From: Barbara Lamar (email@example.com)
Date: Sun Feb 17 2002 - 12:48:02 MST
----- Original Message -----
From: "Brian Phillips" <firstname.lastname@example.org>
> The core funds should (IMHO) be placed in Swiss anuities,
> as this is a (effectively) a legal way to save funds and acrue
> interest on them, and not tell Uncle Sam about them without
> breaking the US tax code.
Better be careful how you do this. The Swiss banking industry is now
co-operating with Uncle S more than they did in the past. I've read articles
about this and observed it personally.
See, for example,
The reasons for Switzerland's growing openness are not hard to find. At a
political level, pressure for increased transparency in financial services
is growing apace. The EU countries are concerned that their citizens are
using Swiss bank accounts to evade taxes, whilst the US has made it very
clear, following the terrorist attacks of September 11, that it expects
unfettered co-operation from foreign governments in tracking down terrorist
Switzerland has no choice but to co-operate. It has put in place
know-your-customer rules and anti-money laundering legislation which are
amongst the best in the world. Nevertheless, most foreign governments still
cannot understand the Swiss distinction between tax fraud and tax evasion.
Switzerland will waive its bank secrecy rules for the former, but not the
latter. Sooner or later, most suspect this will have to change.
Law Offices of Barbara Lamar
San Marcos (512) 392-4108
Austin (512) 627-8837
FAX (512) 754-8105
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