Asset allocation and taxes for ABC

Hi guys I am ABC and I inherited couple houses in Taiwan, I got dual citizenship and they are under my Taiwan ID’s name so uncle Sam doesn’t know about it. I am going to sell them but I think a lot of people are trying to get money out of US to avoid heavy taxes? I am doing the other way around I might wire the money over and uncle sam will know about it. So any recommendation from you guys? I am thinking long term like later if I get a lawsuit, divorce, bankruptcy so they can’t get to it. Is there some kind of account I can open in the states or just leave the money in Taiwan or what? thanks a lot guys

If I were you, I would avoid Americanizing this money. Open a non-US international account with a non-US international bank such as HSBC using your Taiwanese citizenship.

Being an American citizen can really be a pain in the ass when it comes to these situations.

HSBC huh? any others that you can recommend in Taiwan or Thailand?

Later on I won’t be coming back to Taiwan, or once in a long long time so I will need to access the account/money from the states. I guess I can do it online and don’t need to come back? any recommendations/suggestions?

How about opening an account in a US bank with my TW identity? not a good idea?

Popular places to open offshore accounts are HK and Singapore, but Uncle Sam is getting smarter these days, so I don’t know that works for you. It works for most Citizens of the world anyway.

You could use your Chinese name and Taiwanese passport (if you have one) to help avoid issues I guess.

Popular places to open offshore accounts are HK and Singapore, but Uncle Sam is getting smarter these days, so I don’t know that works for you. It works for most Citizens of the world anyway. Operating these accounts online is pretty easy.

You could use your Chinese name and Taiwanese passport (if you have one) to help avoid issues I guess.

what about using TW passport, TW name to open an acct in a US bank? How can they link that to me? it’s two different citizens.

Do not open any foreign accounts in the US, it will cause you more trouble in the future.

thanks.

anyone know which banks will let you close the account by mail? HSBC in Hong Kong will let you do that, most of the banks in US do that I think. but this one bank in Thailand doesn’t let you do that you have to go to the bank to close it, not sure about other banks in Thailand. How about in Taiwan does anyone know?

You can’t do that - it’s fraud (I mean, more directly fraudulent than what you’re trying to do). To open a bank account you need an ITIN (individual tax ID number or something like that), like a social security number. In applying for one you need to certify you’re not a US citizen or something to that effect. So there’s no plausible deniability there.

You can easily open a bank account in Taiwan with your Taiwan ID or in HK with your TW passport, but I wouldn’t suggest linking it to your US HSBC even though you’d get to send funds for free (for obvious reasons – they’ll know you’re the same person). You can wire easily enough for $30 or so.