Offshore Banking

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Khundon1975
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Re: Offshore Banking

Post by Khundon1975 »

Siani

I think most so called tax heavens are now subject to access by the authorities. Any bank that tries to get around that would soon be blacked by countries like USA, UK, etc so I don't think they put up much of a fight to retain secret accounts now.
Secret accounts in Switzerland no longer exist and Lichtenstein banks were the latest to fall, after the US and the UK threatened to stop dealing with them.

HMRC has given UK residents a choice, tells us what you have offshore or we will find out and hammer you for tax. Let's face it, if the banks get threatened by governments to give up their client lists, who's going to blink first, I bet it's the banks. :(

As for your lease problem, yes you are responsible for the payment if your lessee defaults, (most commercial leases have that clause in now) however, getting the money from you is a different matter.
They would have to weigh the costs of legal action, against the chances of getting what you owe them.

Stick it all under the mattress. :wink:
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Siani
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Re: Offshore Banking

Post by Siani »

Thanks for all that info. Yes good idea to stick it under mattress! Seriously though, I am not trying hiding money at all, I have not got that much to worry about anyway! I suppose you are right... when I weigh it all up. Two years of paying the rental would be better than all the hassle. Also I did think that if it were to happen I could always re- let the premises or even give it to some charity use it. At least it would be doing some good and I would not feel it would be a total waste. My family tell me to stop worrying about it as it has not happened yet...think they are right.
Thanks for the sound advise. Siani
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migrant
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Re: Offshore Banking

Post by migrant »

I think you are correct to put it in perspective. I know a good asset protection structure here in the states is around $5,000 usd to set up and maintenance per year would be around $2,000.

Good protection but not cheap.

Also if anyone does try to sell you on a tax scheme, I'd run. This past year I did about 10 years taxes for a few people that had tried to hide mony in Swiss banks. They paid almost all of it in the form of taxes and penalties, but at least they avoided (barely) jail time.

Asset protection is good, but it's not meant to avoid taxes in any way.

edited for clarification.
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Siani
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Re: Offshore Banking

Post by Siani »

migrant wrote:I think you are correct to put it in perspective. I know a good asset protection structure here in the states is around $5,000 usd to set up and maintenance per year would be around $2,000.

Good protection but not cheap.

Also if anyone does try to sell you on a tax scheme, I'd run. This past year I did about 10 years taxes for a few people that had tried to hide mony in Swiss banks. They paid almost all of it in the form of taxes and penalties, but at least they avoided (barely) jail time.

Asset protection is good, but it's not meant to avoid taxes in any way.

edited for clarification.
Thanks for the info. I am not trying to hide tax at all. I am retired and all my tax is paid up. I just wanted to put my money where an indvidual cannot put claims to it. The amount would be very small should the claim be made. It is just for safe guarding my money should the people I sold this lease to default and it reverts back to me. Tax is not the problem at all. I have just paid a large sum to the pension dept for a short period missing to make my pension up. I do not owe tax at all. Many thanks Siani
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