Posted on 09/15/2009 7:30:43 AM PDT by h20skier66
The latest story to hit the headlines in this regard is the matter of U.B.S. I’m sure all of you have read the details there, so I won’t describe the entire story. The pertinent point is that the U.S. Taxman asked for confirmation of the names of 52,000 account holders and has received 4,500 only. Why?
The Swiss government relies on its banking services for a considerable percentage of the nation’s income. For three hundred years they have provided a home for foreign owned assets and monies. The have, still firmly in place, Bank Secrecy Laws that ensure that nobody can expose account holders at banks unless they have evidence of criminal activity on the part of account holders. They have stated clearly in the past that Tax Evasion is not considered a crime. Illegal exports of wealth that involve a crime [such as diamond smuggling] would lead to the Swiss authorities turning over an account holder’s name. So, 4,500 out of 52,000, implies that criminal activities were allegedly perpetrated by these account holders and 47,500 were not associated with crimes. This despite the U.S. Taxman’s objections to U.S. owned money being held in Swiss banks without disclosure to the U.S. Taxman. Bear in mind that this is continuing!
Will the U.S. Taxman have any chance of exposing the 47,500 account holders? The agreement made between the Swiss and U.S. Authorities clearly tells us NO!
(Excerpt) Read more at commoditynewscenter.com ...
gold etf read later
So if the Swiss laws have been breached ... where does one turn to hide assets?
There are other reasons for hiding assets other than tax evasion, but if the tax man knows about it, it is not to hard to imagine a court ordering the IRS to reveal the information.
bttt
Goes without sayin that the Clintons and other high ranking members of the “club” probably got an early e-mail from Barry and Eric regarding quick and covert movement of accounts.
The Swiss would doom themselves by cooperating with Hussein. I can’t imagine they would be that stupid.
Cayman Islands used to keep accounts secret, I think they still do. If I had enough money, it would be either in a Swiss account or some other account they couldn’t trace. I have no desire to fund communists.
It is not illegal to have a Swiss bank account or any other foreign bank account.
Income from the account must be reported in IRS filings, like any other income from any domestic U.S. bank.
And a Form TD F 90-22.1 “REPORT OF FOREIGN BANK AND FINANCIAL ACCOUNTS” must be filed with the U.S. Treasury.
http://www.irs.gov/pub/irs-pdf/f90221.pdf
Maybe you will get $20.67 an ounce for everything they take away from you...Isn’t that what America’s last Dictator for Life did?
Just a coincidence, my guns & gold are stored in the same place.......
Hong Kong is a VERY friendly place to put assets.
It was. In case you have not got the news Communist China is now in control so there is nothing to prevent an arbitrary seizure.
“In case you have not got the news Communist China is now in control so there is nothing to prevent an arbitrary seizure.”
China is EAGER for equity holdings. They love cash in their banks. If anything, with England’s hold over Hong Kong banks were looking to tax everything they could get hold of. I actually feel safer with China at the helm than England.
I dont have a massive amount of money, just want a place to stash some cash/foreign currency/gold as a “just in case”.
>> There are other reasons for hiding assets other than tax evasion
Yup, there sure is. My G-d, this is terrible news for African cleptocrats!
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