Skip to comments.My Big Fat Belizean, Singaporean Bank Account
Posted on 07/25/2012 5:01:50 AM PDT by SeekAndFind
Earlier this month, I decided to see how hard it would be to set up my own offshore bank account. I figured it would be pretty difficult, because Im not rich and dont have a team of tax lawyers to oversee my money and because the E.U. and U.S. governments have been cracking down on tax havens by imposing stricter tax-sharing requirements. So I proceeded with some caution.
First, I Googled company registration tax haven and randomly picked three firms that set up accounts in offshore jurisdictions. Then I called each and explained that I was hoping to minimize my tax exposure and didnt want anyone to know anything about my finances. Each company quickly noted that I should consult a lawyer to make sure that I wasnt breaking the law. Then they calmly explained how to create an account that, it seemed to me, was unlikely to be discovered by the I.R.S. or any other authority.
I ended up working with A&P Intertrust, a Canadian company that I chose largely because I liked its Web site the best. (The other two companies sites appeared stuck in a late-90s style with lots of flashing boxes.) A&P works with the governments of Panama, the British Virgin Islands and Belize. (Other companies that I contacted prefer the Seychelles, Cyprus or the Cayman Islands, where Mitt Romney has been reported to have money.)
I decided to start my shell company in Belize because it would be exempt from all Belizean taxes and, as A&Ps site explained, information about beneficial owners, shareholders, directors and officers is not filed with the Belize government and not available to the public. And Ive been to Belize and like the place.
(Excerpt) Read more at nytimes.com ...
Pretty sure the guy is a lib, and doesn’t offer much in the way of solutions, after suggesting that corporations and the rich are getting away with something. When the numbers don’t add up to much when considering the costs, and I’m talking about the taxes estimated to be lost. What did he say, 200 billion. Chicken feed in a trillion dollar economy.
Want to keep money in country. Quit taxing the crap out of everything that moves. A concept lost on those whose governmental lives depend on free spending government.
I’m sure the number of these tax haven accounts are being swelled by wealthy French fleeing the confiscatory new tax rates imposed by President Hollande’s socialist government and soon many Americans may be joining them if the Bush tax rates are allowed to expire. Will socialists never learn that the wealthy aren’t stupid, especially those who, contrary to Obama’s rhetoric, actually built their fortunes? These wealthy will not simply roll over and pay a substantial portion of their hard earned wealth in new taxes, but will take advantage of these loop holes or even move out of the country taking their money and jobs their businesses create with them.
Bump for later reading.
Are you going to “read” it or are you going to STUDY how to bury the wealth? How about under the wife’s tomato patch?
Besides, it would clearly be be inappropriate for me to respond more specifically in a public forum such as this.
People who have experience with the procedures this clumsy putz is attempting to put in play are laughing at his ineptitude.