Ferrari Mailing List: Re: OT - NFC - State Gov Confiscates Bank Accts ?

[Hans E. Hansen (FList]

I've heard of people doing just that.  There are quite a few
reputable Caribbean banks that will hold trust accounts accessable
via a Visa card.  Grand Cayman and Bermuda (OK, not
in the Caribbean....) come to mind.

OTOH, I have absolutely no idea what the IRS might be
able to do to you.  What likely would make this problematic
are the various anti-terrorism laws that look dimly on
money transfers from any source that they might find
questionable.

Hans.

On 7/26/07, Dave Craig <dave.craig [at] sbcglobal.net> wrote:
> Ok, so here is a question on semi legal tax evasion.  This is all
> hypothetical!
>
> Let's say that you are getting ready to receive a large chunk of money from
> a foreign company.  And let's say that you have total influence as to where
> and how that money is transferred.  Is there any benefit in having a big
> chunk of that money go into a different country and sit there for a while,
> say Switzerland.  Then the question becomes, could you get a Swiss credit
> card that is paid out of that Swiss bank account (or just one really big
> debit card) and then use that card for the majority of your purchases?
> Thereby effectively eliminating the 35% or more income tax on that portion
> of the money.
>
> Just curious.
>
> Dave