The days of hiding away your assets in a secret Swiss bank account are over. And you don’t have to be a deposed dictator to be worried. U.S. authorities are hunting down wealthy American tax cheats all over the world, using a spate of new tactics aimed at closing the tax gap.
As of September 2011, the IRS had collected nearly $3 billion in taxes, interest and penalties from 30,000 taxpayers. Lurking in the background is serious jail time, as one father and son in Florida know. In March 2011 the two were sentenced to 10 years in prison for concealing $150 million in assets.
LS: Where can you hide your money these days ? Is there any secret jurisdiction ?
You can try to hide your money, but will you get away with it ? The sacrosanct Swiss banking secrecy has been shattered. They were happy to take your money whether you were an African dictator, a Nazi, a Jew, it didn’t matter. But not anymore, at least with respect to Americans, but also others.
If you’re looking for a first world democratic stable jurisdiction, there is no such place to hide your money. And now they’re looking for assets flying from Switzerland to Singapore, Panama, and so on. The IRS is using the same tactics worldwide.
Detailed news link: here