Bowman Offshore Bank Transfers on Expat Guide to Offshore Banking and Money Transfers

Expats do not have to be wealthy to switch their money to an offshore bank or building society.

The stigma of offshore comes from individuals trying to evade taxes by not reporting their earnings from offshore accounts.

But hundreds of thousands of people send money around the world through offshore intermediaries every day without a problem.

Although some offshore banks have a poor reputation, the service provided by the majority is important to the financial well-being of expats.

You know you are banking offshore when you have an account that is based in a country where you do not live.

Offshore branches going under

A tax crackdown led by the USA and Europe coupled with poor rates of interest paid by offshore banks has led to demand for the service shrinking.

Thousands of British expats need offshore banking but are finding money laundering regulations a problem.

The rules mean UK banks and credit card providers do not want expat customers, so are closing their accounts. The expats still need a bank, but many have closed leaving them high and dry.

A few well known British banks still have offshore branches, including Santander, NatWest, Lloyds and Barclays. Ireland’s Permanent, along with Standard Life and Kleinwort Benson also offer some expat services.

Most are based in Gibraltar, the Isle of Man or Channel Islands.

Opening offshore bank accounts

Offshore bank accounts are opened direct with the branches or through their UK high street networks.

The rules are the same as in the UK. The bank will want to identify you, confirm an address and seek a financial history to make sure you are not bankrupt or steeped in bad credit.

They will ask about:

• Why you want to open an account
• The source of the money paid in, particularly if the sums are £10,000 or more
• Your future financial plans

Paying tax on offshore money

Too many investors and savers failed to report wealth they held offshore in a bid to minimize their tax – often by telling lies about their fortunes.

Everyone should report their holdings on an annual tax filing.

Two new international laws make hiding money and investments offshore almost impossible.

• The Foreign Account tax Compliance Act (FATCA) covers more than 100 countries and thousands of overseas financial institutions.

The financial institution must pass a report of any accounts controlled by American customers to the Internal Revenue Service each year.

The rules apply to any offshore accounts worth $50,000 or more held by US residents. The bar is raised to $200,000 for US expats.

• The Common Reporting Standard (CRS) works in the same way as FATCA, but rather than lots of countries reporting to the US, around 50 nations send financial information between each other. Unlike FATCA, the CRS has no reporting threshold.

The information collected by the tax authorities is cross-checked against tax filings to make sure the correct details of overseas accounts have been reported.

Deposit safeguards for expat cash

Protecting your money should a bank go to the wall is vital due to the sometimes huge sums concerned.

Onshore, the Financial Services Compensation Scheme (FSCS) offers protection on across all accounts held by one bank for the same consumer up to £85,000.

Offshore banks have different compensation schemes depending where they are – outside Europe safeguards are rare, while centres such as Gibraltar and the Isle of Man have developed their own.

However, the rules are different for each, so make sure money on deposit is not over-exposed.

Foreign currency accounts

Expats can open foreign currency accounts with UK offshore banks – generally in Sterling, US dollars or euros.

A good rule of thumb is to have an account denominated in your local currency to avoid losing money if exchange rates move too much.

Expats transferring money overseas

Moving money overseas with a bank can cost a fortune, but specialist money transfer firms are willing to do the job for much less.

Disruptive technology firms, such as TransferWise or the new expat app deVere e-Money Vault have made the process quicker, cheaper and easier.

Services like these can handle one-off or regular transfers direct from the bank through a smartphone.

Another difference is the exchange rate and transfer cost.

Many banks and bureau de change advertise fee-free transfers, but adjust the currency exchange rate to collect a margin on the deal. That’s why the rate on a receipt is different from the advertised rates posted by the financial media.

Logically, if the transfer was really free, the provider could not keep trading.

The key is study any written estimate carefully and look for lots of small, unexplained charges that look innocuous but bump up the cost.

Tracking down the best exchange rate

Searching for the best exchange rate is a waste of effort. Most firms claim they cannot publish them anyway as they change so quickly.

It’s better to look at the bottom of the quote or receipt for the amount of foreign currency you are getting from the transaction.

A professional money transfer firm should give information in writing covering:

• The exchange rate
• Any fees or other charges
• A reference number
• Details of how to collect the money transfer and if the operator receiving the cash makes any charge
• How long the transfer will take and the final cost

It’s a good idea to ask if the operator has enough foreign currency on hand to complete the transaction right away.

Is your cash safe during a money transfer?

The UK financial compensation scheme does not cover money exchange services, but companies transferring more than £2.5 million a month into foreign currencies must be authorized by the Financial Conduct Authority (FCA).

They must have a client money protection scheme to separate your cash from that in the business.

The protection scheme will safeguard some money transfers.

Check if the compensation paid is restricted and if sending smaller amounts would give improved protection.

Smaller operators will say they are registered with the FCA, but this offers no formal consumer protection.

The FCA lists registered firms online

Cheapest money transfer options

Try sending regular payments overseas through an offshore account with an international branch of your bank or building society.

As a customer, the bank may preferential rates.

Sending emergency cash overseas

In an emergency, the money transfer services provided by MoneyGram and Western Union are expensive but fast.

If you can hang on for 24-hours, other services will certainly work out cheaper.

Both services have thousands of outlets in newsagents, post offices and small stores.

The cost can be eye-watering – transferring £1,000 from the UK to Sweden may be as much as £85.

Bowman Offshore Bank Transfers: Is it Dangerous to Transfer Your Offshore Money into the U.S.?

This is a question we receive often. With the implementation and enforcement of FATCA (Foreign Account Tax Compliance Act), the United States is increasing enforcement priority of noncompliant US account holders.

More than 100 countries and tens of thousands of foreign financial institutions have agreed to report US account holder information to the United States.

But I am not a U.S. Citizen?

This is a common misconception. The requirement for FATCA reporting is for the individual to be a US account holder – not a US citizen. In other words, whether you are a US citizen, Legal Permanent Resident, Visa Holder who meets the substantial presence test, or a former green card holder who was considered a long-term resident – you are generally considered a US person.

As a US person, you are required to report your foreign accounts and global foreign income to the United States (the United States taxes individuals on their worldwide income). With that said, the question generally arises as to whether a person can transfer their money from an offshore account into the United States, without issue?

Transferring Your Money to the United States

The fact of the matter is, the money overseas is your money. The IRS is not seeking to penalize you for the mere fact that you are transferring your foreign money into the United States (presuming the money was received legally). Rather, the United States is penalizing you for failing to report the existence of this money to the US government while it was overseas in a foreign account.

There are many individuals who have a reporting requirement because the value of their foreign accounts/specified assets exceeds $10,000 in annual aggregate total on any given day — but do not have any taxable income. In this situation, there is a reporting requirement, but no taxation (since there was no foreign income earned). Nevertheless, they still must report the accounts properly. If the money was “earned” income and U.S. Taxes weren’t filed and/or paid to report the money, it can complicate the situation — but through voluntary disclosure a person can usually get into compliance relatively simply.

Depending on the facts and circumstances of your case, you may be able to avoid penalties altogether. The following is a summary of the basic requirements of individuals who were considered “US persons” and therefore may have a foreign account reporting and/or foreign income reporting requirement:

FATCA & Reporting Foreign Income – The Basics

Golding & Golding is a flat-fee, full-service firm; we are lawyers who assist international clients in reporting their offshore accounts to the IRS. Most recently, many of our clients learned about Foreign Bank Account reporting requirements when they received a FATCA Letter from their Bank, asking them to certify their U.S. Status by submitting either a W-9 or W-8 BEN.

Who Has to Report?

We have represented numerous clients worldwide with issues similar to yours:

– Expats who relocated overseas and did not know they had to report their foreign accounts.

– U.S. Citizens who live overseas and may or may not earn significant income, but have accounts in a foreign country.

– Legal Permanent Residents of the United States who relocate back to a foreign country but are unaware that they are still required to report the foreign accounts.

– Non-Residents who meet the substantial presence test and therefore are required to report foreign bank and other accounts to the US government.

The Basics

These are the most basic rules when it comes to foreign accounts and foreign income:

Foreign Income

If you are either a US Citizen, Legal Permanent Resident (aka Green Card holder or recently gave up your Green Card) or foreign resident who meets the substantial presence test, then you are required to report your worldwide income to the IRS. This means that even if you do not have any US-based income, you are still required to report your worldwide income (even if it is the type of income which is not taxed in your home country such as interest and dividend income in most Asian countries). And, if you have enough foreign income to meet the minimum threshold for having to file a US tax return, then you are required to do so even if it is based on your foreign income alone.

Foreign Accounts

If you meet the requirement for being a U.S. “Taxpayer” (even if you do not meet the threshold for having to file a US tax return), you are still required to file an annual FBAR (Report of Foreign Bank and Financial Accounts). The threshold is as follows: if at any time during the year, you have more than $10,000 in foreign accounts (whether the money is in one account or spread over numerous accounts), you are required to file an FBAR.

In addition, if you have significant amounts of money overseas, then you may also have to file additional forms such as an 8938 (FATCA Form) or 8621 (Passive Foreign Investment Company, which includes Foreign Mutual Funds along with as many other passive investments). There are many other forms you may have to file, but we determine those on a case-by-case basis.

Fines & Penalties

Unless you are criminal, chances are the IRS or Department of Justice will not be banging down your door to come drag you to jail. With that said, the fines and penalties can be very steep and depending on your particular circumstances, may include penalties upwards of 100% of the value of your foreign account. If the IRS believes you were willful (aka intentional), then they may launch a criminal investigation against you and the penalties and fines can get much worse from here, including Liens, Levies, Seizures…and worse.

Customs Holds and Passport Revocation

With the implementation of FATCA (Foreign Account Tax Compliance Act), the United States is heavily cracking down on offshore tax evasion and unreported foreign accounts in general. The IRS and US government have the power to both revoke your passport as well as possibly hold you at the airport “customs hold” to question you on the spot (usually outside the presence of your attorney).

Getting Into Compliance

Getting into compliance should be mandatory on your “to-do” list. Even though our firm, Golding & Golding, is based in Newport Beach, we represent clients worldwide. A majority of our clients live overseas in over 40 countries. We have helped numerous clients get into compliance and are regarded as one of the top Offshore Disclosure Law Firms worldwide.

To that end, there are three main methods of compliance:

(1) Streamlined Compliance

This program is for individuals who were unaware of any requirement to file an FBAR and/or report their income on a US tax return. The penalties under the streamlined program are significantly reduced and may possibly be waived depending on whether a person qualifies under the strict definition of foreign resident for offshore disclosure purposes.

(2) OVDP

This program is mainly for individuals and businesses who were willful, aka were aware they were supposed to report their foreign accounts but intentionally hid or kept the account/income information secret.

(3) Reasonable Cause Statement

This is not a particular program; instead, it is a method for getting to compliance while attempting to avoid any penalty. There are many pros and cons to this method depending on your specific situation, which must be evaluated carefully with your attorney before making a decision.

Tokyo MK Taxi: Hoe te slapen hebben een fantastische reis in het buitenland

Ieder van ons dromen van een grote vakantie op een bepaald punt in ons leven gaande. En degenen die hebben bereikt een prachtige reizen zijn niet degenen met de dikste portemonnee, maar degenen die nemen serieus van plan. Vele overwegingen gaan plannen van een vakantie: datum, begroting, activiteiten en voorkeur reizen methode. Door deze dingen in overweging nemen, vergroot u uw kansen van het hebben van een prachtige en onvergetelijke vakantie.

Voordat iets anders, bepalen uw budget en hoeveel u bereid bent te besteden op uw reis. Reizen van internationale zal zeker kost een arm en een been, dus zorg ervoor dat u van plan bent alles van vliegtickets naar accommodaties en diensten die u nodig tijdens de reis. De methode reizen is een van de dingen die vaak over het hoofd gezien zijn bij het plannen van een vakantie. Figuur uit uw vervoer en baseren dit niet uitsluitend op de kosten, maar door wat het beste voor uw ideale reis is. Zou u het rond worden gereden door een chauffeur of om achter het Stuur jezelf in een vreemd land?

Wat mij betreft is het beste om te kiezen voor een chauffeur service voorkomen verdwalen te maximaliseren mijn vakantietijd. Chauffeur-gedreven auto huren zijn perfect voor degenen die willen ontspannen, leun achterover en geniet van de rit zonder zorgen te hoeven maken over het rijden en niet in staat zijn om de bestemming te bereiken. Wanneer u gebruik maken van de service van Tokyo MK Taxi als uw voorkeur chauffeur Autoservice, u hoeft niet te vrezen voor navigatie en verkeer. U kunt achterover leunen en ontspannen en laat uw persoonlijke chauffeur zorgen voor de rest.

Wij bieden verschillende modellen van auto uit te kiezen, met inbegrip van luxueuze sedans en privé van diensten ter dekking van al uw transportbehoeften. Of u verwacht te arriveren in stijl, of met de ultieme discretie, onze auto’s komen tegemoet aan al uw behoeften. Tokyo MK Taxi beschikt over Lexus groep enthousiastelingen (model Lexus 600 hl, Lexus 460) en luxe auto’s zoals BMW, Mercedes-Benz, Toyota Hiace en Nissan Fuga hybride en nog veel meer. Met meer dan 212 soorten taxi en 58 verschillende modellen van luxe voertuigen, goed onderhouden en in goede staat, kunnen wij een uitstekende auto chauffeur service voor iedereen. Voor meer informatie kunt u onze website bezoekt.

CRIB Advisors Mentors Singapore, Women networking Singapore on how they work

CRIB is in the business of creating successful women entrepreneurs. Here’s how we:

Crib Society

We are a community of women and entrepreneurs who support and inspire one another through networking forums, equipping and lifestyle events.

Crib Match

Each of us has a profile as an entrepreneur, be it as an Angel Investor, Business Manager or Creative (ABC). CRIB is your platform to find your perfect co-founder to team up for success.

Crib Incubator

CRIB EQUIP provides expert resource, advice and support throughout your entrepreneurial journey while CRIB INCUBATOR enables eligible businesses to maximize their potential for success.

CRIB Pte Ltd is a Singapore-based social enterprise which aims to empower women to become successful entrepreneurs through networking, matchmaking and business incubation. As a social impact business, we endeavor to reinvest all returns towards CRIB operations, with a portion of finances channeled towards complementary social causes that benefit women entrepreneurs.

Kaiser South gets Level II trauma certification with Richard Isaacs, MD

Kaiser Permanente’s South Sacramento Medical Center has been verified by the American College of Surgeons as a Level II trauma center.

The center got provisional verification by the group last year so it could begin operations, but the process requires reviewers to evaluate the program after it is up and running.

Reviewers conducted another on-site review in March to evaluate trauma center staff, equipment and other resources to make sure they meet national standards. Full verification will be in effect until 2013.

Since opening Aug. 1, the new South Sacramento trauma center has treated an average of 150 patients per month.

“We are extremely proud that the American College of Surgeons has verified that our program meets their stringent standards,” Dr. Richard Isaacs, physician-in-chief at Kaiser Permanente South

Sacramento, said in a press release. “We have an excellent staff here and we are committed to caring for some of the area’s most critically injured patients.”

The South Sacramento hospital serves an area from Interstate 5 east to Rancho Cordova, and from Florin Road south to the San Joaquin County line.

The trauma center is a first for Kaiser Permanente nationwide.

Dr. Richard Isaacs, MD: The Willingness to Serve

In the modern world, the desire or the willingness to help others solve their problems is not complete without coming out of the confines of one’s comfortable world into the broader community of people struggling through life, in need or in pain.The Internet has helped to bring this eagerness to reach out to others to its fulfillment – especially in the field of medicine or medical practice, as it should be more properly called by those who are charged with administering health care to the ailing patient.

Medical practice is obviously a wide subject and incorporates so many different aspects of health-care and variations of methods or approaches, from traditional, alternative and even emotional in nature. The majority of people, however, depend on the general field of medical practice recognized by most societies and governments as the scientific and professional field of health-care provided by products of Schools of Medicine and are referred to as Doctors of Medicine (MD’s).

The more common term “physician” has also become synonymous with MD. To be a physician, in general, is to be qualified to provide essential health care using methods recognized by most public institutions as in keeping with accepted modern medical practices. This does not mean, of course, that ancient practices which have proven to be effective are without value in the modern medical profession. It only means that we have progressed to the level of fine-tuning the human capability to provide health care and to alleviate the sufferings of millions of sick people. And the people tasked with providing such highly-specialized skills also possess higher amounts of persistence, diligence and self-sacrifice than most people.

Dr. Richard Isaacs, MD, is a prime example of the qualified modern physician who has made good use of the worldwide web to present his credentials and his services to those who require medical care or assistance. A lot of people might either be surprised or turned off by such a direct approach to promoting one’s profession to the greater virtual community out there. That is because it might come out as somewhat demeaning to the noble profession of the physician which many consider to be more altruistic or service-oriented than most other vocations.

But that was common in the older times when medical practitioners worked silently in the bigger institutions, hospitals or hole-in-the-wall clinics they worked in. Today, doctors form so-called poly-clinics to provide a para-hospital alternative facilities for providing diagnostic and consultancy services. Most doctors, in the past, made do with putting up a sign on their home front-door as simple private general practitioners with a handful of devoted patients in their immediate neighborhood or locality.

However, today, the number of physicians and medical-help providers has multiplied and the means of providing such services have become more dynamic and diverse with the aid of technology. A doctor does not need to be with the patient to provide care, especially with common ailments. Or even in more serious cases where the doctor cannot be present and as long as there are other qualified professionals who can administer the prescription in an acceptable manner. Hence, it is not uncommon for a patient to be in a hospital for a couple of days, for instance, without having been visited by a medical specialist who may be preoccupied somewhere else although she does gets proper medical care under resident doctors. Times change and the way doctors apply their skills has also evolved with the times and the needs of the growing population.

And so, seeing a doctor such as Dr. Richard “Rich” Isaacs open up his resume on a website not only changes the field of medicine in its application but also in its accessibility to those who need its benefits. For this, we have to thank the likes of him for providing a convenient way of seeking medical help without the hassle of directly interviewing or hunting for qualified medical practitioners wherever they may be found.

Just a call away, Rich Isaacs, who holds an Advanced Certification in Head and Neck Oncologic Surgery, specializes in orbital, nasal, and maxillofacial surgery, as well as thyroid and parathyroid surgery. Moreover, he is trained in Facial Plastic and Reconstructive surgery and has an interest in post-tumor facial reconstruction and facial reanimation surgery. Rich is within reach to anyone needing his field of specialization in Sacramento, California where he holds his clinic.

Business Journal names “Healthiest Employers” winners

Attendees at the Healthiest Employers 2011 awards luncheon walk around the exhibitors area before the awards.

Five Sacramento-area companies won top honors at a luncheon Friday for theie employee health and wellness efforts. Rood & Dax Advanced Insurance Services Inc. of Sacramento won in the micro category (10 – 50 employees).

Dr. Richards Isaacs accepts a Healtiest Employers award on behalf of Kaiser Permanente Northern California. Kaiser won in the mega category (10, 000-plus employees). The health care nonprofit, which has made healthy living a central message in its advertising years, has had a wellness program since 2002.

Meir Ezra: How to Get Along with Your Spouse (and Others)

Meir Ezra — When your spouse does something wrong, how do you react?

Some spouses like to blame. “You really embarrassed me when you told that stupid joke. You make me want to stay at home.”

Other spouses prefer to criticize. “You’re so fat it makes me sick.”

Getting even is also a favorite response. “Well, because you were flirting with Chris, I decided to flirt with Pat.”

By blaming, criticizing or getting even with your spouse, you are trying to be AT CAUSE by putting your spouse AT EFFECT. Unfortunately, putting your spouse AT EFFECT is harmful to your relationship. You start arguments and fights. Just because your parents reacted badly toward each other is no reason you need to continue the tradition.

Cause and Effect

When it comes to situations and relationships, you are either at a cause point or an effect point. When you paint a wall, you are at cause over the paint and the color of the wall. When you spill paint all over your clothes, you are at the effect of that paint.

There are two types of relationships:

1. CAUSE-EFFECT is the most common type of relationship. As in the examples above, you take command of the relationship and put someone else at the effect of you or the problem.

For example, husband John says, “Mary, you ran over the neighbor’s gate. How could you be so stupid?”

John might feel at cause over the gate problem, but Mary will feel effect.

2. In a CAUSE-CAUSE relationship, you assume a cause point yourself AND you allow or encourage others to assume the cause point as well. This idea comes from L. Ron Hubbard who writes:

“If Mary burns the toast, John accepts responsibility for this action. This does not mean that he assumes all the responsibility and leaves none for Mary. It means that he assumes all the responsibility and that Mary assumes all the responsibility, too. They both assume all the responsibility. Under such an arrangement, no one can be blamed. All their attention goes into doing better with the toast, and none of it is wasted in blame.

“Mary runs the family automobile into the neighbor’s gate. The neighbor rushes over in a huff and encounters John in the front yard. The neighbor says, `You just ruined my gate!’ John goes with the neighbor to look at the gate and at the car. Sure enough, there is blue paint on the gate and white paint on the car. The evidence is conclusive. John agrees with the neighbor that the gate has been damaged by John’s car and he asks the neighbor to have it repaired and send him the bill. The neighbor says that the damage is not very great and so he will repair it himself. John lends him the tools and helps him to repair the gate. John insists on buying a can of white paint, and the neighbor says he will enjoy painting the gate on Sunday. He apologizes for being so excited at first. They shake hands.

“John goes into the house, and Mary says, `Dear, I hit the Jones’s gate with the car.’ John says, `Yes, I know. We’ve already repaired it.” Mary says, `I’m sorry. I was thinking about the bathroom curtains.’ John says, `That’s all right. What about the bathroom curtains?’ Mary says, I want to dye them blue.’ John says, `That’s a good idea.’

“If nobody is to blame for the damage to the gate, a constructive subject like dyeing the curtains will immediately attract John’s and Mary’s attention, since it represents future action.” — L. Ron Hubbar

Cause-cause relations are teamwork at its very best. You and your spouse accept responsibility for all of the actions of each other. You spread an umbrella of responsibility

Imagine no arguments or upsets with your spouse. Imagine never trading insults or hurtful comments.

Making a cause-cause relationship with your spouse is the road to a happy marriage.

Give it a try!

Energy Control

Energy Control – Your Source For Boiler & Burner Systems

For over forty years Energy Control has been Northern Ohio’s premier supplier of boiler and burner systems. With an extensive sales and service staff, we are capable of providing support for all aspects of your boiler or burner system from design, installation, startup, and aftermarket service.

Over 40 Years of Excellence

Energy Control was founded in 1972 in Toledo, Ohio. What began as one salesman and manufacturer’s representative for Cleaver-Brooks’ Northwestern Ohio area turned into a complete sales and service organization with offices in Cleveland and Toledo. Energy Control now represents Cleaver-Brooks and other Boiler and Burner Lines in all of Northern Ohio.

With over 40 years of designing and installing state-of-the-art boiler room equipment, burner systems, and advanced boiler controls, you can rest assured that our staff has the experience and the know-how to give you unparalleled support and service.

 

Organizational Restructuring of Home Health Care Anti Fraud Policy Practices

In cases where Interim Management is not needed but change is still essential, Kenyon HomeCare Consulting works directly with your management to create a plan for Organizational Restructuring. Implementing a variety of detailed assessments and evaluations that focus the ideals of change, Kenyon HomeCare Consulting develops a strategic plan of action that facilitates seamless, supportive growth. An approach to change that puts internal staff at ease and reassures the customer base, Organizational Restructuring allows you to present a sound, secure public image even in the context of dynamic internal change.