Which exactly reinforces my reasons for moving offshore....the US/EU/Japan is closing all the doors for US citizens to choose banks in other countries and they are doing it under the guise of controlling tax avoidance. (in a "healthy" normal functioning capitalist system people should be able to choose whatever bank they like just like choosing a car US or international)
But, firstly, the rich in the US don't pay tax and never will (all of my research regarding my looking for offshore banks were based on me continuing to pay full US taxes). They have the offshore bank compliance rules for US citizens set up so that, once you begin to make US tax payments from your offshore bank, that offshore bank account becomes property of the USA and can be frozen and seized for any or no reason. This means that as soon as capital controls arrive (and they will pretty shortly), they will seize every offshore account listed whether you pay taxes or not.
Secondly, they are in such a hurry to close offshore for US citizens (moving very fast since 2008/2009 banking crisis) because they want to pen in and corral all US banking so that capital controls can harvest as much US account money as possible.
Tax avoidance was created by the rich, for the rich and as always been used by the rich and powerful...so if they are closing the scheme it only means that "they" have moved everything of their own far enough away and are ready to "capture and attach" everything still inside the US because the US banking system is full insolvent and has been now since 2008 and the Fed's actions have been ineffective at resolving this insolvency. (it took 3 trillion to just back stop the 2009 crisis, so I would guess that 3 trillion in capital fled the US pre- 2009). The 2009/2010 back stops didnt do anything except seem the bleeding. Banks are still insolvent and it will take a full balance sheet clearance to clean is up. As the 2008/2009 crash came, capital flight was huge and insidious (and kept very quiet by media news). The Panama news today is just throwing crumbs of news to distract from the real dilemma. Its also a very lame attempt at trying to attack Putin. Most US offshore theft probably went to either Saudi or Israel pre-2009.
The US has begun financial monetization of its debt problem (as has Japan and the EU). They have also been doing financial warfare toward their domestic energy threats (Russia, Iran, etc). Mostly because there is nothing left domestically of value and they are circling the wagons and ready to do full balance sheet adjustments which firstly will offset US bank accounts with US debt and also print USD in order to buy and prop major SPX companies (firstly bank equities, then probably Dow transports, Energy Majors and Blue chips). I would think defense company equities would be a good investment right now.
This panama leak tells me energy losses are a real problem (more than they realized) and they will institute capital controls (along with negative rates) within a year. Its not a secrete. Most things listed here are already being done in Japan, Cyprus, China and the EU, Argentina ect.
Me, I have decided to change my residing country permanently...but I think Hong Kong and Dubai both have good offshore possibilities as long as you are ready to hire local board members and have local auditors and have local board meetings
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