At first glance, Japan seems like it would be a good place to hide money because of the cultural differences and language barrier, but that’s not the case.
An agreement has been made between the U.S. Treasury Department and the countries of Japan and Switzerland to help banks in those countries comply with upcoming U.S. tax regulations and to track down American tax evaders hiding money abroad.
Under the agreements, the foreign financial institutions or banks in those countries would deal directly with the U.S. government to provide the American accountholders’ information, such as reporting to them the identities, account balances, and other information on U.S. accounts in 2014 and 2015.
When I hear about things like this it shows me more and more how America seems to care more about money than people. It’s too bad the country doesn’t focus on foreign custody cases when it comes to marriage and child custody and work with Japan regarding child abduction before it looks for stashed cash.
Uhm … for me Japan actually IS a tax heaven!
I’m from Germany. The taxes in Germany are CRAZY!!!!
As single without children I lose almost 50% of my income!!!
Although I might be able to earn much more in Germany, it will always be much less after taxes compared to here in Japan!
Being outside of the USA for 330+ days per year ensures that all foreign earned income is only taxed after you make X amount. ($91,400 for 2009, $91,500 for 2010, $92,900 for 2011, $95,100 for 2012). So in one way, that can help, but for American’s that are hiding money to evade taxes it’s a no go.
Not just America. Governments are bureaucracies and are not by nature compassionate towards individuals.