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Asset Protection Using Offshore Banks in Multiple JurisdictionsComparison of Offshore Banking JurisdictionsOffshore Banking Money TrailAsset Protection Using Offshore Banks in Multiple JurisdictionsAsset Protection Using Offshore Banks in Multiple JurisdictionsAsset Protection Using Offshore Banks in Multiple JurisdictionsWhat is a Qualified Intermediary?FDIC Admits Emergency Bailout May Be NecessarySecond Passport and Second Citizenship ProgramsForex Trading Business Bank Account: Panama and Ecuador Weakest and Strongest USA Banks & Thrifts 08/11/08FDIC Facts and Figures – Not Encouraging 08/14/08Ecuador Trust Account BankingOffshore Banking Money TrailAnonymous No-Name Debit ATM CardAsset Protection Using Offshore Banks in Multiple JurisdictionsComparison of Offshore Banking JurisdictionsPanama New Immigration Law: Effective 8/26/08One Compelling Argument to Move Assets Offshore – LawsuitsUBS Swiss Bank Closing Accounts of AmericansWhat is a Qualified Intermediary?Second Passport and Second Citizenship ProgramsPanama New Immigration Law: Effective 8/26/08Panama New Immigration Law: Effective 8/26/08Second Passport and Second Citizenship ProgramsWhy Choose Guatemala?Ecuador BankingEcuador Bank AccountEcuador Trust Account BankingForex Trading Business Bank Account: Panama and Ecuador Ecuador Country ProfileOffshore Banking Money TrailFDIC Admits Emergency Bailout May Be NecessaryWhat Will You Do if the FDIC Fails?FDIC Facts and Figures – Not Encouraging 08/14/08Need an Economic Reason to Leave the USAUS Banks Fail, Depositors Take LossesUBS Swiss Bank Closing Accounts of Americans
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What Happened - The US Justice Department has served papers in an American Court to allow the IRS to seek what is called a John Doe Summons. The John Doe summons is a real travesty of justice that should be called a fishing expedition. It is based on a suspicion that there has been some wrongdoing and then the subpoena power of the court is invoked to find the culprits. Generally this sort of thing is based on nothing much and whatever flimsy evidence is in place generally does not point towards any individuals thus the term “John Doe”. They feel a violation occurred and are asking the court to let them get into bank records, violating bank secrecy etc to find any guilty party. In this case they are looking for possible tax fraud for by unknown parties that are US citizens.
Analysis- Here they are getting papers drawn up in the USA under terms that are probably not legal anywhere else in the world (John Doe Summons) and trying to get a foreign power to comply and thus destroy the integrity of their banking system which has been going strong for hundreds of years. Expected outcome is maybe a handful of people get turned over if that.
The Swiss have some bad tax treaties with the USA that Panama does not have. The things that UBS did were apparently stupid and they did them inside of the USA at that which gives the USA jurisdiction. This jurisdiction should not lawfully extend over into a John Does Subpoena. It seems that Germany started a chain reaction when they obtained a CD that was illegally made to contain the names of Lichtenstein account holders. For a regular person that would be a crime – possession of stolen property but the Germans consider themselves to have an exemption from criminal statues regarding possession of stolen property even when they knowingly buy the stolen property.
The Swiss Banks are good banks but their jurisdiction (Switzerland) is faulty and has been faulty for some time and we have been warning people about the lack of real secrecy and privacy in Switzerland for years. USA Passport holders have been asked to provide their social security numbers for some years by the Swiss banks. The Panama banks we use never ask for this information. Panama has no tax treaties with any country so this could not happen in Panama. It is all based on the underlying tax treaty calling for cooperation in the instance of a person failing a false tax return by intentionally understating income on the tax return.
Again the use of the “John Does Summons” is probably not going to work with the Swiss, which will reduce the case to a few individuals who the USA may have specific information on. The John Doe Summons does have scare value for sure since the press does not accurately report the facts nor do they discuss the law. Remember what the USA courts do have little effect if any on what the Swiss government allows. This may create an atmosphere internationally making it very difficult for Americans to get offshore accounts thus making second citizenships and second passports even more popular.
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