Where are you putting your investment $$$ ??

[pk92108]

How to transfer money?? Just wondering about you guys with foreign bank accounts – how do you transfer money to the account without a paper trail??? I assume if you write a U.S. check or wire the $$ and you get audited they could pick it up if the IRS supeonas your checking account..And also aren’t foreign transfers over $10,000 red flagged and reported to the governent??

Also do you report on your taxes that you have a foreign account??

Is it really worth it since you usually don’t get interest abroad so basically you are making a currency play and losing out on a guarrenteed 4.5% money market interest rate… would need to make more than that % in currency gains to make it worth while…..

just curious…..

[Anonymous]

I don’t remember anyone mentioning opening a foreign account for the purpose of avoiding taxes. I wouldn’t even have an idea how to do so, except i think that you would have to utilize a numbered account. I don’t even know how many banks still offer them, but some do I would think.

[Anonymous]

I don’t remember anyone mentioning opening a foreign account for the purpose of avoiding taxes. I wouldn’t even have an idea how to do so, except i think that you would have to utilize a numbered account. I don’t even know how many banks still offer them, but some do I would think.

[Allan from Fallbrook]

qwerty007: Which Willis office(s), and when? I was CFO of San Diego and Orange County offices, and worked with them from 1989 through 1997.

Very good learning experience, but am glad to be out on my own, which I have been since I left in 1997.

[Allan from Fallbrook]

qwerty007: Which Willis office(s), and when? I was CFO of San Diego and Orange County offices, and worked with them from 1989 through 1997.

Very good learning experience, but am glad to be out on my own, which I have been since I left in 1997.

[kewp]

40% International stock index
30% Diversified emerging markets index
20% Energy index
10% Gold index

[kewp]

40% International stock index
30% Diversified emerging markets index
20% Energy index
10% Gold index

[New_Renter]

pk92108, obviously you do it with a full paper trail. You report it on your tax return and you completely follow U.S. law. While I’m certainly not qualified to give any tax advice, Treasury Department Form 90-22.1 is used to report an aggregate amount over $10K. If you fail to report using this form, the penalties can be incredibly steep. Guys, there’s nothing sinister about maintaining foreign accounts. Also, I don’t know why people have the impression you can’t earn a return. These banks have many investment vehicles to choose from, just like a U.S. bank they have the full gamut. All income is reported on your tax return, just like a domestic account. Also, any foreign taxes paid may qualify for a foreign tax credit (Form 1116). All this info is easily found on the web…

[New_Renter]

pk92108, obviously you do it with a full paper trail. You report it on your tax return and you completely follow U.S. law. While I’m certainly not qualified to give any tax advice, Treasury Department Form 90-22.1 is used to report an aggregate amount over $10K. If you fail to report using this form, the penalties can be incredibly steep. Guys, there’s nothing sinister about maintaining foreign accounts. Also, I don’t know why people have the impression you can’t earn a return. These banks have many investment vehicles to choose from, just like a U.S. bank they have the full gamut. All income is reported on your tax return, just like a domestic account. Also, any foreign taxes paid may qualify for a foreign tax credit (Form 1116). All this info is easily found on the web…

[Diego Mamani]

The answer to your question about how the bank makes its money is through fees charged to customers like me. I pay a small fee for the investments I make just like a broker charges and for holding my deposits in their bank. I have no problem paying these fees in order to know that my money is sitting in their bank and not in a high rise condo project in Miami.

RunningBear: So you have “investments” with zero risk? This sounds like a late night TV get-rich-quick scheme. There’s no way that your Swiss bank keeps your money locked in a vault, that would be a fairy tale.

On the other hand, if your money is truly invested as you say, then it’s not “sitting in their bank” (your words), and there is risk involved.

What are the investments in?

[Diego Mamani]

The answer to your question about how the bank makes its money is through fees charged to customers like me. I pay a small fee for the investments I make just like a broker charges and for holding my deposits in their bank. I have no problem paying these fees in order to know that my money is sitting in their bank and not in a high rise condo project in Miami.

RunningBear: So you have “investments” with zero risk? This sounds like a late night TV get-rich-quick scheme. There’s no way that your Swiss bank keeps your money locked in a vault, that would be a fairy tale.

On the other hand, if your money is truly invested as you say, then it’s not “sitting in their bank” (your words), and there is risk involved.

What are the investments in?

[Author]

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