Only For The Rich

[Janice]

Why do the rich have more rights than us common folk.

Arnold S. goes to Cuba in his private plane, fills up on Cohibas and brings them home. Clinton smoked them too. This is illegal.

I guess people do not question the Rich?

And everyone knows they are all stockpiling their savings in foreign banks such as the Bahamas.....

I would be the first one to get caught.

[nholley]

The rich don't have more rights they just have more influence and have more people willing to help them out in order to try to get something in return.

Maybe Arnold and Bill understand that the entire Cuba thing is pathetic and their actions are their way of saying so. (Plus Cuban Cigars are much better!!)

They are not breaking laws by going to Cuba they would only break a law if they spent their own money there.

[beachbum_al]

Money buys everything. The thing is even though they are rich doesn't mean they are happy though. I rather be poor and happy than rich and sad.

[Janice]

Yes, true. But it would be nice if we could all ship our money to the Bahamas for tax breaks and I am sure they would love to smoke Cohibas in the US legally. You don't have to be rich to do it, it is just that the rich are the only ones that get to.

[nholley]

Yes, true. But it would be nice if we could all ship our money to the Bahamas for tax breaks and I am sure they would love to smoke Cohibas in the US legally. You don't have to be rich to do it, it is just that the rich are the only ones that get to.

You can bank offshore as long as you meet the criteria. It is not just for the super rich...I have banked offshore and been able to do it because of redidency criteria. When I was living in Spain I met the criteria so I did. There is a popular misconception that banking like that is in someway shady where I would guess 99% of offshore banking clients are legitimate people wanting to maximise their return.

[Janice]

Oh, I have never thought of that, thanks.....

So, you do not have to declare any of this money in the US? Do you have to declare in on tax forms in other countries?

[george_r_1961]

The rich don't have more rights they just have more influence and have more people willing to help them out in order to try to get something in return.

Maybe Arnold and Bill understand that the entire Cuba thing is pathetic and their actions are their way of saying so. (Plus Cuban Cigars are much better!!)

They are not breaking laws by going to Cuba they would only break a law if they spent their own money there.

Correct me if im wrong but American citizens are not allowed to visit Cuba unless of course its official government business. Normally Cuban products are not allowed in the US either.

[nholley]

Oh, I have never thought of that, thanks.....

So, you do not have to declare any of this money in the US? Do you have to declare in on tax forms in other countries?

US laws relating to money seem a little out of date. To physically carry in over $10,000 you have to declare it when you arrive but there is no limit as to how much you can transfer electronically. I was a UK citizen living and working in Spain, my money was taxed in Spain and then off it went. It is easy to see why people do bank offshore, you get a much higher return on your money and many other benefits. Why get 2% interest when you can get 8%?

[Janice]

Yes, but you would get more if you bought Ira's etc. or put more money into your retirement accounts... it would all pay off good in the end.

[gtalum]

Correct me if im wrong but American citizens are not allowed to visit Cuba unless of course its official government business. Normally Cuban products are not allowed in the US either.

Technically it's legal for Americans to travel there but illegal for Americans to spend money there without special permission.

In reality, the US government has absolutely no constitutional authority to enforcesuch a rule, so anyone with the means to get there will have no problem with it. It's just a simple matter of transitting through Canada or Mexico. Further, anyone can try sneaking Cuban goods (like cigars) through US customs upon their return to the US, but they risk being fined if caught.

I bring back Cuban cigars nearly every time I travel abroad. If you have the cigar store put a non-Cuban ring on the cigar, there's no way to prove it's Cuban.

[gtalum]

Yes, but you would get more if you bought Ira's etc. or put more money into your retirement accounts... it would all pay off good in the end.

Most high-yield options carry risk. Also, you do pay taxes even on IRA earnings. It's just a matter of either paying taxes now or paying taxes when you withdraw the funds.

SO if you can find an overseas account payting high interest in a regular savings account, it's probably got a better after-tax rate of return than the stock market generally will. The problem is these foreign banks often charge hefty fees, so it only makes sense if you have a lot of money to deposit.

[nholley]

Technically it's legal for Americans to travel there but illegal for Americans to spend money there without special permission.

In reality, the US government has absolutely no constitutional authority to enforcesuch a rule, so anyone with the means to get there will have no problem with it. It's just a simple matter of transitting through Canada or Mexico. Further, anyone can try sneaking Cuban goods (like cigars) through US customs upon their return to the US, but they risk being fined if caught.

I bring back Cuban cigars nearly every time I travel abroad. If you have the cigar store put a non-Cuban ring on the cigar, there's no way to prove it's Cuban.

The Cubans are wise to Americans visiting there....they stamp all passports except US passports. For US passports they staple a piece of card in....stamp that...and remove it on departure.