What Is The Irs Voluntary Disclosure Amnesty?

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The first thing you must pay attention to is where the card is from. Having a card from a bank that is going to give up your personal information to the first person who comes looking for you is not going to be of much value.



First, put out of your mind the idea that "offshore" means somewhere where you can sit on a shore. Islands with crystal blue waters are not high on my list of offshore jurisdictions. If you're an America, anywhere out of the United States is an offshore jurisdiction. Think Hong Kong, Singapore, Chile, and so on. While it is also associated with offshore banking, Switzerland is no longer available to Americans, thanks to IRS crackdowns there that have led most banks to shun US citizens.

Checking for a safe haven for all that cash? Although few have that cash surplus personal problem, a brief window on Swiss banks may be of benefit. All Swiss banks are regulated by the Federal Banking System, (FBS) and Switzerland has one of the world's strongest economies. Due to strict government regulation, over one third of offshore banks all over the world were said to be in Swiss banks. The confidentiality of Swiss banks is legendary and 5.6% of the Swiss working class is in the banking industry.

James entered into a verbal agreement to help PW with the transfer of this money to an off-shore account in the UK. Several possible banks were discussed, and we had a choice in this selection, but for some reason the final choice was made by PW and it was the Clydesdale Bank. He further suggested we get in touch with a Mr. PC, the operations manager, who would help us to open the account. This, of course, was fine with us. The bottom line was that we had no idea how to conduct business with an offshore bank account. PW knew this and he had to have control, as revealed in the next paragraph.

Keep in mind that the FDIC, for example, has less than the equivalent of 0.5% of all bank deposits in its fund. To me, that's not very safe when you consider how thinly capitalized US banks are. While local banks in Hong Kong and Andorra have very conservative lending practices and high liquidity ratios, US banks get money from the Federal Reserve and go right out and loan it indiscriminately and then come running to the government when things go bust.

financial services, exit tax, green card
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