General Discussion
In reply to the discussion: This is bigger than any of us ever imagined. [View all]DFW
(60,100 posts)Switzerland won't even let you open an account any more as a US citizen unless you prove a full-time Swiss residence, and can document it. Most, if not all, western European countries have mutual reporting agreements with the USA. If you want to park funds quietly somewhere in Europe, you best bet is someplace in the Baltics, like Latvia or Estonia. I've never been to either, but I know people who have actually moved there for that reason. I met a Canadian who moved to Estonia because they have no VAT on his business, and no restrictions at all on movements of money in any form. He seemed to like it, anyway. I can't see moving to Estonia for any reason unless my wife were to leave me, and some stunningly beautiful Estonian woman would ask me to come live with her.
At any rate, even if you want to move your funds overseas, if it's cash, you have to fill out a Treasury form if you are physically taking more than $10,000 with you. And if you wire funds somewhere, there is always a record of that, too, and reporting requirements are all still in place, anyway. So, I keep all my assets in the States except for immediate needs and looming German tax bills. Confiscation has a centuries-long tradition in Europe, and here in Germany, there was a particularly drastic episode of "Enteignung (de-ownership)" going on less than a century ago. The "the-state-is-always-right/the-individual-is-always-wrong" attitude is still very pervasive here, so I am wary of leaving anything around here. Of course, if Trump's insane budget-busting fantasies ever come close to getting enacted into law, I'll have to reconsider the whole situation.