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Overtaxed US Citizen wants suggestion |
Anonymous
Posted on: 29/07/2010
Posted at: 19:55:44
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I'd like to be able to direct about $700K a month to HSBC in an offshore account and then block the funds for different investments, letting the profits accumulate at low tax till I bring the funds into the US. I am told that no matter where I place it I'll have to deal with the close to 50% tax here in the US. I've been thinking of the Bahamas- any top 25 world bank would be OK, any suggestions?
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Tears of the Moon
Posted on: 04/08/2010
Posted at: 12:40:14
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Can't help with the HSBC idea, although not sure why you would need this to conduct most investments. I suspect you may wish to invest some of your funds in physical bullion. If so please consider ABC Bullion in Australia. We can sell, vault and insure your bullion (free storage/insurance for bulk bullion) and send you statements via email. Being in Australia we have no reporting requirements to the IRS and any tax considerations will be your responsibility. Check out our site at: http://www.ausbullion.com.au/bullion.html
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assetprotectionworldwide.com
Posted on: 05/08/2010
Posted at: 17:37:08
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I'm not trying to sell you anything, I have no commercial interest in replying to your thread.
But i would consider 3 things if i were you...
1. Not ever bringing this money to the US, since it is already abroad, why would you subject it to US taxes?
2. finding the best and safest way of securing it offshore. start a business, buy some property or move it into gold as the above person suggested
--> you seem set on a bank, however is it really wise to keep all this money in currency form? sure it is the most liquid that way, but has the lowest rates of interest. If I were you, and this is just me, i would see if i could invest it elsewhere, and set up flags in other parts of the world
3. finding the best and safest locale of securing this wealth - you can research some jurisdictions and what they might mean for you at my website for free at assetprotectionworldwide.com
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out of luck
Posted on: 07/08/2010
Posted at: 00:45:24
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As a US citizen if you are beneficial owner of the bank account, even if it is a corporate account or foundation it does not matter if you repatriate the funds back to the US or not, you are responsible for capital gains taxes and you must also report the offshore account using the FBAR, foreign bank account report, if you have more than $10,000 at anyone time.
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