Swiss Bank Account

Some Swiss banks will require you to make an annual appearance at the bank.

For this reason, a lot of businessmen with swiss accounts fly into france and drive accoss the border so there is no record of them entering the country.

If you get audited in your own country, flight records and the like can be used to help them determine if you have such an account.

I believe Latvian Banks have something similar to a number or password account.

Runningbear
 
>>>Lately the swiss have gotten pretty co-operative with the usa.>>

Yes, although not voluntarily.


It seems that it wouldn't be a good idea to put your money in switzerland, unless you have alot of cash which would make you a valued customer, eg. Marc Rich>>>

NO, No, No, swiss authorities are not bribable. Marc Rich is a swiss resident since many years.

Hittfeld
 
alternatively to a Swiss bank account, would there be some kind of US entity which one can use to park some money without revealing the identity of the owner? of course, the owner must be able to retain full title to the funds......some kind of bearer shares corporation.....I've heard that's just another scam.......



thanks
 
consider this. a us tax return asks you this question:
"did you have an interest in a foreign account or recieve a distribution from a foreign trust?"

if you answer yes you have to give details. if you answer no you are committing a crime if you have a swiss account.
 
Quote from ManhattanTrader:

alternatively to a Swiss bank account, would there be some kind of US entity which one can use to park some money without revealing the identity of the owner? of course, the owner must be able to retain full title to the funds......some kind of bearer shares corporation.....I've heard that's just another scam.......



thanks
More...

having bearer bonds for your corp account is not a scam, at least I think so. I'm not familiar with the details, but as far as I know it is a viable strategy. I think talking to a professional at this point would be a good idea. Anyone else have any input in this regard?
 
Folks,

Just pay the low US tax......less headaches.....

Michael B.

P.S. If you like the challenge of having more control over the check you write each quarter to your partner the IRS...then open up a small business and invest in equipment.....

P.S.S. and remember alway give your parter, "the IRS", a little each quarter...to keep them off your back. I just wrote out my check....

Michael B.

Quote from vhehn:

consider this. a us tax return asks you this question:
"did you have an interest in a foreign account or recieve a distribution from a foreign trust?"

if you answer yes you have to give details. if you answer no you are committing a crime if you have a swiss account.
More...
 
By Michelle Gilchrist
24 February 2004

AUSTRALIANS using Switzerland, the Channel Islands and other havens to avoid tax will be hunted down using new technology and data including their own ATM records, the Australian Taxation Office has warned.

Taxation Commissioner Michael Carmody said the tax office now had greater powers to detect offshore tax evasion with sophisticated new technology and data provided by Austrac, which monitors all banking transactions to and from Australia.

But the tax haven strategy has been lashed by the federal Opposition, which accused the tax office of underestimating the problem of offshore tax abuse.

The tax office said yesterday that it would question at least 1000 taxpayers about their offshore financial dealings, after identifying suspect transactions with tax haven countries using Austrac data.

One Bermuda institution has transferred more than $5million to more than 500 individuals in Australia, which the tax office said needed "further investigation".

It also warned that tax avoiders could be identified by ATM credit and debit cards issued by foreign banks, if they were used in the Australian banking network.

www.theaustralian.news.com.au
 
are there any firms out there that perform wholesale consulting in aggressive tax avoidance for the little guy? (perhaps a bit of an oxymoron i know). is there a definitive, current text on the subject
 
"It also warned that tax avoiders could be identified by ATM credit and debit cards issued by foreign banks, if they were used in the Australian banking network."

...which is why the serious tax evader needs a <b>numbered</b> account!
 
Quote from Xenia:

By Michelle Gilchrist
24 February 2004

AUSTRALIANS using Switzerland, the Channel Islands and other havens to avoid tax will be hunted down using new technology and data including their own ATM records, the Australian Taxation Office has warned.


www.theaustralian.news.com.au
More...
No wonder the Aussies are trying to go offshore. From the same newspaper on today's front page:
------------------
Overseas a better system for expats
By Rodney Dalton, New York correspondent
February 25, 2004

NO one likes paying tax, but Australian expatriates Ryan and Katrina Dudley have plenty of reasons to prefer the the American tax system they now work under.

For a start, high marginal income tax rates kick in at much higher incomes in the US than in Australia.

This top US rate does not apply until an individual or a married couple filing jointly earn more than $311,950, capturing only the top 3-4 per cent of income earners.

In contrast, the top 15 per cent of Australian taxpayers are hit by a 47 per cent marginal tax rate that kicks in at $62,500.

----------------

47% gaffe at $62.5K? Ouch!
 
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