Government now has their hands in your FOREIGN bank accounts.

Discussion in 'Economics' started by peilthetraveler, Apr 3, 2010.

  1. http://www.zerohedge.com/article/its-official-america-now-enforces-capital-controls


    Those of you that thought you would sneak your money out of the country...well everytime you make a withdrawal, the US government is going to require the banks take 30% of that money as a tax.

    They really slid this by without anyone noticing, didnt they?

    The only exemption is if you hold less than $50k in foreign accounts.

    Good luck to those of you that were planning to get out of the US. You can now never have a bank account with any decent amount of money in there. You are going to pay whether you like it not.
     
  2. there was an earlier thread on this and it said it was not starting till 2013 so you have time.

    the best thing to do is move it out before or put it in other liquid assets silver gold etc. these can be exchanged everywhere in the world.

    one thing i said was it was to maintain the purchasing power of the dollar as it starts to fail. others said it was to confiscate the wealth. perhaps both but either way negative.

    what do you think peil is it a power push by the government or a monetary thing.
     
  3. I see not to many people want to put their hands on this thread.:(
     
  4. Yeah, I wasnt around for the last week so I didnt get to read any threads (Was having fun in Vegas!)

    I think the government is doing this because of the healthcare. They know people are going to move out of the US to avoid paying it and the government is going to make them pay,one way or the other.
     
  5. tough, maybe if you have a close family member with another passport, put it under their name, and have the account send money to u as a gift every year
     
  6. I actually have an irish passport, so its very easy for me to open an account in europe without the bank asking if I am american so of course I can slip through the cracks and just tell them I'm Irish. But the fact is, many Americans are going to get slammed by this. There are many expats in the world that will have no idea that this law passed and they will wonder what happened one day when they see their money start to disappear fast everytime they take out money from their bank account.
     
  7. Cheese

    Cheese

    'For each action there is an equal and opposite reaction.'

    An individual should never have used his personal name for a foreign account to house dollars in the first place.

    I have no intention of spelling out the many necessary details and adjuncts but the key is the routing of the money. Use a corporate name, for example a Liechenstein trust (give it a German name), which opens a dollar banking account at a Singapore Bank in Monte Carlo (Monaco). Dress this all up so that it is legal tax avoidance and not tax evasion. Any serious person or family will understand that very serious money needs very serious protection.
    :)
     
  8. thats a good idea, but since this bill just came out, people with bank accounts in their name already will have to change everything. The problem is though that there will be a paper trail in some cases. $1,345,624.32 leaves the account of Joe Smith and the same day there is a deposit of $1,345,624.32 in an account named "Liechenstein trust" They say they are hiring 16k IRS agents whos job it is to track down money. I also imagine that they will start tracking people who maybe filed taxes 10 years ago that made $1 million+ per year, then the taxes stopped coming in. IRS agents might try to locate that guy and see where his money goes. For instance...when the IRS was paid by check that year, the IRS has that bank account number and can trace from bank to bank where the guys money has gone each time he transfered it. Banks are required to keep that paper trail. The only way out of it is to maybe purchase something of high value that cant be traced(like gold) and sell it later on, THEN open the bank account in the trusts name so there is no paper trail. Generally though there is always a paper trail with most high ticket items like real estate, artwork, ect. Gold is about the only thing that can stop a paper trail that i can think of.
     
  9. Cheese

    Cheese

    That would not be very wise.

    There are 2 parts. Firstly, do not leave a transaction trail that links to your personal name, otherwise don't do it. The second part is that you do not put the tax haven territory into a position where their authorities are forced to give up your personal name. And within that second part you want to estabish legal tax avoidance which will require much detailed attention to achieving that goal.
    :)
     
  10. the1

    the1

    Maybe you shouldn'ta posted that? Big Brother is <b>always</b> watching :D

     
    #10     Apr 3, 2010