[quote] (09-17-2012 06:49 PM)Smitty Wrote:
[quote='MikeCF' pid='270440' dateline='1347922652']
Smurfing means you're deliberating staying under the $10,000 reporting requirement in order to avoid the requirement. So saying that 10K is the limit doesn't matter.[/quote]
Smurfing is breaking up large transactions into many smaller ones to avoid drawing attention by officials...or to fly under the radar. Once you gather the source and destination of these funds, it becomes like one big process map and then it's not difficult to prove criminal activity, or intent (a la Elliot Spitzer).
But, opening a foreign bank account and keeping the balance under $10k is perfectly legal. There's no feasible way to "smurf" accounts in foreign bank accounts because the IRS requires you to document the account(s) if TOTAL funds equal or exceed $10,000. So you could have 100 accounts with $100 each and you would be required to report with the IRS because the total of the accounts is $10k.
Now, you could open the accounts and just never report them, but global banks are working together and sharing data on accounts more than ever before.
That's why I recommend keeping a legit account with a foreign bank and a safe deposit box. One is not required to report the contents of the safe deposit box, just the assets (i.e. dollar value) of the actual bank account.
[quote]Quote:
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That sounds ok. Which place would be best from Florida? I can travel with 9k a shot no problem and leave it there?
When do they actually come for your money? Let's say I fuck some shit up and get sued. Could the attorneys find it? Would they try? I know plenty of lawyers here. They sue when there's something to take. Doesn't it make sense to seem broke here?
[quote='MikeCF' pid='270440' dateline='1347922652']
Smurfing means you're deliberating staying under the $10,000 reporting requirement in order to avoid the requirement. So saying that 10K is the limit doesn't matter.[/quote]
Smurfing is breaking up large transactions into many smaller ones to avoid drawing attention by officials...or to fly under the radar. Once you gather the source and destination of these funds, it becomes like one big process map and then it's not difficult to prove criminal activity, or intent (a la Elliot Spitzer).
But, opening a foreign bank account and keeping the balance under $10k is perfectly legal. There's no feasible way to "smurf" accounts in foreign bank accounts because the IRS requires you to document the account(s) if TOTAL funds equal or exceed $10,000. So you could have 100 accounts with $100 each and you would be required to report with the IRS because the total of the accounts is $10k.
Now, you could open the accounts and just never report them, but global banks are working together and sharing data on accounts more than ever before.
That's why I recommend keeping a legit account with a foreign bank and a safe deposit box. One is not required to report the contents of the safe deposit box, just the assets (i.e. dollar value) of the actual bank account.
[quote]Quote:
[/quote]
That sounds ok. Which place would be best from Florida? I can travel with 9k a shot no problem and leave it there?
When do they actually come for your money? Let's say I fuck some shit up and get sued. Could the attorneys find it? Would they try? I know plenty of lawyers here. They sue when there's something to take. Doesn't it make sense to seem broke here?