I have met a few wealthy Americans (and other nationalities) who are keeping large accounts in Hong Kong, with local Hong Kong branches of Chinese State-run Banks.
Why? Because if US Treasury / IRS comes demanding info on their accounts, the Chinese will tell them to get screwed. You can’t trust the Swiss Banks any longer, as they have sold their souls to be allowed to play on Wall Street.
Its sad its come to this, isn’t it?
What about Canadian banks?
I’ve got all of my money safe in Russian banks. ;-)
I see that happen a lot in Asia. It’s a sad, sad day when US citizens need to turn to China and Hong Kong for basic individual protections and liberties.
Most people don’t realize that the US is the ONLY nation that taxes your income no matter where you earn it, or where you live. You can live your entire life - move lock, stock, and barrel - to a foreign country and Uncle Sam wants a share of everything you earn - even if you never set foot in the US again.
EVERY OTHER NATION will tax you on what you earn inside their borders; outside the country? Don’t pay taxes on it. Not the US - we’re special, the IRS wants to get whatever it can from wherever it can, even if you never work a day inside the US. You have that little blue passport, you’re going to pay tax on every penny you make anywhere in the world.