http://www.youtube.com/watch?v=B_m96QppNJE
So, who pays this exit tax? The tax must be paid by U.S. citizens with a net worth of $2,000,000 or with an average tax liability of US $145,000 (2010 figure, adjusted annually for inflation) who renounce their citizenship. It must also be paid by green card holders who have been lawful residents of the U.S. for eight out of the past 15 taxable years. In effect, this has forced many wealthy non-citizens who pay taxes in the U.S. to leave before they complete these eight years of residence (with a resultant loss of tax income). In some cases, it discourages successful foreigners from even considering residence in the U.S.
International money transfers are an expertise of the banks in Dubai as the cash flow of money being transferred out has been a profitable industry in Dubai due to the number of foreign workers. Expats in Dubai often send out the bulk of their earnings to their home country or awesome structures to avoid income taxes.
"Then shall the righteous answer him, saying, Lord, when did we see you hungry and fed you, or thirsty and gave you to drink? When did we see you a stranger, and took you in? When did we see you naked and clothed you? Or when did we see you sick, or in prison, and came to see you? And the King shall answer and tell them, I tell you, inasmuch as you have done it to one of the least of these my brethren, you have done it to me. Then shall he say also to them on the left hand, depart from me, you cursed, into everlasting fire, prepared for the devil and his angels.
Further, Switzerland is a neutral country in almost all aspects, so no amount of arm-twisting by the US has had any effect on the offshore banking norms in existence in that country since the 1930s. No wonder a layman knows about the Swiss bank account as just a number. Such is the secrecy that a Swiss bank account has always been associated.
Take for instance, the great train robber who fled to Rio de Janeiro and lived life like a rock star because of the no-extradition laws. There are loads of business people using offshore banks as tax havens that never pay a dime in income tax. Do they step in front of a camera and flash their face? Another example would be my hero, Richard Nixon, who denied his ill-begotten gains and took his verdict like a real man.
Can you imagine that? I would be so annoyed if any of the above happened to me or my loved ones. Think about it and please do your research before you part with any money.
irs voluntary disclosure amnesty, perfect bank, offshore debit
