The Streamlined Program is available to American citizens who have unreported offshore accounts. While it is a fairly new program, it has several major benefits over the Offshore Voluntary Disclosure Program (OVDP). For example, the civil penalty for offshore accounts under the Streamlined Program is only 5% for US citizens residing in the US. The offshore penalty under the OVDP is 27.5% but can
Carrying cash through the airport, even though legal, is often a red flag which can result in TSA bringing in the police who may seize the cash; amounts as small as $500.00 have been seized. There are much safer ways to transfer or transport money around the country. Have your bank wire money to a bank account, or write yourself a check to be deposited at your destination. There is nothing
A criminal case requires that the government prove several elements depending on the particular crime. Generally it is a requirement that a person knows of a legal duty and intentionally chooses to disregard that duty. A person might believe they did not act willfully but if the government disagrees the case will be decided by a jury.
You have the right to transfer your money back to the US at any time. Whether this will result in an investigation is a different story. If there is enough concern over the transfer consult with a lawyer, enter the Offshore Voluntary Disclosure Program or the Streamlined Program before bringing it over.
If you have undisclosed offshore assets it is possible that you could face prison time. In an effort to ensure all income is reported there are different tools that the government has. One of these tools is FATCAwhich requires offshore banks to report their US customers. There are also a series of treaties that accomplish the same thing. If you have undisclosed assets, schedule a consultation
There are many different factors that need to be taken into account when dealing with offshore real estate. If you have a home overseas the asset itself does not need to be reported. If you have received rental income from the house, the income does need to be reported. If you have entered the Offshore Voluntary Disclosure Programand you have had no income from the house the value is not included