Best place to open tax free accounts

[DeadGuy]

OK, let's have some fun. We are all on the 'poke and hope' boat with our investments, but IF and WHEN we hit our fortunes tell me where we should put our new found wealth so we get to KEEP most of it.

I was thinking if we have enough of a time frame to exchange our IRDs for USDs then I would exchange 50K in my bank for 'traveling money' and fly somewhere with the rest and open my new offshore account.

Tell me your plans or give me some suggestions.

This should be fun.

buds

chuck

[automag]

Hey DeadGuy, How you doing?.......Good idea about a warm spot for an offshore account.......But..............You had better check all the new bank regs for Americans overseas because they are not very good for all us citizens.....You see our government has made it so that if you live overseas you are gonna have a hard time doing business with a foreign bank... The Feds are trying to force overseas banks to comply with American law and report all of their transactions....and those banks in other lands are saying.....NO BUT HELL NO!!!!!!!!!!..... Can't blame them really....if I was a bank in Germany why would I want to comply with American Laws? In the quest to protect us from terrorist / drug cartels the Feds want to know where every wart you have is located. So they have made it where ex-pats can't hardly do business because all those foreign banks will not comply with an over zealous bank law from America. So they have been closing the Americans accounts by the boatload and sending those folks down the road..........

Now I don't know all the new laws but I have been keeping up with this issue as I for one see this as an infringement on my right to the pursuit of happiness and if I want to live in Bum Frack Egypt then what business is it of my government to make that hard for me to do so? It shouldn't be that way but between the Bush administrations Patriot Act and Obama's administration enforcing it we get more BS than ever before.

So DeadGuy becareful about offshore banking because as it has been explained to me this will shine a light on anyone with offshore accounts like us.......I subscribe to the constitution of the US and a wise man we all hold dear said once that "Ye who gives up his security in the name of safety.......usually loses them both". Ben Franklin was his name and that was a paraphrase of a man who was way ahead of his time and seemingly able to see way into the future....Good Luck......

My advise would be to thoroughly study the matter as we are gonna wanna know what you find out. If I find any relevant information I will post what I find. Adam Montana has studied up on this so there is one source of info.......Again ......Good luck!!!!

[DeadGuy]

wow... I thought this would bring out a lot of answers and fun statements.

Like "I'm going to reinvest in " add funny line here", but I guess most people just plan on cashing in and paying the huge tax.

You know, you can find a villa in south Spain with private beach that is HUGE for less than 1/2 million.

Me? I want a Pawn Shop... LOL

buds

chuck

[Adam Montana]

Here's a tip: http://corpoffshore.com

Good luck

[Captjohn]

If you understand Obama's mindset, you will understand why his administration has launched a worldwide effort to expose overseas bank accounts of Americans and confiscate as much money as legally (?) possible. No one is safe anywhere in the world these days, and if someone tells you you are safe in XYZ country, you better check it out thoroughly at your own peril. Could be a very expensive mistake. Just sayin........

[Don Paul]

2010-11 T-8 Annual List of the World's Best Tax Havens and Offshore Banking Centers—Just Released

Tax havens and offshore banking authority and author, Hoyt Barber, releases his 4^th annual "List of the World's Best Tax Havens and Offshore Banking Centers," also known as "The Green List."

In 2010, Barber expanded his annual tax haven rating, known as the "T-7 List" from seven tax haven countries to eight, eliminating Uruguay which is soon likely to compromise their once strong bank secrecy laws, and has added two additional jurisdictions—St. Vincent and Anguilla—for their attractiveness and ease for conducting financial business.

The 2010-2011 T-8 List reflects the best of no-tax or low-tax jurisdictions, money and asset havens and/or offshore banking centers. The carefully selected venues are based on Barber's twelve criteria for evaluating the overall worthiness of an offshore financial center, including the requirement to have strong bank secrecy laws and no Tax Information Exchange Agreement (TIEA) with the United States, or Canada, with exception of St. Vincent and Nevis, neither of which has signed with the U.S., while both have signed with Canada.

The twelve criteria include: 1) tax structures; 2) political and economic stability; 3) exchange controls; 4) treaties; 5) government attitude; 6) corporation and trust laws; 7) communication and transportation; 8) banking and professional support services; 9) legal system; 10) secrecy and confidentiality; 11) investment incentives; 12) location.

As a result of recent financial and political developments over the past couple of years, the T-7 list had a number of significant changes in 2009-10 from previous years. European banking centers, in particular, find themselves today under extreme pressure from outside forces like the United States, the United Nations, the European Union, the G-20, the OECD, Germany and France and other international organizations.

European banking centers such as Switzerland, Liechtenstein, Austria, Andorra, Monaco and Belgium have already either agreed in principle to compromise their bank secrecy laws or in the process of compromising them. In the meantime, many banks in these "target" countries are refusing to do business with new and existing clients, asking them to take their business elsewhere, particularly zeroing in on taxpayers from the United States and Canada.

Two years ago, in 2008, the T-7 list was comprised of Switzerland, Liechtenstein, Austria, Andorra, Panama, Belize and Nevis.

According to Barber, "Fortunately, there are still excellent alternatives to European banking centers that offer the strongest bank secrecy in the world, have no taxes, or low taxes that would impact foreign investors, and that simultaneously provide maximum asset protection."

Then, this past year, in 2009-10 the T-7 list was changed to include Belize, Panama, Cook Islands, Nevis, Switzerland/Liechtenstein, Hong Kong and Uruguay.

Barber points out that the order of the list does not necessarily reflect preference, as much depends upon the specific scenario and goals of the individual who is choosing a venue.

Barber's new 2010-2011 expanded T-8 Annual List of the World's Best Tax Havens and Offshore Banking Centers are as follows, together with the specific merits and advantages of each jurisdiction:

• Belize—Asset Protection Trusts (APT's); International Business Corporations (IBC's); offshore banking; investment management; e-commerce and offshore business; and the Qualified Retirement Program (QRP); strong bank secrecy; no TIEA with the U.S. or Canada.
• Cook Islands—APT's; IBC's; offshore banking; investment management; offshore annuities; strong bank secrecy; no TIEA with the U.S. or Canada.
• Nevis—APT's; IBC's; Limited Liability Companies (LLC's); offshore banking; excellent economic citizenship program; strong bank secrecy; no TIEA with the U.S.
• St. Vincent & the Grenadines—IBCs; offshore banking; private offshore bank licensing: flag-of-convenience; strong bank secrecy; no TIEA with the U.S.
• Anguilla—Offshore companies; strong bank secrecy; no TIEA with the U.S. or Canada.
• Switzerland/Liechtenstein—Offshore annuities; portfolio bonds; life insurance; and private banking, if bank secrecy is not required, with a minimum US $1,000,000 under management; low tax jurisdictions. TIEA's are being negotiated with the U.S., Canada and others.
• Hong Kong—Offshore corporations, offshore banking; strong bank secrecy; no TIEA with the U.S. or Canada.

[Adam Montana]

If you understand Obama's mindset, you will understand why his administration has launched a worldwide effort to expose overseas bank accounts of Americans and confiscate as much money as legally (?) possible. No one is safe anywhere in the world these days, and if someone tells you you are safe in XYZ country, you better check it out thoroughly at your own peril. Could be a very expensive mistake. Just sayin........

Your statement is only true if the person is evading taxes. If the person is legally using a foreign corporation and offshore banking, then they have nothing to worry about.

BIG differences between the two.

[amickn]

hey Adam can you e-mail me I have a couple of ??

Thanks

Nancy

[januck4]

I have one word. DIVERSIFY

[J-W-S]

2010-11 T-8 Annual List of the World's Best Tax Havens and Offshore Banking Centers—Just Released

Tax havens and offshore banking authority and author, Hoyt Barber, releases his 4^th annual "List of the World's Best Tax Havens and Offshore Banking Centers," also known as "The Green List."

In 2010, Barber expanded his annual tax haven rating, known as the "T-7 List" from seven tax haven countries to eight, eliminating Uruguay which is soon likely to compromise their once strong bank secrecy laws, and has added two additional jurisdictions—St. Vincent and Anguilla—for their attractiveness and ease for conducting financial business.

The 2010-2011 T-8 List reflects the best of no-tax or low-tax jurisdictions, money and asset havens and/or offshore banking centers. The carefully selected venues are based on Barber's twelve criteria for evaluating the overall worthiness of an offshore financial center, including the requirement to have strong bank secrecy laws and no Tax Information Exchange Agreement (TIEA) with the United States, or Canada, with exception of St. Vincent and Nevis, neither of which has signed with the U.S., while both have signed with Canada.

The twelve criteria include: 1) tax structures; 2) political and economic stability; 3) exchange controls; 4) treaties; 5) government attitude; 6) corporation and trust laws; 7) communication and transportation; 8) banking and professional support services; 9) legal system; 10) secrecy and confidentiality; 11) investment incentives; 12) location.

As a result of recent financial and political developments over the past couple of years, the T-7 list had a number of significant changes in 2009-10 from previous years. European banking centers, in particular, find themselves today under extreme pressure from outside forces like the United States, the United Nations, the European Union, the G-20, the OECD, Germany and France and other international organizations.

European banking centers such as Switzerland, Liechtenstein, Austria, Andorra, Monaco and Belgium have already either agreed in principle to compromise their bank secrecy laws or in the process of compromising them. In the meantime, many banks in these "target" countries are refusing to do business with new and existing clients, asking them to take their business elsewhere, particularly zeroing in on taxpayers from the United States and Canada.

Two years ago, in 2008, the T-7 list was comprised of Switzerland, Liechtenstein, Austria, Andorra, Panama, Belize and Nevis.

According to Barber, "Fortunately, there are still excellent alternatives to European banking centers that offer the strongest bank secrecy in the world, have no taxes, or low taxes that would impact foreign investors, and that simultaneously provide maximum asset protection."

Then, this past year, in 2009-10 the T-7 list was changed to include Belize, Panama, Cook Islands, Nevis, Switzerland/Liechtenstein, Hong Kong and Uruguay.

Barber points out that the order of the list does not necessarily reflect preference, as much depends upon the specific scenario and goals of the individual who is choosing a venue.

Barber's new 2010-2011 expanded T-8 Annual List of the World's Best Tax Havens and Offshore Banking Centers are as follows, together with the specific merits and advantages of each jurisdiction:

• Belize—Asset Protection Trusts (APT's); International Business Corporations (IBC's); offshore banking; investment management; e-commerce and offshore business; and the Qualified Retirement Program (QRP); strong bank secrecy; no TIEA with the U.S. or Canada.
• Cook Islands—APT's; IBC's; offshore banking; investment management; offshore annuities; strong bank secrecy; no TIEA with the U.S. or Canada.
• Nevis—APT's; IBC's; Limited Liability Companies (LLC's); offshore banking; excellent economic citizenship program; strong bank secrecy; no TIEA with the U.S.
• St. Vincent & the Grenadines—IBCs; offshore banking; private offshore bank licensing: flag-of-convenience; strong bank secrecy; no TIEA with the U.S.
• Anguilla—Offshore companies; strong bank secrecy; no TIEA with the U.S. or Canada.
• Switzerland/Liechtenstein—Offshore annuities; portfolio bonds; life insurance; and private banking, if bank secrecy is not required, with a minimum US $1,000,000 under management; low tax jurisdictions. TIEA's are being negotiated with the U.S., Canada and others.
• Hong Kong—Offshore corporations, offshore banking; strong bank secrecy; no TIEA with the U.S. or Canada.

Why isn't Seychelles on this list? Or is this strictly a banking list? I was wondering because I saw IBC's mentioned.

[jcav]

If you are a US citizen, just pay your taxes. You are lucky you got into this investment.

[cbs71]

If you are a US citizen, just pay your taxes. You are lucky you got into this investment.

Agree! What goes around, comes around too..

Sadly enough, some people here are going to feel the pain years later when the IRS will come knocking on their doors...

[Hit_the_ground_running]

There is a nice saying.........'The difference between tax evasion and tax avoidance is the thickness of a prison wall! '

Follow Adams advice! I am!

[Captjohn]

Your statement is only true if the person is evading taxes. If the person is legally using a foreign corporation and offshore banking, then they have nothing to worry about.

BIG differences between the two.

Agreed, however, in reading responses to posts of this nature over the past year or so, it is clear that some investors believe that there are still places overseas where they will be able to evade paying taxes. In this day and age of the U.S. administration's policy of "you can run but you can't hide", those places just don't exist any more. Sadly, some may still try. In any case, each investor should seek out the advise and guidance of an experienced international tax attorney.