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Why were these wealthy citizens giving up their citizenship? The answer is simple. U.S. citizens are taxed on the basis of citizenship and not on residence; which means any income earned in the U.S. or abroad is taxable. So, even if the majority of their income was earned abroad, these citizens were still obligated to pay U.S. taxes on their entire earnings. Many of these wealthy Americans were giving up their citizenship, effectively ending their tax obligations to the United States. Although the right to expatriate and acquire a passport from another country has been repeatedly affirmed by the U.S. Supreme Court, this did not stop this legislative attempt to squeeze every ounce of tax "blood" out of departing citizens who chose this extreme option.



http://www.youtube.com/watch?v=MvZYfwFel1c

Managing an offshore bank account from inside the U.S. is not just stupid, it's a death wish. In case you don't watch the news, these government guys are very, very serious about catching people just like you and making examples of you.

There are no credit checks or offshore banks required. Open an account by depositing funds and you're good to go. US citizenship isn't even required to own your own prepaid debit card. Open your account and present either your foreign passport, foreign visa, foreign voter registration, foreign driver's license, or your matricula consular. Go ahead and try that out with a bank and see how far you get.

Now what you can do is suck up the fact that you might have to invest a little time into your business and maybe dedicate yourself to making a little money. Once you have done that, try to make a little more. While you are doing this, remember to test and take notes on your business so you can see how and what you are doing at all times.

The Grand Cayman Islands generally known for their offshore banking accounts is going to take yet another hit this record breaking 2005 Tropical Hurricane Season. This time from late season Greek Alphabet Tropical Storm Gamma, which is quite a large system and growing. It may even reach Hurricane Status. But whether that happens or not is immaterial as it is moving very slowing at about 5 miles per hour, with sustained winds of 50 miles per hour.

The objective of this card is similar to that of a credit card and even better. You can make use of this card to purchase products as well as take out cash and puts a very low monthly charge and interest rate. There is no debt in this card that can be used over an above the balance like in the credit cards. The best thing is that the card has a limit on its withdrawal to the extent of the balance in the offshore account.

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