I don’t believe it for a minute. How are all those folks going to hide their billions? I cannot imagine Switzerland, Caymen Islands, etc are going to turn away the extreme wealthy Americans.
Actually, it’s worse than my previous post described - how can US citizens spend a few months training people to support US products in other countries? Or set up an office? It might be easier to just move the entire operation somewhere else...
the article only mentioned st vincent which i would not consider a tax haven even tho shiff had his stuff there. no mention of Anguilla or Nevis. but i know it’s been getting harder. Union Island (part of Grenadines) did have a revolt where they burned the post office. I think the building is still a shell.
A lot of Latin American countries didn’t get the memo. Most require you to deposit a minimum amount in a local bank in order to obtain a resident visa.
I imagine that some trusted source will establish microbanks for a limited number of American clientele, both for a fee and for business courtesy.
In either case, each microbank will have an equally discreet US equivalent, so if you say, deposit $100,000 in the US branch, an encrypted message tells their twin in the other country that you have a “line of credit”, of say, $90,000, no questions asked.
For maximum security, no data would be transmitted at all, using human couriers back and forth say once a week.
Prelude to capital controls in the next economic ‘emergency’ (which is likely not far off).
Cyprus here we come!
1. Set up a foreign corporation in Canada, UK or Germany etc and use the monthly travel expanse account draw..
2. set up a company in Andorra and use the corporate account
3. Set up a USA brokerage account, not a bank account, deposit the account and use the foreign branch for conversion/withdrawals to foreign investments.
4. Set up a 10% gold roll in Geneva thru Swiss brokers and keep your 10% monetary assets overseas leveraged in gold.....[better than nothing]
5. Set up a registered corporation in Dubai and use the corp banks there for investment monies into the account with a wealthy UAE guy as the aegis...
6. “Borrow money” from an CHRISTIAN/CATHOLIC Indonesian student in USA and pay /wire-let him send back to his indo bank account - usually very very honest as this has been done successfully before
This will hurt banks with direct dealings in the US, but I think most smaller banks will just set up a shell bank to handle their US-based transactions. The shell bank doesn’t have any US depositors and the actual bank doesn’t care what US regulations are.
The effect will be an expansion of underground banks, exactly opposite what Obama wants.
If you are interested.
www.abolishfatca.com
This is why I’m not holding my breath on things improving anytime soon. We’re sinking deeper and deeper into a hole, and rather than trying to fix the problems, the government is just looking for more ways to loot.