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It won't happen. No one is seriously going to obey IRS's international reach. Your swiss account is safe from taxation, just as long as the bank doesn't open an office in the US (which they won't considering what happened to UBS).
Most Swiss banks will no longer open accounts for US citizens or permanent residents domiciled in the US.
"Rich tax cheats" from socialist countries like France are allowed to hide their assets overseas. Why not the US?
Because, as long as they are not resident in France (in your example), they are not liable for French tax. They are, however, liable for tax in the country they do reside in if that country has income tax. The US taxes on the basis of citizenship or permanent residency. Other countries tax on the basis of residency.
Because, as long as they are not resident in France (in your example), they are not liable for French tax. They are, however, liable for tax in the country they do reside in if that country has income tax. The US taxes on the basis of citizenship or permanent residency. Other countries tax on the basis of residency.
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 ?
So you think poor people should have to pay all their taxes but the rich should be able to take advantage of numerous loopholes and hide their fortunes in banks abroad so that they only have to pay a small share of their taxes?
Most Swiss banks will no longer open accounts for US citizens or permanent residents domiciled in the US.
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?
"Rich tax cheats" from socialist countries like France are allowed to hide their assets overseas. Why not the US?
Wow. How well trained are you?! *scratches summers behind ears*
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