The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Renouncing citizenship for tax purposes||Date: 8/23/2013 7:21 AM|
|Author: SuisseBear||Number: 119066 of 122922|
The one thing in the article that evoked some sympathy from me is the growing reluctance of foreign financial institutions to do business with US citizens.
Indeed, because the US does its best to roll out their rules all over the world and enlist everyone else as involuntary deputy sheriffs.
Many banks do not find it worthwhile incurring all the admin and compliance risks (read: huge penalties if they get something slightly wrong) tied to dealing with US clients.
It's especially bothersome for the poor, beleaguered Swiss banks, which have long prided themselves on being a safe place for war criminals, despots who have looted their homelands, and perpetrators of genocide to hide their assets.
Luckily that has been reigned in so someone else can keep their top spot:
You're a billionaire but you don't want anyone, least of all the taxman, to know. What do you do? Head for a palm-fringed island paradise or a snow-covered Alpine micro-state?
Wrong. The world's most opaque jurisdictions – the ones that will best shield you and your cash from the light – are mostly in the heart of the most sophisticated and powerful global financial centres.
London, Luxembourg and Zurich are in the top five most secretive jurisdictions, according the first comprehensive index of financial transparency ever compiled.
Yet top of the pile, beating the British Virgin Islands, Belize or Liechtenstein as the best place to hide wealth, is Delaware. ...
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