Simple Solution to Eliminate Reporting Requirements

by Bobby Casey, Managing Director

simple solution to eliminate reporting requirementsI want to open this article with a quote from the Chief Executive Parasite of the USSA. In my opinion this should be the quote of the decade:

“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the US Government cannot pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. Increasing America ‘s debt weakens us domestically and internationally. Leadership means that, ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.” ~ Senator Barack H. Obama, March 2006

I couldn’t agree with him more. Too bad Obama thought it necessary to steal Bush’s playbook and destroy the last remnants of American greatness.

Many of you may have read this passage before, but I think it is worth reiterating. The US Treasury is now borrowing record amounts of money from creditors both foreign, and domestically.

The Federal Reserve alone is purchasing $45B per month of US Treasury bonds!!! Per month!!! That is $540B per year is new, fresh dollar bills that were printed out of thin air to prop up the ponzie scheme known as the United States government.

In addition to this $45B per month of treasury purchases, the Fed is also buying $40B per month in MBS’ (mortgage backed securities)!!! Guess where that cash comes from? You guessed it – THIN AIR!!!

The anointed ones at the US’ own central bank are now printing over $1T per year in fresh, crisp new dollar bills that have ABSOLUTELY ZERO INTRINSIC VALUE.

Is anyone listening? Are you as fed (pun intended) up as I am? I am angry. These bloodsucking Washington parasites are enslaving you, me and the next several generations just to ensure they get their pay raises, new car, 2 martini lunches, and free healthcare.

How much more are you willing to take?

If you are a long time subscriber of this newsletter, you will know there are some very draconian reporting requirements for holding financial assets abroad.

For the faux-patriots out there reading this, keep in mind, the US is the ONLY country in the world that forces its citizens to file tax returns, pay tax, and report assets abroad even whilst living outside the US. (Ok, except for Eritrea – but who the hell even knows where that is anyway…)

The real patriots are the ones who are effecting change. Change comes through leaders who spread the word and expose the tyrants for what they are.

Not the cowards like Carl Bain who wrote me this week with comments like:

Global Wealth Protection? All that means is that you are NOT A CITIZEN OF THE UNITED STATES. If you were, you would be desirous of helping to protect ALL CITIZENS. However, you are fucking thief, not a good citizen, and most certainly NOT A PATRIOT; or

And to further allow weapons that law enforcement cannot defend against. But I forgot, PEOPLE LIKE YOURSELF, YOUR FAMILY AND FRIENDS WOULD ACTUALLY PREFER TO HAVE OUR GOVERNMENT OVERTHROWN; or

AND, I WOULD ALSO SAY THAT YOU ARE OBVIOUSLY A WHORE FOR THE GUN MONGER/MANUFACTURERS. YOU ARE A COWARD…………………Comparing President Obama to Hitler???? Stalin????. What a fucking twit you are. Cunts like you who are badasses in theIR own mids don’t scare many people, ITS YOUR ACESS TO ASSAULT RIFLES THAT SCARE PEOPLE, EXACTLY THE SAME AS THE COWARDS WHO KILL SCHOOL CHILDREN. I’m also sure that you are a closet racist. Hiding your real intentions also indicates cowardicE.

The difference between non-humans such as yourself, and a real person such as Barack Obama is a huge amount of intelligence. And of course, you are a willing whore. I’m going to see if I can’t hook up your email with some interested parties.

These were direct cut and paste comments in response to Steve’s recent article, “Where’s the Truth?” This is the kind of cowardly scumbag that spits out vitriol like this in an effort to maintain his food stamps, welfare, medicaid, and free obamaphones.

In my experience, there are far too many of these parasites and far too few true producers.

Maybe it’s time for you to start protecting your families financial future.

As previously noted, the financial reporting requirements for assets held abroad are very difficult and onerous. Many are so vague that some of the most talented offshore tax planners I know are flummoxed.

The lack of clarity is intentional though. It is intended to make each and every one of you a potential criminal.

Land of the free, home of the brave? Innocent until proven guilty? Bullshit.

However, I do want to make you aware of some opportunities to hold financial assets offshore with absolutely zero reporting requirements – legally.

There is a bit of confusion related to whether or not you must report offshore held precious metals due to the various ways you can hold such assets.

But if held in a private vault or safe box offshore, you do not need to report this asset. You can have millions of gold, silver and platinum bars and coins sitting in a vault or safe box offshore and NO ONE needs to know about it.

Another little known fact is that CASH held offshore does not need to be reported. By cash, I mean cold, hard cash. Not zeros in your bank balance.

This week I was speaking with an American client living in Malaysia who was relatively well off and looking for a way to run his consulting business but not report any of the assets held offshore.

Please note, I only advised him (or any client) on completely legal strategies for asset protection and offshore planning. In “Mike’s” case, I advised that he would still need to file a US tax return and pay any tax owed on his excess income that goes beyond his foreign earned income exclusion.

Mike was not concerned about the tax consequence as he did not earn much more than the excludable amount. His primary concern was privacy. Mike rightly believes that his financial matters are his and his alone and wanted to find a solution that allowed him to keep his matters to himself.

Mike earns approximately $8-10k per month meaning he could take advantage of the $97k in excludable earned income by living in Malaysia. My suggested strategy for Mike to was establish an offshore bank account for him to receive his payments.

In addition to the deposit account, we also opened a physical precious metals holding that is associated with this same bank. Mike also has a personal bank account in his country of residence – Malaysia.

As Mike receives his payments, he does 3 things;
1. He immediately buys some gold and silver coins to be placed in his vault
2. He immediately wires the excess funds to his Malaysian account
3. Once the funds hit his Malaysian account, he empties the account and places the cash in his safe deposit box with the bank

As you can see, this strategy may not work for everyone. But for those of you in a similar situation, you can take advantage of this strategy and build a nest egg offshore in complete anonymity.

By doing this, Mike never exceeds the $10k threshold that triggers the FBAR reporting. However, he can save a significant amount of money in precious metals outside of the reach of anyone, as well as operate in cash for his daily needs. (If you are interested in opening an account with the bank mentioned that allows for precious metals purchases and private vault storage, email me here for details).

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Comments

  1. Scott Parker says

    Something your readers might want to know. If you are working for a foreign company, not an American company in a foreign country, but a foreign-owned entity, you must pay Social Security tax. I got hit with that as a teacher in a school in China this year.

  2. Bobby’s story, Simple Solution To Eliminate [Offshore] Reporting Requirements may be one of the few ways to still legally avoid FBAR filing requirements. The current FinCEN regulations are very broad and sweeping. In addition to foreign bank accounts, such things as brokerage accounts, mutual funds, certain hedge funds, commodities accounts and even life insurance with a cash or investment component may be reportable. The regulations are so fuzzy – one provision says “any other account maintained with a person engaged in the business of banking” while another says “an account with a person in the business of accepting deposits as a financial agency – that we worry an aggressive prosecutor or zealous IRS agent could go after almost anyone.

    Keeping cash and physical gold works, however. We urge caution with accounts that pool the physical gold and allow you to buy or sell. Do that an Uncle Sam will want an FBAR.

    Our law firm is the exclusive legal services provider to the CPAmerica organization of accounting firms for offshore reporting. Trust us, when Bobby Casey says time is running out he isn’t joking. If you want any hope of preserving your assets, don’t waste another day.

  3. Obviously, the Mr. Cain that wrote in such endearing terms to you is, on the other hand, everything he calls you. When he is groveling in the streets for food and necessities, I wonder what her will be saying. We are on a financial road to hell, and without some miracle, like the great natueral gas boom, we, as a country, will not exist in a few years.
    Beaker

  4. as a self employed person you can exclude the 97k? i thought you had to be hired by a company (be an employee) to do that? what if the income is capital gians? as a stock trader? could you still do that?

    • Hi Joel,
      You can exclude $97k in earned income. If you are self employed it is as simple as registering a company and employing yourself. As a stock trader, it gets a bit murkier. We can discuss the options over the phone if you wish to schedule an appointment. You can email me at [email protected] for an appointment.

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