“Marvin Van Horn and his wife live in New Zealand, where they have a checking account and retirement savings. They weren’t intentionally hiding anything from the IRS. But he heard a story on the radio about offshore tax cheats — and realized that the rules might apply to him. So he decided to go through the IRS’s voluntary disclosure program. He learned he would have to pay back taxes for six years, which came to about $20,000. That seemed fair, he said. But then there was the penalty: $172,000. Somewhere between five and seven million U.S. citizens live abroad. Fewer than 1 million of them declare offshore accounts, as required by law.”

http://www.npr.org/blogs/money/2013/05/14/183969195/who-hides-money-outside-the-country

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