Off Shore Accounts.............

[TreasureHunter]

I here all of the talk of the Cayman Islands or Swiss Bank Accounts and the like......But!........Has anyone ever concidered just leaving it in Warka? To us here in the states.....Warka IS an "Off Shore" account! And from my communication with mister I..........we don't ever pay ANY Iraqi Taxs or fees on our money! They say they keep our account and stock information "private and discrete to our best advantage!" Why would we want OR NEED to send our fund to the Caymans or the like?:rolleyes: This ought to make for an interesting discussion? Maybe bring out some questions we NEED to be asking!? I know I asked alot of questions about "Client Confidentiallity"....and I kinda liked what he had to say! Some of it I didn't quite understand the implications of....and just raised more questions! But! as a whole.....I like what Mr. I had to say about it! Has anyone else questioned Warka on these matters???

[yunowu]

If Dinar ever Rvs, I will transfer most of CD (when they mature) to my bank accounts in Macau, Taiwan and shanghai to further my real estate ventures. I will leave ISX portion alone for the next 5 year minimum !!

[Bear]

Well, we'll just have to see how Warke pans out at the moment,

Dont know all the facts but Warka has some Very Hard allegations to resolve first, Then a couple of Law suits to file against those who made the Allegations if there not true,

Then Warka might get my intrest, Worrying for some,

Mr I answers well at the moment, Isnt that his Job !!!

[Adster]

Wow, you'd leave it all in Warka? :eek: Good luck to you.

[Fishindinar]

I here all of the talk of the Cayman Islands or Swiss Bank Accounts and the like......But!........Has anyone ever concidered just leaving it in Warka? To us here in the states.....Warka IS an "Off Shore" account! And from my communication with mister I..........we don't ever pay ANY Iraqi Taxs or fees on our money! They say they keep our account and stock information "private and discrete to our best advantage!" Why would we want OR NEED to send our fund to the Caymans or the like?:rolleyes: This ought to make for an interesting discussion? Maybe bring out some questions we NEED to be asking!? I know I asked alot of questions about "Client Confidentiallity"....and I kinda liked what he had to say! Some of it I didn't quite understand the implications of....and just raised more questions! But! as a whole.....I like what Mr. I had to say about it! Has anyone else questioned Warka on these matters???

This was my intention all along because I think the ISX will make alot of money in the future. I will also go to Dubai and buy some property and keep an account there as well (Dubai is virtually a tax free).

[Garf]

Well thanks to the Patriot Act, Switzerland and the Cook Islands may no longer be so discreet. Just what I've heard. I'll soon be in contact with an expat Englishman I recently worked with, who has money with Lloyd's offshore.

[Dinar Duchess]

I will continue to use Warka.....Of course i havent put all my eggs in one basket.

[calstar]

I'll leave mine in Abu Dubui and Kuwait. I have account with Credit bank of Iraq which is own by National Bank of Kuwait. NBK has a branch in New York. I'll try the stock markets in the Middle East.

[bunker]

it does actually make sense to leave it in iraq, and transfer only what you need to live comfortably,..... "comfortably" will obviously vary from one person to the next of course.

considering everyone here is banking on iraqs economy and currency and stock exchange taking off and flying it makes sense to leave it in iraq, or atleast a decent chunk of it if not all. who knows what the US$ will be worth by then, it might actually not make sense to put the cash back into a currency in decline, if its still declining then.

but if youre inclined to cash out early, which i'm sure many will do, the best bet is to shift it to dubai or kuwait or some other safer area. again the term "safer" will be relative then.

provided iraqs wealth taxes are reasonable and manageable i'll keep my stuff in the markets and in iraqi bank accounts.

and i think garf is right about the patriot act and safe havens, especially for americans since the difference between us resident and non-resident taxwise is quite small i think.

an alternative option is to call up an offshore place, set up a small paper company, and then have the shares/bank account transfered into the name of the company. that should give you guys an extra buffer level against the prying eyes of uncle sam. its pretty quick and only costs a few grand US so some of you might find it useful.

but it might be considered tax evasion by some places so you do risk that.

but yeah as i said i'm just keeping mine in iraq bu tthen again i specialise in emerging markets and i'm used to the silly things that go on so its no big deal for me.

[Wolverine]

Well thanks to the Patriot Act, Switzerland and the Cook Islands may no longer be so discreet. Just what I've heard. I'll soon be in contact with an expat Englishman I recently worked with, who has money with Lloyd's offshore.

all that global taxation hooey was well in effect and steadily progressing before the Patriot Act, hence the Euro/ EU push. It does sound much better when blamed entirely upon the Bush administration though.:headbang: :smoke:

[v1rotv2]

required to report income. If you don't report and they find it, your money will no longer be yours. The tax, fines and penalties as well as attorney's fees will pretty much out pace any gain you realized. That may not matter anyway, you can't spend funds from behind jail cell bars. Long term cap gains, for now, are only 15%. That's' chump change. Why risk it?

By the way, you do know the IRS has computers too, right? I'm sure they have seen this forum.

[James]

Make sure you fill out your F 9022-1 form.

Who Must File this Report

Each United States person, who has a financial interest in or signature authority, or other authority over any financial accounts, including bank, securities, or other types of financial accounts in a foreign country, if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year, must report that relationship each calendar year by filing TD F 90-22.1 with the Department of the Treasury on or before June 30, of the succeeding year.

[Wolverine]

Make sure you fill out your F 9022-1 form.

Who Must File this Report

Each United States person, who has a financial interest in or signature authority, or other authority over any financial accounts, including bank, securities, or other types of financial accounts in a foreign country, if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year, must report that relationship each calendar year by filing TD F 90-22.1 with the Department of the Treasury on or before June 30, of the succeeding year.

....is that the same form used to claim equitable losses sustained at or near foreign brothels ???

[COACH JACK]

When this ride RV's, say 1-1, for arguments sake, and we are allowed long term capital gains status (15%), cash a million dinars, less fees and taxes= +/- $850,000. Now, I paid $1,000 bucks for the million dinars. My point: pay the damn taxes and sleep real good under the cabana after a long day in the sun drinking coronas. No brainer!! :fubar:

[diamondback]

Create a paper company A somewhere else within a paper company B somewhere else, then transfer my Warka Account into paper company B.

I might consider becoming a citizen of another country then.

[WCKDinar]

Money laundering now carries penalties greater than armed robbery. Read books by Starchild and Goldstein. There are intellegent and legal ways to utilize off-shore banking investments without breaking any US laws. International corps. do it each day. To do it otherwise is stupid. Meet with a personal wealth manager at an Off-shore bank before making any uninformed moves. Do not sucumb to the
I'll smuggle this across into another jusidiction and evade taxes in the US.

[rick56]

required to report income. If you don't report and they find it, your money will no longer be yours. The tax, fines and penalties as well as attorney's fees will pretty much out pace any gain you realized. That may not matter anyway, you can't spend funds from behind jail cell bars. Long term cap gains, for now, are only 15%. That's' chump change. Why risk it?

By the way, you do know the IRS has computers too, right? I'm sure they have seen this forum.

yes I agree with you and I have said before......BIG BROTHER IS WATCHING...... as so many conversations take place and plans are laid forth to evade taxes I honestly believe it is not wise to discuss this on open forum... however each can do as they best see fit

[WheresDinar]

I here all of the talk of the Cayman Islands or Swiss Bank Accounts and the like......But!........Has anyone ever concidered just leaving it in Warka? To us here in the states.....Warka IS an "Off Shore" account! And from my communication with mister I..........we don't ever pay ANY Iraqi Taxs or fees on our money! They say they keep our account and stock information "private and discrete to our best advantage!" Why would we want OR NEED to send our fund to the Caymans or the like?:rolleyes: This ought to make for an interesting discussion? Maybe bring out some questions we NEED to be asking!? I know I asked alot of questions about "Client Confidentiallity"....and I kinda liked what he had to say! Some of it I didn't quite understand the implications of....and just raised more questions! But! as a whole.....I like what Mr. I had to say about it! Has anyone else questioned Warka on these matters???
I think I saw a post a few weeks ago With a quote from Mr. He stated that Warka Bank follow all of the reporting requirements of the patriot act. I don't know what information or if they report any information to the IRS. I've read someplace that when they set up our account that they do some kind of check on us from the information that we provide them, Driver license/ passport. My SSN isn't on my driver license which I used to set up my account.

[heres-hoping]

Not sure if I would feel 100% confident in Warka at this point in time or in the near future. Iraq is yet to be tested and I would rather place funds somewhere with a solid history.

[Toothpik]

i like the idea of leaving some in warka. I do not like the idea of leaving all of my eggs in one basket.Iraq, by far is where we make the money here, bu still a very unstable economy. Now i am by far a newby in the realm of offsore banking........so i have no oppinion on that that will do anyone any kind of justice. But here is my deal.

I plan on basicly paying my taxes but NEVER cashing in on MY NAME. Basiclly, due to i have kids with ex and texas law, basicly i will set up a company and cash and DEPOSIT whenever into a company owned by me. My kids are 5 and 7, with a baby due with new wife in april. According to texas law, ex can touch ANY INCOME i have. I will pay a fair share, but will not let her cash in when my income jumps to several million in one year. MY BUISNESS can have trillions, as long as i do not show much on my W2 etc.......i am good to go. As you can see, Due to my divorce conditions etc i am also considering how all of this will affect what happens to me after i cash in. Hope all of you are doing the same.

[R2D2]

required to report income. If you don't report and they find it, your money will no longer be yours. The tax, fines and penalties as well as attorney's fees will pretty much out pace any gain you realized. That may not matter anyway, you can't spend funds from behind jail cell bars. Long term cap gains, for now, are only 15%. That's' chump change. Why risk it?

By the way, you do know the IRS has computers too, right? I'm sure they have seen this forum.

I have to say - I am happy to pay cap gains- it reaffirms my ability.

[BILLYG]

Listen, 15% of 15 MILLION $$$$, while significant, is a drop in the bucket compared to trying something stupid and LOSING IT ALL!!!!!

[Garf]

all that global taxation hooey was well in effect and steadily progressing before the Patriot Act, hence the Euro/ EU push. It does sound much better when blamed entirely upon the Bush administration though.:headbang: :smoke:

Just loosely reposting a reply from Rarotonga which mentioned the Patriot Act and discretion in the same sentence.

[AJOB]

To answer the original question that the poster asked.
I have mixed feelings about off shore accounts. I would love to open one and not have to pay so much in taxes but at the same time I don't want to suffer any consequences by not divulging my income.

Having said that the thing that keeps me thinking about doing it is the fact that our government has wasted and squandered so much of our tax dollars on countless, politician serving, worthless projects that it turns my stomach to give them $150000 for every million that I might make. Our congress spends 85% or their time trying to find out dirt on each other so that they can beat each other over the head and try to make themselves look better. Imagine if you did that at work. They act like they want to help the people in this country when they our on camera but in reality they are elites that are unapproachable and look down on the folks. They don't really have any other agenda than to serve the highest bidder in the lobbyist world. Spending our tax dollars to serve themselves.

The fact of the matter is that we have allowed government to get to big and self important and they our suppose to be public servants not the other way around. They work for us and we can fire them and should fire all of them and send a warning shot across their bow to let them know that this is a Republic of the People.

Thank you for letting me vent. I am pissed off at working hard in my own business and then having to give the Gov a 1/3rd of what I make so they can piss it away. For those of you who work for someone else, you may or may not feel it so much because you get use to having a certain amount coming out of you check each week but try writing a check for $15000 to the Gov every so often and see if it doesn't put you in touch with wondering what you are getting for you money.