Registered: Jul 2008
09-05-12 08:34 PM
You guys realize the Banks in India are paying 9% interest and ours 1%?
My brown friends here have quite a racket with their NRI/OCI setups where they are able to move their profits and income overseas, perpetually tax deferred until repatriated which never happens. They are able to setup sweep accounts while legit Americans are being pushed out of foreign banks via FATCA.
I've seen a bunch of contractors come here.. work for 5 years on modest American w-9 wages as management consultants, spend next to nil here, pay no taxes then packup and go home retired.
$600k tax deferred earning 9% plus a 50x currency multiplier for them...
Then they get all of their cousins and brothers and sisters doing the same.
Ever notice none of them have significant retirement accounts here?
Just the minimum to get the matching and every trick under the sun to take it out without penalties.
The ones that get paid W2 wages get the added benefit of receiving social security payments direct deposited into their Indian Bank accounts. The biggest scam is there is no formal process for reporting deaths so their family continues to receive these benefits long after death.
They are cunningly working our system and all of the gaping swiss cheezy holes.
Of course its easy and a little fun to mock them but in someways I'm a little envious of their ability to walk away.