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re: Is there a way to have an "offshore" retirement/investment acct?
Posted on 11/6/13 at 3:59 pm to Jake88
Posted on 11/6/13 at 3:59 pm to Jake88
IRS/US Treasury regulations make it quite complicated (but not impossible*) for an individual--
US Treasury Form TD F 90-22.1 Report of Foreign Bank and Financial Accounts (FBAR)
Report of Foreign Bank and Financial Accounts (FBAR)
one must report annually to the US Treasury-- you/entity under your control-- any offshore financial account holding more than 10K USD--so even if your funds are offshore you must legally disclose them in detail and separately from your tax return
even with the proper forms and legal disclosure-- many offshore mutual fund companies & banks do not want to do business with individual US citizens example......"Please note that none of the funds featured here are available for investment by US residents. " Front Page on Fidelity Bermuda Website Fidelity Worldwide Investment
a lot of offshore bank accounts that the mass media reports about are used by US multinational companies-- global earnings held abroad are not taxed (under US law) until repatriated to the US....most fortune 500 cos just keep non-US profits abroad permanently**
*consult a CPA or attorney who specializes in international taxation; rules and regs in this arena are constantly changing and are among the most complicated in the US tax code to start with
** "At February 1, 2013, we had $15.3 billion of total cash, cash equivalents, and investments, substantially all of which was held outside of the U.S. We access our foreign cash balances in a tax efficient manner when appropriate" ( text directly from Dell Computer 2013 Form 10-K annual report LIQUIDITY, CAPITAL COMMITMENTS, AND CONTRACTUAL CASH OBLIGATIONS section)
US Treasury Form TD F 90-22.1 Report of Foreign Bank and Financial Accounts (FBAR)
Report of Foreign Bank and Financial Accounts (FBAR)
one must report annually to the US Treasury-- you/entity under your control-- any offshore financial account holding more than 10K USD--so even if your funds are offshore you must legally disclose them in detail and separately from your tax return
even with the proper forms and legal disclosure-- many offshore mutual fund companies & banks do not want to do business with individual US citizens example......"Please note that none of the funds featured here are available for investment by US residents. " Front Page on Fidelity Bermuda Website Fidelity Worldwide Investment
a lot of offshore bank accounts that the mass media reports about are used by US multinational companies-- global earnings held abroad are not taxed (under US law) until repatriated to the US....most fortune 500 cos just keep non-US profits abroad permanently**
*consult a CPA or attorney who specializes in international taxation; rules and regs in this arena are constantly changing and are among the most complicated in the US tax code to start with
** "At February 1, 2013, we had $15.3 billion of total cash, cash equivalents, and investments, substantially all of which was held outside of the U.S. We access our foreign cash balances in a tax efficient manner when appropriate" ( text directly from Dell Computer 2013 Form 10-K annual report LIQUIDITY, CAPITAL COMMITMENTS, AND CONTRACTUAL CASH OBLIGATIONS section)
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