Which country can you “put money in” without severe (US) penalties? TIA.
I'm not talking Iran or places like that (you wouldn't want your money in places like this anyway). Rather, places like Singapore, or even Canada. There are no penalties or restrictions to keeping money offshore, only now, you need to advise the IRS about it. Fewer banks overseas want American customers now - because of the difficult Treasury/IRS regulations many have simply dropped US Passport holders. Nonetheless, some still do.