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US citizens buying/selling property in HK

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  1. #21

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    Quote Originally Posted by Dreadnought:
    Can anyone tell me whether banks ask about your nationality when you open an account with them?
    My understanding and recollection is that when you open an investment account most banks will generally ask if you are a US Citizen. If you're not then they really don't care where you're a citizen of. Only the US tries to impose its rules worldwide.
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  2. #22

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    Quote Originally Posted by PDLM:
    My understanding and recollection is that when you open an investment account most banks will generally ask if you are a US Citizen. If you're not then they really don't care where you're a citizen of. Only the US tries to impose its rules worldwide.
    One of the reasons they ask, especially for an investment account, is that many collective investments are toxic from a US tax point of view.

    Bender - if you lie to the IRS, there is no statute of limitations and then it can be good fun with bubba and pals (post conviction) down the line when you might want to explain where the money came from. Perhaps a bit of money laundering can be added to the repertoire?

  3. #23

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    Can people please refrain from quoting long lines of drivel in their entirety, it was bad enough reading the original posts!

    MovingIn07, BenderBends and PDLM like this.

  4. #24

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    let me rephrase my original post for this and the other thread i started about getting money in here...

    i am NOT looking to do anything illegal. I just wanted to know what routes to take to ensure the least tax possible. im not planning on hiding or telling a "white lie" to avoid the IRS. I'm one of those people (for better or worse) who tries not to cheat the govt....even though they cheat me...its karma

    so...it sounds like regardless im gonna need to get me an accountant or lawyer to ensure i do things properly but to my advantage as well. AND NO...all because i said i need an accountant does not open the flood gates of all you accountant spammers to start PMing me.


  5. #25

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    Quote Originally Posted by HongKongFoot:
    As I said in the previous post, in the Banking System with a HKID that person shows as a HK resident and no connection to where you are from.
    i think the catch is that you are knowingly withholding information from the bank here, and when you report on income/savings/etc to IRS every year you are knowingly withholding info. Therefore you are acting illegally, and would be found guilty if tried.

  6. #26

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    Quote Originally Posted by HongKongFoot:
    Please point to the law where there is no statue of limitations with the IRS?
    On the IRS Website:-

    "Indefinite Statute

    The three and six-year rules (statute of limitations) do not apply to:

    * Filing a false or fraudulent return - IRC section 6501(c)(1).
    * Willfully attempting to evade tax - IRC section 6501(c)(2).
    * Failing to file a return - IRC section 6501(c)(3).

    In these instances, the tax may be assessed or collected at any time."
    So in your case that would be points 1 & 2, or 66% of what you have advocated.

    http://www.irs.gov/pub/irs-tege/epch1102.pdf

    EDIT exact wording below from the Internal Revenue Code

    (c) Exceptions
    (1) False return
    In the case of a false or fraudulent return with the intent to
    evade tax, the tax may be assessed, or a proceeding in court for
    collection of such tax may be begun without assessment, at any
    time.
    (2) Willful attempt to evade tax
    In case of a willful attempt in any manner to defeat or evade
    tax imposed by this title (other than tax imposed by subtitle A
    or B), the tax may be assessed, or a proceeding in court for the
    collection of such tax may be begun without assessment, at any
    time.
    (3) No return
    In the case of failure to file a return, the tax may be
    assessed, or a proceeding in court for the collection of such tax
    may be begun without assessment, at any time.
    Last edited by fth; 13-10-2010 at 03:04 PM.
    TheBrit likes this.

  7. #27

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    Quote Originally Posted by HongKongFoot:
    It does nothing for me, I choose not to feed into a system that wastes my hard earned dollars.
    right...that may be your choice. but it doesnt make it legal all because you dont agree with how/where the country spends its money.

    you said you dont want to buy into a system that supports people who are illegal or abusing the system...but thats exactly what you are doing too, and you are recommending it to others as if its a completely legit thing.

  8. #28

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    Quote Originally Posted by HongKongFoot:
    As I said in the previous post, in the Banking System with a HKID that person shows as a HK resident
    No you didn't, you said "citizen". That is quite different from "resident".

  9. #29

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    Quote Originally Posted by HongKongFoot:
    Get yourself a login at the DOJ and then run your mouth please.
    You appear to be getting muddled between civil and criminal routes. Given the cost of a criminal prosecution, they will only go after the bigger fish. A $50k fraudulent expense doesn't seem that big in the scheme of things compared to your earlier statements.

    In 2009 the IRS only recommended 1,296 criminal prosecutions in 2009 (87% conviction rate with average sentence of 24 years). They also examined 1.4 million individual tax returns and collected $49bn in their enforcement actions against individuals, companies and non-profits. I don't think the $49bn came from the 1,000 odd people the IRS sent to jail. Tax liens, penalties and civil fines are enough to screw up your life.

    Otherwise HKF, hope your friends haven't seen this Whistleblower - Informant Award

    http://www.irs.gov/pub/irs-drop/fy_2...nt_results.pdf
    Last edited by fth; 13-10-2010 at 03:52 PM.

  10. #30

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    Quote Originally Posted by fth:
    Otherwise Bender, hope your friends haven't seen this Whistleblower - Informant Award
    Awesome...im counting the minutes until somebody on here reports HKFoot for a cool 200K reward :P