http://www.huffingtonpost.com/2011/09/0 ... 50042.html
Do NOT hide assets overseas from the IRS.
Another reason for Americans NOT to invest in Swiss bank accounts
Moderator: Global Moderator
Re: Another reason for Americans NOT to invest in Swiss bank accounts
Americans should never hide any assets. It is a serious felony.
But storing gold in Switzerland is still safer than keeping it in American banks for geographic diversification purposes. Because in an emergency it is less likely those assets will be affected along with your domestic assets.
This article has a lot of hyperbole in it. I don't know what pressure the Swiss are under, but my contacts indicate it is considerable. It is uncertain that they will comply. I suggest that they start with releasing the names of prominent politicians/celebrities/political donors first as a test to make sure the disclosure is suitable to everyone. Perhaps start with 10 semi-prominent names the first week. Then once they are sure the disclosures are satisfying the IRS and newspapers, to go up the list 10 at a time to more and more prominent account holders.
I get the feeling if they did this then the whole issue would vaporize within about three weeks.
But storing gold in Switzerland is still safer than keeping it in American banks for geographic diversification purposes. Because in an emergency it is less likely those assets will be affected along with your domestic assets.
This article has a lot of hyperbole in it. I don't know what pressure the Swiss are under, but my contacts indicate it is considerable. It is uncertain that they will comply. I suggest that they start with releasing the names of prominent politicians/celebrities/political donors first as a test to make sure the disclosure is suitable to everyone. Perhaps start with 10 semi-prominent names the first week. Then once they are sure the disclosures are satisfying the IRS and newspapers, to go up the list 10 at a time to more and more prominent account holders.
I get the feeling if they did this then the whole issue would vaporize within about three weeks.
