Swiss banks are a tax-haven no more! Thanks to the tax deal reached between Switzerland and the United States to punish Swiss banks that helped wealthy Americans hide money from United States tax authorities in offshore accounts.
I found an infographic about emerging tax-havens in the world and I wanted to share it here. Take a look >>>
Anyone if there is any ways around this? A buddy believes rich people will always have their ways
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This is a great example of why I roll my eyes at people who call the U.S. "imperialists". If we wanted to, with our military we could rule half the planet with an iron fist, control all the island nations and seize all of their assets. We choose not to because, ya know, we aren't imperialists..
Switzerland is definitely a place to avoid at this point. Not only are the banks now forced to shared customer account information with the U.S and EU governments but the lawyers and private bankers are voluntarily becoming whistleblowers and ratting out their clients in exchange for bounty rewards from the IRS.
The graph missed the best tax shelter in the world: Hong Kong. It has one of the most stable and efficient financial system in the world, no capital gain tax and being nominally part of China, the U.S government cannot bully it into submitting under FATCA like it did with Cayman and all the other little islands.
Good call on that. One of my good friends is there, and he loves it. I gotta go over and see what all the hype is about one of these days. Definitely sounds like a good place to stick money for my future hopefully wealthy self.
Well, I have a limited company in HK and is engaged in trade and other business in US. Doing business DIRECTLY as a foreign company has disadvantages such as 'Branch Profit tax' and other withholding rules. Many times its better off using foreign company to have US corporation to do business, but then you can't really avoid double taxation. Either way, there isn't much you be able to do for profit within US. Profit outside of US is a different story.
Circular 230 Disclaimer: Any U.S. tax advice contained in this communication is not intended or written by the practitioner to be used, and that it cannot be used by any taxpayer, for the purpose of (i) avoiding penalties that may be imposed on the taxpayer, and (ii) supporting the promotion or marketing of any transactions or matters addressed herein.
FYI, only one private banker did that...and he was American...
Just write it off. All these big companies write off everything.
You don't even know what a write off is!
Do you??
You don't even know what a write off is.
Singapore, Hong Kong, legacy anonymous Chinese bank accounts. I'm also guessing that some smart programmer will be able to create a cloud based tax haven that's absolutely impossible for any one nation to excercise jurisdiction over. I should copywrite that idea, it's catchy.
Yes, there is enough wealth in offshore tax havens to wipe the debt record clean. Arguably, mulitnationals use this as leverage, playing nations against each other as they shop for better/no tax rates or other policies they find favorable. However, just like Cyprus saying "fuck you" to the Russian mob (or gov't, whatever the hell you want to call them), there's nothing at all stopping a country like the US from parking an aircraft carrier off the coast of the Cayman Islands and saying "fuck you, pay me". These tax loopholes are kept open because the people making the laws that govern them have their campaigns funded by the people that make use of them....it's circular.
Whether they're good/bad, that's another discussion. I can say this though: in the internet age, it's becomming impossible to hide money. But hey, I sometimes run these types of accounts, so what do I know.
Places to avoid: Switzerland, Cayman Islands, Bermuda, Central American countries, Venezuela (really risky government)
Might work: Singapore, China, Lichtenstein, Luxembourg
In the future: Maybe Russia if there's stability
The United Arab Emirates & Qatar. These arab countries, politically, have told the U.S. to fuck off. Also, Arab/ Islamic culture encourage property rights. Furthermore, they are aiming to model their banking laws to the Swiss system. Only problem is middle eastern war with Iran and Arab countries.
Bitcoin.
This!
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