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Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,761,129 times
Reputation: 3587
Quote:
Originally Posted by summers73
Some people place money offshore to keep frivilous lawsuits at bay. Some don't want their capital gains to be taxed. If a French citizen places their funds in a US bank, the capital gains are not taxed by either the IRS nor the French tax collectors. How do you like them apples?
I don't care where anybody puts their money but if they are USA citizens, they need to pay their taxes on it. If you pay your taxes and want to bank your money in Canada, fine by me.
What if you have dual citizenship and choose to live in the other country..can they still go after your income in that other country ?
It depends on the other country and on whether there is a double taxation treaty in place. Most countries don't care about your "other" citizenship, just theirs.
You don't have to open the account under your name. Relatives in Europe will do just fine. Plus, there will ALWAYS be Swiss banks who are willing to work with US citizens since they know they will never be called upon to release their records, no matter how much the IRS holds their breath and stamps their feet.
Some people place money offshore to keep frivilous lawsuits at bay. Some don't want their capital gains to be taxed. If a French citizen places their funds in a US bank, the capital gains are not taxed by either the IRS nor the French tax collectors. How do you like them apples?
Again, it depends on where the French citizen is resident and the tax laws in that jurisdiction. For example, in Switzerland there is no capital gains tax but there is, on the other hand, a tax on your net worth.
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