Singapore USD Account.. Good idea?

[German Viking]

Hi guys in general is Singapore not a good idea for an

Off Shore Account

caused it is fiscally transparent.

And thats why a lot of these posts refer to an "offshore account" not an offshore account, very few places in world these days were you can get a "true" offshore account

let me tell all of you some secrets...

-specific "offshore" accounts never existed. all accounts in financial institutions not located within the "shores" of the bank's customer are by definition "offshore".

-"offshore" depicted in olden times top banking secrecy, meaning only a fistful of bank employees had access to the personal data of the beneficiary(ies) plus that secrecy was and is in a number of cases still protected by the laws of the relevant jurisdiction. nowadays virtually every IT man maintaining the data system of a bank has access to all data! hardly a month passes without a CD or DVD surfacing which the taxman can buy.

-the famous secret bank accounts in Switzerland and the Caribbean as invented and presented by Hollywood et al are ridiculous fairy tales.

-"true" secret bank accounts which do not list the beneficiary are still available to park cash but only in places where you wouldn't even entrust a bank with the value of an exquisite dinner and a good bottle of wine. if you need some of that cash you can't transfer it anywhere without running into compliance problems with the receiving bank.

summary:

-if you are liable to pay taxes the time is running out to cheat or evade.

-moving your assets won't help.

-moving your àss to a tax free or tax friendly jurisdiction is the only solution.

I agree very qualified comment.

If you like to save taxes legally, then found in the right place an IBC, but look at the case Cyprus nobody

had expected, what they did after their bankrupsy.

Simple said after this case was happend, I don't believe there is any place 100% safe for your money.

There are max. a handful places in the world who are very safe and keeping the secrecy still.

In general is there only 1 good recommandation divide the risks.

This is then consultion staff like some Thai lawyer recommended in other cases.

For further questions or any help please contact our office.

Pecunia non olet.

For me is now mission accomplished.

Carpe Diem

[German Viking]

I agree very qualified comment.

If you like to save taxes legally, then found in the right place an IBC, but look at the case Cyprus nobody

had expected, what they did after their bankrupsy.

Simple said after this case was happend, I don't believe there is any place 100% safe for your money.

There are max. a handful places in the world who are very safe and keeping the secrecy still.

In general is there only 1 good recommandation divide the risks.

This is then consultion staff like some Thai lawyer recommended in other cases.

For further questions or any help please contact our office.

Pecunia non olet.

For me is now mission accomplished.

Carpe Diem

I have to apolodize for wrong spelling i meant: consulting stuff

[Naam]

German Vikin

If you like to save taxes legally, then found in the right place an IBC...

you don't save taxes hiding your assets in an IBC.

-your tax liability, if any, still exists,

-any bank demands information who is/are the beneficiary owner(s).

For me is now mission accomplished.

-good to know, because your mission as well as your statements were mostly

-the good news is that you qualify for the certificate "possesses a wealth of no idea concerning banking, finances, multilateral exchange of financial information, IBCs and taxes"

[fletchsmile]

Advantages

Singapore has a better credit rating than US.

From a prudential point of view I'd put more faith in the Singapore banking system not collapsing compared to the US.

Singapore is geographically closer, which can occasionally be an advantage.

Good to diversify where your money is kept

On the whole though if you're a US citizen and happy where you are then may not be worth the hassle for you.

Cheers

Fletch

[paz]

I have to apolodize for wrong spelling i meant: consulting stuff

From cheesy financial advice to comedy classic in one line !

[SheungWan]

Hi guys in general is Singapore not a good idea for an

Off Shore Account

caused it is fiscally transparent.

And thats why a lot of these posts refer to an "offshore account" not an offshore account, very few places in world these days were you can get a "true" offshore account

let me tell all of you some secrets...

-specific "offshore" accounts never existed. all accounts in financial institutions not located within the "shores" of the bank's customer are by definition "offshore".

-"offshore" depicted in olden times top banking secrecy, meaning only a fistful of bank employees had access to the personal data of the beneficiary(ies) plus that secrecy was and is in a number of cases still protected by the laws of the relevant jurisdiction. nowadays virtually every IT man maintaining the data system of a bank has access to all data! hardly a month passes without a CD or DVD surfacing which the taxman can buy.

-the famous secret bank accounts in Switzerland and the Caribbean as invented and presented by Hollywood et al are ridiculous fairy tales.

-"true" secret bank accounts which do not list the beneficiary are still available to park cash but only in places where you wouldn't even entrust a bank with the value of an exquisite dinner and a good bottle of wine. if you need some of that cash you can't transfer it anywhere without running into compliance problems with the receiving bank.

summary:

-if you are liable to pay taxes the time is running out to cheat or evade.

-moving your assets won't help.

-moving your àss to a tax free or tax friendly jurisdiction is the only solution.

I agree very qualified comment.

If you like to save taxes legally, then found in the right place an IBC, but look at the case Cyprus nobody

had expected, what they did after their bankrupsy.

Simple said after this case was happend, I don't believe there is any place 100% safe for your money.

There are max. a handful places in the world who are very safe and keeping the secrecy still.

In general is there only 1 good recommandation divide the risks.

This is then consultion staff like some Thai lawyer recommended in other cases.

For further questions or any help please contact our office.

Pecunia non olet.

For me is now mission accomplished.

Carpe Diem

Nothing in life is 100% so to liberally apply that requirement on the back of the dodgy geezer banking operation that was Cyprus, is like a footballer going on the attack with one foot nailed to the floor, but do keep the conspiracy nonsense coming.

[Inepto Cracy]

Hello it is me again,where is that laughing kangaroo now, buckwheat?

EndofAmerica.com - Get the Facts on July 1 Law

http://endofamerica.com/index-trw.html?gclid=CKn6memL6L8CFQSBaQodagUAxg

Edited July 28, 2014 by Inepto Cracy

[deadbroke]

Thanks all for your replies.

Yes, US Citizen and I'm aware that some banks may turn away US citizens who want to set up offshore accounts. However I do know other US citizens that keep dollar accounts in Hong Kong or Singapore. So I'm not convinced it's not allowed.

This is a helpful reply:

Many of us use offshore banks in jersey, Isle of man, cayman islands etc.

I used HSBC for some 15+ years and become just a number for them with little flexibility.

we have figured out that smaller offshore banks are much more safer and user friendly.

many of us would not have heard about small timers such as Nedbank PW, standard bank, etc.

I dont really think it matters much, whether they are based in cayman island or Singapore.

This also:

I see no advantage in having a US Dollar acct. in S'pore vs. using my USA Morgan Stanley acct. I can quickly have dollars transferred (in 12 to 24 hours) to my Bangkok Bank acct. with no fees on either end. Maybe I'm missing something here, so what advantage would a S'pore acct. have over what I'm already doing?

I may just keep it in a US institution.

Any further advice or insight is helpful and appreciated!

Thanks!

Ridiculous fees charged