[shri]

Drop the guys at HSBC offshore a line. They'll set you up.

[chimo]

It's not as easy as setting up an offshore account in Jersey! I think the OP wants to do online share trading. HSBC Offshore is still obliged to file a 1099 DIV form to the IRS for American citizens.

[PDLM]

Indeed - but they are prepared to do so (assuming you're worth their while - you'd need to meet their Premier customer criteria). HSBC HK isn't.

If the question is "will HSBC (anywhere in the world) help me evade my tax responsibilities as a US citizen" then the answer is clearly "no".

[freeier]

well, check out the investigation US authority started against some of the banks (I think HSBC has been mentioned).. right after UBS was taken up to task..

so there might be somewhere and someone that HSBC was suspected to be willing to help out...

http://www.iht.com/articles/2008/12/02/business/tax.php

[er2]

I got to say I really admire the way the US enforces their laws here. I find it disgusting how in most European countries it works like "you have to pay your taxes, unless you're rich enough for the Swiss banks to be interested in you, in which case we will not be able to touch your capital income there"

[1fiscalpilot]

Thanks for all the feedback. You guys have been very helpful. I spoke with a Fidelity agent and they said as long as I have a HKID I can set up an account. I am sure there are other companies which would do the same. However, if they don't report to the US then it is tax evasion. Bummer.

Since I am going to have to pay capital gains tax anyways, I might as well use my brokerage account back in the US.

[shri]

If you're looking at just a trading acct - consider etrade.

[beeph]

Originally Posted by er2

I got to say I really admire the way the US enforces their laws here. I find it disgusting how in most European countries it works like "you have to pay your taxes, unless you're rich enough for the Swiss banks to be interested in you, in which case we will not be able to touch your capital income there"

The US hasnt enforced much against china. Switzerland has to kowtow to the EU because its located smack dab in the middle of europe. China will just pay lip service to the investigators and take no real action, as usual. I'm sure China has no problem seeing trillions of $$ leave switzerland and enter its banking system over the next few decades.

Switzerland now collects cap gains taxes and gives it to the EU up to 35%, without revealing client information. So in essence, the EU is taxing switzerland lol. I'm sure if you're super-rich u can avoid even that by structuring your offshore entity as a trust or whatever.

The US's typical threat is to cut them out of the world's banking system but is this really feasible with a superpower? I think walmart would be a tad bit pissed. Whereas if someone cuts off the kayman islands who gives a crap?

[tvrlover]

Originally Posted by er2

I got to say I really admire the way the US enforces their laws here. I find it disgusting how in most European countries it works like "you have to pay your taxes, unless you're rich enough for the Swiss banks to be interested in you, in which case we will not be able to touch your capital income there"

I guess it takes a special person to admire a police state. US tries to export its' laws to other countries by policing the world - not a real model for something you can admire. Not everyone wants to be an american or follow corrupt US laws.

[er2]

Originally Posted by tvrlover

I guess it takes a special person to admire a police state. US tries to export its' laws to other countries by policing the world - not a real model for something you can admire. Not everyone wants to be an american or follow corrupt US laws.

Funny... I've heard people calling the US a police state, but those were usually not citizens who had their fingerprints taken, their passenger data stored and their financial transactions monitored without any reason - something that the US government is not allowed to do to citizens....

And I don't think they try to "export" their laws. I don't have to pay tax because I'm not a US citizen. If I was, I have to pay tax. And laws should not depend on whether you have cash or not. I don't like paying taxes that much either, and in certain circumstances I might cheat and bear the risk of getting caught. But if having enough cash just allows you to ignore the law, then it shouldn't be a law anymore. All the US do is tell the banks "If you help _our_ citizens to cheat on taxes, we will hold you accountable _if we can_." If HSBC would decide to cease (or sell) their US operations, they could just ignore US jurisdiction. They prefer to run a US subsidiary, well, then they need to stick to the law.

Aside from this, I'd say the usual definition of a police state would be that the police can look into your account, see all your transactions, and then ask you "So why do you invest in Baidu and not in Google". As far as I know, all you need to do is to state that you have an investment account here and how much revenue you earned. Not too bad, imho....

If you don't want to follow US laws then just renounce your citizenship and stay out of the country.