Predictable-foreign banks might refuse U.S. customers
Mr. Obama has proposed a massive revision to the U.S. tax laws treatment of international transactions. Dont worry about the details for now. You dont need to know them to start to understand what is happening. You just have to look at the likely effects that common sense can predict.
British bankers announce they are likely to refuse to take on new U.S. customers if the U.S. changes its laws. Simply put, Mr. Obamas proposed new tax laws attempt to make British banks responsible for enforcing U.S. tax law. The British bankers dont want to do the IRSs work at their expense.
Thats pretty much common sense. Why pay for someone elses problem if you dont have to? U.S. banks dont have the luxury of telling Uncle Sam to go fly a kit. Uncle Sam can revoke the banking license that causes the bank to exist in the first place. So they have to suck it up, hire more people, and do the Federal governments job. In the Federal/State context, they call this an unfunded mandate: Congress tells the States they have to do something but dont give them the money to do it.
Same idea here. Except the British (and other foreign) banks can declare that they wont play the game. And they do that by not doing business with the United States and U.S. persons. (Ive already had Swiss banks flatly refuse to do business with my clients.)
U.S. international tax policies are slowly but surely building a barrier between the United States and the rest of the world.
The Banks (any, minus Vietnam / Laos / Asian{ish} other smaller Banks around the World as well I am sure but for the point of conversational purposes) do not want cash for the sake of cash. You have to have an entity that is registered in said (said ='s Swiss, Cayman and / or other) jurisdiction paying those jurisdiction(s) taxes, Duties for use of services as well as purchases. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
In Plain Terms.
You need to have a Company / LLC / LLP / Trust that controls your interest (='s funds) on your behalf which does once again pay proper Taxes in said jurisdiction.
Now you can take loans from said company in an offshore location or straight line profit that you will be responsible for.. (if you are not savvy enough to understand that sentence it is not my fault)
Just a FYI and hopefully for the benefit of all (this was in no way directed at you P.I.).
JW
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I already refuse to do any business with US based investors, as it's just not worth the risk of getting hassled by US authorities. I used to work for a firm that had QI status, and it was a massive pain in the backside then. With the new proposals making it even worse, I can't see anyone wanting to take on US clients.
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I expect better from my British Brethren G_Kid... <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
We will see if you want to bank with us (pun intended us U.S.) when the Germans get thier gold back from us (pun intended again) and sever thier ties to the EU go to the Gold standard for the new and improved Deutschmark and start annexing...again.. pesky lil buggers those Germans... I think they make great beer and the Oktoberfest is great food an all.. but when they decide they are better off ruling and go on the war path.. well kind of says it all doesn't it.. No worries G_Kid for as obnoxious as the Americans all are... we Love our Relatives across the pond and we know who Loves us back.. regardless of your not wanting to deal with all the extra paperwork.. That is what the wealth department is for any way.. they hold the clients hand and tell them how great they are while you work.. I would rather work than be a kiss ass any day of the week personally so I don't blame you even a lil bit..
Be well Buddy and I hope all is going your way, JW
One of these days we will need to barter fishing trips.. my islands and yours.. You might even enjoy the tropic's.. Shorts, Tee-shirt and flip flops.. if they want a suit they can fly to New York and have someone puff their peter.
On the 2008 campaign trail, Obama made his hostility toward offshore jurisdictions clear:
Theres a building in the Cayman Islands that houses supposedly 12,000 U.S.-based corporations. Thats either the biggest building in the world or the biggest tax scam in the world, and we know which one it is.
It made no difference that a similar building in Wilmington, Delaware, home to his vice president, Joe Biden, houses more than 50,000 corporations.
The political Left never misses a chance to put forth new explanations as to why individual Americans and businesses banking, investing or engaging in financial activity offshore must be suspected of crimes and tax evasion, (notwithstanding that it is legal to conduct all such activities).
Obama pending, it still is legal to...
Use an offshore bank or other financial account.
Create and donate assets to an offshore asset protection trust or family foundation.
Form and operate an international business corporation (IBC).
Acquire dual citizenship and a second passport.
Purchase offshore life insurance and annuities that allow deferred taxes.
Invest in offshore mutual and hedge funds, precious metals and real estate.
Offshore banks are - for the overwhelming majority - still solvent and functional. You can't say the same for European or American banks. However, The U.S. Congress, soon to be in increased control of the Democrats, could waste no time in helping President-elect Barack Obama to fulfill his campaign promise to "shut down the tax havens."
All this means you should plan now for your own offshore investing, banking, and other activity - while you still can. Sign up for Offshore A-letter and we'll immediately send you a copy of our just released report, Three Asset Protection Secrets Every Investor Must Know.
Hahah, nice post JW! For some reason I don't actually have any German clients either!!!
My descrimination against the US is purely against the US authorities....I really do like Americans (well most of them). I've spent time surfing both coasts, and have always enjoyed my visits (i think 8 times now).
My company is not SEC registered, and it seems our FSA and GFSC authorisations are not able to be passported. We actually have a US office, but it's not involved in securities trading. Our products "may" end up in the hands of US clients, however as you point out that is up to the wealth managers who buy the products from us.
And the island barter idea sounds good. We've got good weather here too!
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while I understand that banks may refuse US residents as clients, it is just a matter of cost and compliance, so most banks will just move up the minimum amount of accounts for US residents, US customers have always been a pain......, they expect the best when their own banking is still in the stone age ( I can pay my parking bill via cell securely even in some African countries, and international banking seems some kind of mystery book to most bankers in the US) but bankers are there to make money and not every customer is easy, some are even obnoxious. While I often hear US citizens refer to us Middle Eastern guys as camel jokey's, I'm no surprised on the demeanor towards the Germans, so why are the Americans surprised when they are not welcome when they enhance the cost of banking, ah I forgot, they believe to come from the worlds only "Land of the Free"; funny how lies turn to truth in the mind of people when they repeat them over and over...... anyway in my neck of the woods as they say we often see the difference between propaganda and real world activity of the worlds only super power, so we smile it does not mean we don't remember, and yes we will do business with US residents (my brother is one of them )
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while I understand that banks may refuse US residents as clients, it is just a matter of cost and compliance, so most banks will just move up the minimum amount of accounts for US residents, US customers have always been a pain......, they expect the best when their own banking is still in the stone age ( I can pay my parking bill via cell securely even in some African countries, and international banking seems some kind of mystery book to most bankers in the US) but bankers are there to make money and not every customer is easy, some are even obnoxious. While I often hear US citizens refer to us Middle Eastern guys as camel jokey's, I'm no surprised on the demeanor towards the Germans, so why are the Americans surprised when they are not welcome when they enhance the cost of banking, ah I forgot, they believe to come from the worlds only "Land of the Free"; funny how lies turn to truth in the mind of people when they repeat them over and over...... anyway in my neck of the woods as they say we often see the difference between propaganda and real world activity of the worlds only super power, so we smile it does not mean we don't remember, and yes we will do business with US residents (my brother is one of them )
Camel Jockey? I have to friend that ran around calling me a sharmuta half my life because I love nekked women (plural). One of those friends name is Osama.. Now I can say this about my friend the camel Jockey Osama .. No one and I mean no one better touch a hair on his fuzzy head. Being from the south racial slurs are common banter and if one is not thick skinned enough to be ruffed up a little by their friends then they really are from inferior stock. I don't know that it is exactly true but it is a common theme in my part of the world. I myself and Catholic so my history lessons with regard to the Muslim Faith began early. But having said that I have a Jewish Friend / Brother who does business with my Muslim Friend / Brother Sam and whom I trust with my life, both of them. Now religious war or not, right or wrong they are my brothers and I may even from time to time give them both an extremely hard time just for the fun of it. But no man will twist a hair on their head or their children's head, unless its the kids trying to kill each other with light sabers (plastic, from star wars). In the South the most important thing is Family and Family is not always blood. In the Bible it says there will be one closer than a brother. I am lucky to have had several.
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But bear in Mind the King of Jordan lives at home as well. Palm Beach is an eclectic group to say the very, very, very least. To give you a real honest quote from across the world that almost everyone I know would use.. "Everyone is a racist when they are driving!" That is to say we cuss people who cut us off while driving and if they have a Star of David on the bumper or other color or feature that is prominent we all (in the South) would use said feature as a starting point for verbally vomiting all over the offending driver.
We were at dinner one night and an old Jewish man stopped by the table to ask David why he was sitting with Sam. Sam or Osama is a Camel Jockey (which I hear is no easy task at speed for the record) David is a Jew the old man was a Jew.. The old man asked in Yiddish or whatever language.. David answered in English and out loud. I am not that kind of Jew. That man you speak of bore witness to 3 of my children being born he is my family. Now I will tell you that I thought it was funny after David defended Osama, David is a very polite person it is not his nature to be loud or ruckus.
The Camel Jockey or Jew Boy Jokes.. or any other for anyone else are distasteful but brothers typically have a ruff way to play and speak to each other and I think we are the better for it.
My name is James Edward Workman. My initials are JEW, I started early with sorting out those that would have a problem with me, my initials and or other that I considered Family.
To be clear, no one will touch the Jews, no one will touch Jordan and no one will touch my family (blood or other). If they do, they should know plainly one statistic.
In the United States every year 30,000 people are murdered with a hand gun.
That does not include baseball bats.
hatchets.
machine guns.
knives.
shotguns.
hand grenades.
sling shots.
We kill 30,000 of our own a year just one statistic for one weapon and if anyone in the world believes we have a problem going to their part of the world to Kill more than that number they are lying to themselves.
You are a smart guy, multilingual and seem to have your head on straight. Why would you care what someone who you dont know or the type of person who is just generally ignorant enough to use language like that with some they dont know has to say to begin with. They are the lesser person and thus our responsibility.
Or be lazy and fight with the person I guess.. I honestly have done it both ways, as you get older you will see that even though violence feels so right some times that it is not the way to build lasting in roads to a person's heart which would allow them to change for the better. We all should leave the world a better place than we found it, or at least care enough to try.
Be well Camel Jockey, JW
P.S. If your brother is ever in Florida drop me a line and I will take him to dinner for you. Be happy in knowing your brother is in a weird place but a safe and loving place as well.
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I still think you are walking over other peoples feelings to unrestrained, beside my brother tells me he is harassed by US Immigration everywhere, currently in California, I guess it is the Arab name, worst was in the Mid West (Illinois) and Texas.
He is in Diamonds and Pearls and makes a good living and does avoid banking in the US; to many rules, red tape etc. for someone who trades with difficult countries, anyway; just wanted to tell you that the Germans I know did not appreciate your comments, even if they were sarcastic (?)
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If you German friends are unhappy with my comments they must be angry with their history.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
I am quoting, accurately.... historical precursors... that have held true twice in the last 100 years.
The Germans shore up their economy.
The Germans then start annexing parts of Europe that clearly do not belong to them.
The historical track record so to speak is Blatantly clear.
So the Germans and their New Proposed Gold Standard for the Deutschmark seems to me to be an exact match in behavior albeit with a slightly different spin.
If the Germans drop the Euro and go to the Gold Standard for their money supply and you live close to Germany I would buy ammo.
Now your German friends can Like or Lump it... But the United States has not rounded up and murdered 6 million plus people because they wear funny little beanies.
I have several family members from Multiple generations that died putting Europe back together after the Germans had their way.
Forgive me but the opinion of people who have such a clear track record means nothing to less than nil to me.
Terrorists are fringe fanatics who make a larger group look bad..
Germany is an entire Country that has time and time again raised an army against its neighbors and the world.
Be well, JW
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Your view of the last 100 years of history is very simple and follows what I understand is taught in US schools, beside the facts which show a more diversified picture there are also arguments which show similar traits in the US, anyway, this forum is not for a history lesson or discussion, nor am I here to discuss politics, the matter we discuss is that foreign banks might refuse US customers and in that matter the negative view you have on europe or anyone with a negative view of the US does not really help, I blieve that banks are in the market to make money, if for one reason or the other a government creates banking regulations which make banking more expensive due to administrative and compliance issues, than this cuts into the base line of profit to be made with this client or class of clients; the US is a big market but there are banks which do not do much US business or banks which are continuously exposed to litigation from the US (US courts seem to believe their law applies everywhere), so the negative effects overwhelm the positive, than I can believe they will avoid US residents. I know some Swiss Banks and even French banks and others who do not like US clients, if however the profit is high enough, fine ......
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" Your view of the last 100 years of history is very simple and follows what I understand is taught in US schools, beside the facts which show a more diversified picture there are also arguments which show similar traits in the US"<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
My view of the Germans taking Europe by force twice I believe is History taught outside of the United States as well. Is there a school somewhere in the world that teaches that the Germans have not started 2 world wars? I am confused. The Germans and the United States have similar traits? Have the Germans fought and died so that others may vote and speak freely? Has the United States slaughtered people that wear funny little beanies? I am a simple man and somewhat confused by the parallels you seek to allude too. I am having trouble seeing them clearly would you indulge me and provide the parallels please? Thank you in advance.
"and in that matter the negative view you have on Europe or anyone with a negative view of the US does not really help"
I am very fond of Europe, the Germans are too historically speaking. But the difference being the war mongering Americans do not take Europe by force like the Germans have twice. My family's blood provides a clear and true Love of Europe. I do not understand your statement about my negative view or Europe?
Be well, JW
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I suggest a more balanced reading without over simplifying, I don't say the Germans are without blame but there are reasons which go far beyond one state (WWII:http://en.wikipedia.org/wiki/Causes_of_World_War_II and WWI:http://en.wikipedia.org/wiki/Causes_of_World_War_I)
I regards of why the US went to war, it may be nice to remember the timeline of US military operations http://en.wikipedia.org/wiki/List_of_United_States_military_history_events) and to realize that the US went to war for their own interest and seldom for humanitarian cause.
The picture of the US as a shining light for Democracy and Human Rights is a Marketing ploy; I'm not saying that the US is not a democracy etc but the excessive projection is not the reality but a tool.
Insofar I do not appreciate your stance but this discussion is far away from the reason of this forum and should be avoided, therefore such hints as from your initial posting do not really help the discussion.
Therefore discussion ends here for me, we both of different views.
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So what benefit did the United Sates enjoy from invading Europe so that it could be free of the Germans rule?<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
All the free croissants we could eat in France? Maybe it was the oil France has hidden? May it was the Ladies underpants and unshaven arm pits..
I could continue down the list but why at this point. You make vague broad stroke suggestions and when quoted your own words you ignore the facts completely and move on to some new half wit rant.
You sound familiar or maybe it's just the ignorance you ooze.
When comparing America and its idiocy of trying to save the world and the Germans I think you would do well to try to contain yourself to dimwitted personalities like yourself before laying it at my feet child.
JW
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