Comments by "Jeremy Barlow" (@jeremybarlow2291) on "Why You Shouldn’t Bank Where You Live" video.

  1.  @ohyala  With CRS for 99.99% of the world & FATCA for Americans the tax authorities will know about all of your foreign accounts regardless. File the proper reports and accounting with the tax authorities where you are tax resident or in the case of US citizens and permanent residents with the US tax authority regardless of where else you are tax resident and avoid jail time. You will not and cannot hide money anymore. Between KYC laws and multilateral agreements sharing account information with various countries not reporting assets is going to get you into legal trouble.
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  2. I mean if you have a residence in a tax friendly place with solid banking like the Channel Islands or UAE or Switzerland and you have ties with a country such as a permanent home -that is in fact a vacation home as opposed to your true habitual abode, a d that higher tax country has a double tax treaty with the residence you want to be your primary tax home it may well make sense to have your banking in that primary tax home. You will want to have your banking there, your driver's license there, your doctor there, you will want your children if you have any enrolled in a school there, you will want to make it clear under most treaties that where you have a residence is your center of vital economic interest and your primary banking account that you pay bills from, perhaps not all of your money, but your operational accounts for you personal life at the very least ie a current account that pays your living expenses should be there especially if you are for example a citizen of the country where you have a primary residence. The tie breaker rules in Malta's Double Tax Treaties with those three even more tax friendly places will not resort to where you are a national to decide your tax residence if your center of interest is clearly in the other jurisdiction. If that jurisdiction is a solid banking jurisdiction as Switzerland, Jersey and Guernsey or the Isle of Man, and the UAE are, then baking there makes a lot of sense to secure tie breaker benefits under a tax treaty. You don't want Malta to consider you ordinary resident and domiciled there when you could have your money taxed at a zero rate in UAE or a lump sum regime at a favorable rate in Switzerland or even a capped rate in the Channel Islands that is similar to the Swiss lump sum regime.
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  3. I didn't notice it before, but while Entourage was a great show, Entrapment with Sean Connery & Catherine Zeta-Jones was the film that first highlighted the Petronas Towers in the mid-1990s.
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