salary being paid in Isle of Man... any ideas?

[Global Driver]

Good Morning folks,

Big question - If let's say one were to receive a salary from the Isle of Man, a private outfit, what would be the best way to tranfer the moneys into another country? For example, the States - without having to declare them...

Any ideas? thoughts?

Any and all replies are greatly appreciated!

GD.

[skibeagle]

always dodgy going to the USA, however, I would suggest that you pick up USD travellers cheques (or checks if you prefer), and take them in your briefcase. Do not take more than USD 9,999 per trip, and you are legal. Not thinking of avoiding the IRS are you ? :D

[TheChiefPilot]

I agree with Skibeagle, as long as you keep the amount below 10K USD then no flags are raised.

You can do bank transfers, and as long as you asked for the privacy on the acount
when you oppened it if the US ake any questions they will not say a word unless they are forced to with a court order and they need a judge to sigh off on hard evidence befor that would happen.
IOM is where most of there money is these days so I understand from a few financial guys I know.

Keep you money in you pocket.

Happy Savings

TCP :ok:

[Dodo56]

Worth noting for UK citizens is IoM banks now have to declare accounts with UK addresses to HMRC. Looks like quite a few tax loopholes are being closed as governments scrabble to grab money off their citizens to pour into the bankers pockets.

[er340790]

It has been DRAMATICALLY tightened up these last few years.

IoM banks have to declare interest paid to IRS for account holders with US addresses (amongst others).

Even if you provide a UK address, the IoM bank will inform HMRC who will be quite happy to share any info with IRS routine enquiries on e.g. US citizens.

I believe the above rules were implemented for the largest 6 banks but will be extended across all banks in due course and retrospectively.

Osama Bin Laden really has a lot to answer for tax-wise!

Frankly, my advice would be not to get cute with the IRS. Once they get you they will be all over you 'til your dying day... and beyond! :{ :{ :{