Yaacov,
i cannot agree when you say "There are no capital gains, and income taxes if you trade in US Equities, becasue you do it through a numbered account and your covered by the Swiss banking secrecy act. You can be US Citizen or Italian, the Swiss don't care and they don't report you to the IRS as the US banks do!!"
us law provides:
"Sec. 7201. Attempt to evade or defeat tax
STATUTE
Any person who willfully attempts in any manner to evade or
defeat any tax imposed by this title or the payment thereof shall,
in addition to other penalties provided by law, be guilty of a
felony and, upon conviction thereof, shall be fined not more than
$100,000 ($500,000 in the case of a corporation), or imprisoned not
more than 5 years, or both, together with the costs of prosecution."
a few extra dollars, or even a few million dollars, in a swiss account is not worth this kind of risk.
the fact that the Swiss don't care and they don't report you to the IRS is no guarantee that you won't get caught; or even if you don't get caught, that you can sleep well knowing that you risk being convicted of a serious felony. |
