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Cayman Islands and Costa Rica agree to share bank account details with US
The alleged tax havens have signed agreements with the United States to tell the IRS about funds held offshore by Americans
  • Reuters in Washington
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Cayman-Islands-aerial-vie-010.jpg
The Cayman Islands will turn over details of Americans' offshore accounts to US tax authorities. Photograph: David Doubilet/National Geographic/Getty Images

The United States has signed agreements with the Cayman Islands and Costa Rica to help those countries' banks comply with an anti-tax evasion law starting next year, the Treasury Department said on Friday.

The deals are part of the US effort to enforce the Foreign Account Tax Compliance Act (FATCA), which was enacted in 2010 and is set to take effect in July 2014. FATCA requires foreign financial institutions to tell the US Internal Revenue Service about Americans' offshore accounts worth more than $50,000. It was enacted after a Swiss banking scandal showed that 17,000 US taxpayers had hidden substantial fortunes overseas. On Thursday a former UBS banker, Raoul Weil, agreed to be extradited to the US to face charges arising from that scandal.

With these two deals, both signed this week, the Treasury has now finished 12 FATCA "intergovernmental agreements" (IGAs), which help countries' financial institutions comply with the law.

The FATCA agreement with the Cayman Islands was initially agreed to in August. The island territory of 53,000 people has no income tax and is frequently labelled as a tax haven by critics. It is one of the world's most popular destinations for investment funds to organise for tax purposes.

Costa Rica was one of three Central American countries the Organisation for Economic Development and Co-operation (OECD) has tagged as a tax haven. Panama and Belize were the other two. Significantly, the Costa Rica deal is reciprocal, meaning the Costa Rican government can get tax information about its citizens with assets in the United States.

The trading of financial information, though not part of the Cayman Islands deal but included in many of the other 11 FATCA agreements, has rankled US banks. In April, the Texas Bankers Association and the Florida Bankers Association, both industry groups, filed a lawsuit attempting to block a Treasury Department rule that would allow the IRS to send certain bank account information to foreign governments.

The case, filed in the US district court for the District of Columbia, is awaiting a judge's ruling on whether the bankers' associations have standing.

 

 

 

Yo Shabbs - There Has Been A Lot Of Discussion About This In VIP - Although Not Everyone Can Access It ! ;)

 

    B)          B)           B)

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Just because the off shore banks will report to the US on foreign bank accounts, it doesn't mean there is no value in having an offshore account.  Remember there is a HUGE difference between TAX EVASION and MINIMIZING TAXES.  Tax evasion is illegal and Adam has never supported that.  However, minimizing your tax obligation by taking advantage of all the legal means possible is just good sense and that is what Adam supports and teaches in OSI.  The basis of it starts by keeping your dinar in a company outside the US and once the RV happens, you don't owe any taxes on the gain (even though it will be reported to the US as required by FATCA) until you bring that money (or some of it) back into the US.  When you have your offshore company pay your US company (yes, you'll need 2 companies) over time, you are 1) able to lower your taxes when some of the items you purchase (for instance, a car) are a business expense for your US company and the cost is deducted from the gross income on your US company's tax return and 2) able to lower your taxes if you keep the total amount of money that your off shore company pays to your US company each year below the maximum income tax bracket.  Of course there's a lot more to it than this, but this gives you a good idea of how it works to start with.

 

Nobody likes the idea of our government collecting more and more information on us, but we have to work within the constraints we're given.  I intend to disclose everything I'm required to disclose and then do everything I can legally do to minimize my taxes and keep as much of my gain from the RV as possible.  So, I for one will be using the OSI strategy.

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Just because the off shore banks will report to the US on foreign bank accounts, it doesn't mean there is no value in having an offshore account.  Remember there is a HUGE difference between TAX EVASION and MINIMIZING TAXES.  Tax evasion is illegal and Adam has never supported that.  However, minimizing your tax obligation by taking advantage of all the legal means possible is just good sense and that is what Adam supports and teaches in OSI.  The basis of it starts by keeping your dinar in a company outside the US and once the RV happens, you don't owe any taxes on the gain (even though it will be reported to the US as required by FATCA) until you bring that money (or some of it) back into the US.  When you have your offshore company pay your US company (yes, you'll need 2 companies) over time, you are 1) able to lower your taxes when some of the items you purchase (for instance, a car) are a business expense for your US company and the cost is deducted from the gross income on your US company's tax return and 2) able to lower your taxes if you keep the total amount of money that your off shore company pays to your US company each year below the maximum income tax bracket.  Of course there's a lot more to it than this, but this gives you a good idea of how it works to start with.

 

Nobody likes the idea of our government collecting more and more information on us, but we have to work within the constraints we're given.  I intend to disclose everything I'm required to disclose and then do everything I can legally do to minimize my taxes and keep as much of my gain from the RV as possible.  So, I for one will be using the OSI strategy.

 

 

KristiD, that is a fantastic summary of OSI - thank you for not going too deep into the specifics, and also thank you for your obvious diligence related to your involvement in everything OSI. :twothumbs:

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KristiD, that is a fantastic summary of OSI - thank you for not going too deep into the specifics, and also thank you for your obvious diligence related to your involvement in everything OSI. :twothumbs:

Darn

No moar free infoz?!

{imgsrc=[sadsmiley.gif]}<forum-code.#?sum_source=hackbox/jk/AdamLovesMeStill(forumAdmin:love ; pro$tyle)>

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If your money was offshore and you had no boat, how would you get it out of the water? Come on people think.......

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If your money was offshore and you had no boat, how would you get it out of the water? Come on people think.......

Love It! Yes, think people, think "out of the box".

Wm13

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Just because the off shore banks will report to the US on foreign bank accounts, it doesn't mean there is no value in having an offshore account.  Remember there is a HUGE difference between TAX EVASION and MINIMIZING TAXES.  Tax evasion is illegal and Adam has never supported that.  However, minimizing your tax obligation by taking advantage of all the legal means possible is just good sense and that is what Adam supports and teaches in OSI.  The basis of it starts by keeping your dinar in a company outside the US and once the RV happens, you don't owe any taxes on the gain (even though it will be reported to the US as required by FATCA) until you bring that money (or some of it) back into the US.  When you have your offshore company pay your US company (yes, you'll need 2 companies) over time, you are 1) able to lower your taxes when some of the items you purchase (for instance, a car) are a business expense for your US company and the cost is deducted from the gross income on your US company's tax return and 2) able to lower your taxes if you keep the total amount of money that your off shore company pays to your US company each year below the maximum income tax bracket.  Of course there's a lot more to it than this, but this gives you a good idea of how it works to start with.

 

Nobody likes the idea of our government collecting more and more information on us, but we have to work within the constraints we're given.  I intend to disclose everything I'm required to disclose and then do everything I can legally do to minimize my taxes and keep as much of my gain from the RV as possible.  So, I for one will be using the OSI strategy.

Just because the off shore banks will report to the US on foreign bank accounts, it doesn't mean there is no value in having an offshore account.  Remember there is a HUGE difference between TAX EVASION and MINIMIZING TAXES.  Tax evasion is illegal and Adam has never supported that.  However, minimizing your tax obligation by taking advantage of all the legal means possible is just good sense and that is what Adam supports and teaches in OSI.  The basis of it starts by keeping your dinar in a company outside the US and once the RV happens, you don't owe any taxes on the gain (even though it will be reported to the US as required by FATCA) until you bring that money (or some of it) back into the US.  When you have your offshore company pay your US company (yes, you'll need 2 companies) over time, you are 1) able to lower your taxes when some of the items you purchase (for instance, a car) are a business expense for your US company and the cost is deducted from the gross income on your US company's tax return and 2) able to lower your taxes if you keep the total amount of money that your off shore company pays to your US company each year below the maximum income tax bracket.  Of course there's a lot more to it than this, but this gives you a good idea of how it works to start with.

 

Nobody likes the idea of our government collecting more and more information on us, but we have to work within the constraints we're given.  I intend to disclose everything I'm required to disclose and then do everything I can legally do to minimize my taxes and keep as much of my gain from the RV as possible.  So, I for one will be using the OSI strategy.

imo, that is if you have a real business that conducts real work or services. i find possible liability, in opening a company offshore, when there is never any intent of doing business. and if your opening a business that doesnt do business red flags and ?? marks do appear.

an individual opening a company, that doesnt do business, to avoid or minimize taxes could be evasion and or fraud.

but if your a legit business doing business all is good. just my view

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intent is the question. imo... an individual creating a business, that never does business, just to avoid future taxes is intent to fraud. why because their never was a business, the whole business was created to avoid future taxes on a dinar revaluation.

in court, if they flag, catch, or find out, the major question will be, what does your business do? why did you create an offshore businesg that has never done any business, except your 100,000 dollar dinar cashout. how can you pay overtime when yourve never had a single employee.

i think the line of evasion vs minimalization of taxes is very close in this case. jmo

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intent is the question. imo... an individual creating a business, that never does business, just to avoid future taxes is intent to fraud. why because their never was a business, the whole business was created to avoid future taxes on a dinar revaluation.

in court, if they flag, catch, or find out, the major question will be, what does your business do? why did you create an offshore businesg that has never done any business, except your 100,000 dollar dinar cashout. how can you pay overtime when yourve never had a single employee.

i think the line of evasion vs minimalization of taxes is very close in this case. jmo

I will be doing business with my OSI as it will be providing valuable consulting services to my US corporation and therefore will be billed every month for those services rendered.  That indeed will be a good paper trail.

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intent is the question. imo... an individual creating a business, that never does business, just to avoid future taxes is intent to fraud. why because their never was a business, the whole business was created to avoid future taxes on a dinar revaluation.

in court, if they flag, catch, or find out, the major question will be, what does your business do? why did you create an offshore businesg that has never done any business, except your 100,000 dollar dinar cashout. how can you pay overtime when yourve never had a single employee.

i think the line of evasion vs minimalization of taxes is very close in this case. jmo

 

Who is saying that the offshore business or the LLC wont do any business?

There are a lot of opportunities out there

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of course you will have to bring that money back in to be taxed. if you never bring it back, ok good. but to say i bought a car for the business, new home for the business, a new boat for the business, and your business has never done any business or ever will, that could and if found would be trouble. trouble to going to court, possibly being fined, jailed, or being accused of dirty laundering operation.

I will be doing business with my OSI as it will be providing valuable consulting services to my US corporation and therefore will be billed every month for those services rendered.  That indeed will be a good paper trail.

sounds legit, good luck

Who is saying that the offshore business or the LLC wont do any business?

There are a lot of opportunities out there

oh, no one at all. just assuming the only reason many are doing so is for dinar reasons only.

it can be very beneficial, but its critical to dot all the i's,

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"TAX EVASION" is what the rich are looking for. :(

 

Check the stats, the rich are setting new all time records for giving up thir US citizenship and becoming citizens of other rich friendly countries.

 

Even the USA has been playing that game. If you are rich and want to become a US citizen it has been made easy for them.

 

America is "For Sale". LOL

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I've heard this argument before when I worked for SEC. Saw man completely ruined by IRS and SEC while the guy was saying that he wasn't technically liable to pay taxes. I can assure you he paid the taxes and then some. Multi national company ruined and guy was wiped out.

 

I wouldn't follow that advice.

 

Go RV

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Yea, disappearing if you put the account in your u.s. name and u.s. passport number ! but if the account or IBC is in someone name and passport number that is NON u.s. then they are not disappearing are they ?

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I understand...... but tell that to Wesley Snipes

 

Markinsa, thank you for pointing that out. I should make the different sections show up as different colors... maybe carribean blue for OSI and puke green for rumors :lol:

 

 

I've heard this argument before when I worked for SEC. Saw man completely ruined by IRS and SEC while the guy was saying that he wasn't technically liable to pay taxes. I can assure you he paid the taxes and then some. Multi national company ruined and guy was wiped out.

 

I wouldn't follow that advice.

 

Go RV

 

Anyone that wants to go against the IRS in that manner is an imbecile. I understand the logic, I understand the emotion, but I would NEVER encourage someone to take on that battle. It's like fighting 20 tigers with a plastic comb... theoretically you could find a way to win, but realistically you are going to get shredded.

 

That's why OSI is so powerful - we aren't tackling 20 tigers, we are feeding them treats and keeping defined and proven BARRIERS between us and them.

 

There's a HUGE difference between what Wesley Snipes did (intentional tax evasion) and what thousands of millionaires do legally every day (asset protection). Don't get them confused.

 

:twothumbs:

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