[Ranger]

Here's a story - there was a group of companies under ownership of a holding company situated in Gibraltar. The companies were US & Caribbean companies all legal formed; legally operated etc ...

One time the Holding Company was transfering approximately 100K to a US sister company and the funds vanished. The bank in Gilbraltar provided proof of transfer; the US bank provided proof of no receipt. The funds were finally traced to OFAC, a division of Homeland Security. The companies had to provide corporate documentation to demonstrate they were operating legally before the funds were released.

Moral to the story:

a) Believe that US can track and investigate banking transactions.

b) The US operates and maintains foreign offices for the purpose of monitoring and investigating US personnel living abroad and US companies formed in foreign countries.

c) Taxes must be paid on earned income less approved deductions in the year earned.

Having your accounts frozen is the small price to pay, right? Spending 5 years in prison with bubba; loss of income is the real price.

Best method: Hire a good tax lawyer(not a shady crook with bullet proof plan) and map out a strategy that will stand legal scrutinity because, if there's a problem that's exactly what will happen.

RANGER

[randy1953]

Well here's another story. The US does not care about single individuals living abroad for taxes or whatever if the sum is under $50,000. Your example sounds believable simply because one your talking about a whole lot of money entering the US from abroad. Now of course homeland will take it. Remember some of your rights were taken away because of 9-11.
But this is done on terrorist watch it is not germane at all fo what I was speaking about.

The US only cares about the big fish down here it just costs too much money to go after little guys. That's a fact not a story.

Actually I live in a remote mountain town beautiful weather I say remote as compared to the US but we have everything here internet Sat TV etc. Well a few years ago the FBI came into this small town and arrested one of the founding members of a group called Global prosperity this was a outfit them would do seminars offshore showing you how not to pay taxes but the higher up you went they got into showing you how to launder money etc. Now this guy was a very big fish.However it was not because of the intelligence of the FBI he got caught. He had a Venezuelan passport and of course a different name. He also paid off immigration in Panama so he was always given passage. So there were people that knew about him here and liked his money. Well Panama is different than the US they like money but it's nowhere as important as we Americans make it to be.

So one day this guy got drunk and took his pistol out and started shooting up his backyard well Panama had enough of his crap and turned him in. If he had never done that he would be here today.

Cheers
Randy

[SunTrader]

I think the NY Federal Reserve processes (ACH/Swift/CBR/CCD etc) something like 90% of the world's banking system transactions so big brother is always watching.

[randy1953]

Well I am sure large transaction are monitored more closely .But then again are the bank wires going from or to a natural person or from a foundation trust to another trust which by the way makes the funds nontaxable by the IRS code. It is possible to protect yourself and you assets if done properly.
Randy

[JBWTrader]

Randy I am glad you went to Volcan and not Boquete. Too many gated communities in Boquete for my liking...

Best

John

[randy1953]

Hola Amigo!

Do you live here now? Actually I like Boquete more not because of a few gated communities but because of the cluster of Americans there. In Volcan you tend to live more of a hermit lifestyle which for some I 'm sure works out well
Randy

Originally Posted by JBWTrader »

Randy I am glad you went to Volcan and not Boquete. Too many gated communities in Boquete for my liking...

Best

John

[JBWTrader]

Hola Randy

I was based in Panama for 3 years but travelled to both places on a regular basis...yes you are right Boquete has more Americans there and I can understand that is you are craving like company...

I liked the amount of Rain in Volcan...amazing... as is Cerro Punta

Take care
John

[randy1953]

Yes going up through Bamboo to Cero Punta is like a magical kingdom.
However it's always wet up there that's why anything will grow as it's the breadbasket for Panama produce as you know.
take care
Randy

Originally Posted by JBWTrader »

Hola Randy

I was based in Panama for 3 years but travelled to both places on a regular basis...yes you are right Boquete has more Americans there and I can understand that is you are craving like company...

I liked the amount of Rain in Volcan...amazing... as is Cerro Punta

Take care
John