasing...
I would think the biggest risk now is that the country government will just take your money....who you going to complain to???
SteveD