USA: No Overt Capital Controls…Yet
Mark Nestmann (April 1, 2010)
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6 Responses to “USA: No Overt Capital Controls…Yet”
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Since 1990, Mark Nestmann has helped hundreds of clients seeking wealth preservation and international tax planning solutions. He is the author of many books and reports dealing with these subjects and a popular public speaker.
Beginning his career as an investigative journalist in 1983, Mark now serves as President of The Nestmann Group, Ltd., an international consultancy assisting individuals to achieve their wealth preservation goals. Mark divides his time between offices in Vienna, Austria and Phoenix, Arizona.
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April 2nd, 2010 at 1:26 pm
So my understanding is that we can continue to move money offshore, at least until 2013, without being subject to this 30% withholding tax. Is this correct? Thanks
April 5th, 2010 at 10:54 am
Could you please answer the following concrete question.
Suppose that after January 1 2013 I make a transfer of funds from my account in US bank to my account with FFI which did not enter the agreement with Department of Treasure required by new law. 30 percent from the amount I transfer will be withhold as a tax and sent to the IRS. It will be a tax on me not FFI. Can I request the refund of this tax? After all, only income is supposed to be taxed. Or my money will be forfeited by IRS?
Thanks
April 6th, 2010 at 4:16 pm
Great report! What of
antiques, shares owned ‘directly,’
real estate? Merci! (great web site) thnx
April 6th, 2010 at 5:00 pm
Antiques you own, e.g., in a residence don’t appear to be reportable. Shares you own directly are reportable under the $50,000 threshold discussed in my original posting on this law. See: http://nestmannblog.sovereignsociety.com/2010/03/congress-enacts-obamas-antioffshore-jobs-bill.html.
April 6th, 2010 at 10:24 pm
I guess the question is how they can/will try to implement this onerous law. It sounds a bit unfeasible to implement the way it is written.
April 15th, 2010 at 3:35 pm
Sounds like the major impact will be:
1) More denial of US Citizens obtaining international accounts.
2) 30% withheld on inbound/outbound US bank transfers.
3) Reduction in US investments. Revolts by international banks against investments in US Securities, participation in qualified intermediary program, or conducting US dollar transfers.
This should be great news to the rest of the world as global investors diversify a greater percentage of their investments outside of the USA and US dollar.