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Started By
Message
Is there a way to have an "offshore" retirement/investment acct?
Posted on 11/6/13 at 9:00 am
Posted on 11/6/13 at 9:00 am
We hear about people with Cayman Island bank accounts but can you have a Fidelity-like/Vanguard-like offshore investment account that is out of reach of US govt hands?
This is prompted by a concern that when I retire in a couple of decades IRAs and 401ks might be subject to raids by the govt to pay for government obligations that dwarf today's.
This is prompted by a concern that when I retire in a couple of decades IRAs and 401ks might be subject to raids by the govt to pay for government obligations that dwarf today's.
4
Posted on 11/6/13 at 9:20 am to Jake88
Why not just do a Swiss bank account?
Posted on 11/6/13 at 9:25 am to Jwodie
quote:
Why not just do a Swiss bank account?
The Swiss have been coughing up the info, they aren't so great any more.
Panama is still doing alright I think, even though the US is leaning on them pretty hard.
Probably better off picking some country whose government hates us, like Iran.
This post was edited on 11/6/13 at 9:26 am
Posted on 11/6/13 at 9:59 am to Teddy Ruxpin
quote:
Probably better off picking some country whose government hates us, like Iran.
sure, what could go wrong?
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)
Posted on 11/6/13 at 10:10 pm to Jake88
quote:
This is prompted by a concern that when I retire in a couple of decades IRAs and 401ks might be subject to raids by the govt to pay for government obligations that dwarf today's.
Renounce your US citizenship, that'll do the trick.
Posted on 11/6/13 at 10:22 pm to foshizzle
Posted on 11/6/13 at 11:39 pm to William Stephenson
Your sarcasm meter isn't working.
Posted on 11/7/13 at 2:31 pm to Jake88
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