salary being paid in Isle of Man... any ideas?
Thread Starter
Join Date: May 2009
Location: Moscow
Age: 48
Posts: 24
Likes: 0
Received 0 Likes
on
0 Posts
salary being paid in Isle of Man... any ideas?
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.
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.
Join Date: Feb 2003
Location: wonderland
Posts: 133
Likes: 0
Received 0 Likes
on
0 Posts
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 ? 
Join Date: Jul 2006
Location: A hotel somewhere
Posts: 26
Likes: 0
Received 0 Likes
on
0 Posts
America and Uncle SAM
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
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
Join Date: Oct 2009
Location: Quahog
Posts: 151
Likes: 0
Received 0 Likes
on
0 Posts
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.
Join Date: Jul 2005
Location: Canadian Shield
Posts: 538
Likes: 0
Received 0 Likes
on
0 Posts
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!
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!
