It's about to end....

[DianaR]

Offshore accounts will soon be outlawed, according to the UBS.

Have you started looking for alternatives?

[mandiees]

Can you link to the article you found this information in? It would seem to be that it would be hard for any one country to regulate the use of offshore banking...

[Offshore]

Asset Manager: UBS Offshore Accounts Closed To US Clients

http://winterman-am.blogspot.com/200...sed-to-us.html

[DianaR]

Originally Posted by mandiees

Can you link to the article you found this information in? It would seem to be that it would be hard for any one country to regulate the use of offshore banking...

Here is one article addressing the way things are changing. If you would like to explore the bill you can look here.

With Obama's taking the presidency, the wealthy may see more of the tax shelters end, which is necessary to change how our economy functions and to provide the support the middles class needs against catastrophic financial problems outside of their control.

[Offshore]

I honestly doubt people will be deterred by making anything else illegal. Offshore Trusts and Foundations are already not recognized by any US court for years now. People keep buying more. Everything is illegal in Canada now and people are getting their money out more than ever.
US corporations are using the Law to benefit from this. Divisions of corporate companies are setting up shop in places like Panama to get away with not paying taxes in the US legally. It´ll be interesting to see how the new admin deals with this.

[pboot]

They will just impose huge fines if they find out about it. You should still consider offshore bank accounts, but just be very careful in how you go about it.

I know nobody wants to hear this, but if you just want the safety of having money stored away somewhere else then you should maybe consider paying taxes. I know taxes are a big part of why people have their money offshore, but the administrations main issue is not trying to make offshore banking illegal but to collect on the vast amount of taxes being evaded through offshore banking.