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Go Back   Talkgold HYIP, Investment & Money Forum > Other Ways to Make/Save Money > Taxes, Offshore Banks, and Legal Issues

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Bring money back to US.
  #1  
Old 10-26-2011, 10:33 AM
peter.son peter.son is offline
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Default Bring money back to US.

I'm an american citizen currently living in Europe. I have a few hundreds of thousands dollars on offshore corp. account and would like to transfer them to my US account.
What is the best way to do that with minimum penalties?

Thanks.
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Re: Bring money back to US.
  #2  
Old 10-26-2011, 12:32 PM
Libertarian Libertarian is offline
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Join Date: Jan 2011
Posts: 157
Default Re: Bring money back to US.

Wait a bit.

The new presidential candidates are all proposing some sort of small tax or a moratorium to bring home foreign assets.

Obama is looking for 30+% and treat you like a criminal thru FATCA (as in fat cat) it was hidden in the HIRE ACT. Wait till after the election and then see. Check these people out http://www.aca.ch/joomla/index.php?o...tpage&Itemid=1 they are good for info and listen to the interview done with them.
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Re: Bring money back to US.
  #3  
Old 10-26-2011, 03:34 PM
GoldenFleece GoldenFleece is offline
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Default Re: Bring money back to US.

In the U.S., yesterday presidential candidate Rick Perry proposed slashing the tax level of repatriated offshore profits. "He would allow multinational companies to repatriate profits earned overseas at a 5.25 percent rate and would set up a territorial tax system that essentially ends U.S. taxation of profits earned outside the country."

http://www.businessweek.com/news/201...le-system.html

This would surely boost the economy in the U.S. But once again, the benefits seem limited to large multinational corporations (i.e., large donors) rather than to everyone. So, I am not sure whether that would help you, but it is a good idea to wait until after the election. There is also the chance that the Republicans might repeal FATCA, as there is a push to do so by U.S. expatriate advocacy groups.

Otherwise, you need to hire a very good tax attorney. Be sure to hire a tax attorney, not a CPA or another tax specialist, so that you have attorney-client privilege. If you decide that the cost to repatriate your money is too high, your privacy remains intact.
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Re: Bring money back to US.
  #4  
Old 10-26-2011, 03:40 PM
Libertarian Libertarian is offline
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Default Re: Bring money back to US.

Quote:
Originally Posted by GoldenFleece View Post
Be sure to hire a tax attorney, not a CPA or another tax specialist, so that you have attorney-client privilege. If you decide that the cost to repatriate your money is too high, your privacy remains intact.
Excellent advice.

GoldenFleece, what is warning level 1?
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Re: Bring money back to US.
  #5  
Old 10-26-2011, 03:46 PM
GoldenFleece GoldenFleece is offline
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Default Re: Bring money back to US.

Quote:
Originally Posted by Libertarian View Post
Excellent advice.

GoldenFleece, what is warning level 1?
You will find out soon enough. People seem to make up arbitrary rules on this forum just as Big Brother does in the real world. I suggest that you know the rules of this forum just as you would in the real world as a good citizen, but it does not seem to make a difference here either because absolute power corrupts absolutely -- everywhere.
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