Will people moving to the US be taxed if they keep their money in a foreign bank?
I’m a US Citizen living in London. I’m not sure how relevant my experience is but here goes : In my particular situation, any money brought into the UK is taxable as well as any income I generate inside the UK. I’ve got assets that sit in the US, income generating assets, and although I pay US taxes on that cash flow I’m not obliged to pay taxes on the UK side as the money never enters England. In terms of savings, I’ve got my liqiud assets parked offshore (i.e., not in the UK). All taxed income (salary) goes into one account, and the interest this money generates goes into a second account. As long as I never bring the untaxed money (interest) into the UK I avoid UK taxes. I’m still obliged, however, to declare and pay taxes on this interest on the US side. There’s no need to add the complication of a Swiss bank account (they pay crappy interest btw), as most of the large global banks can do this for you. I’m not sure how much money we’re talking about, but I’m a customer of HSBC Priv
