banking - What If There Was A Huge Tax On Currency Trading?

What if currency traders when making money were also helping the wealth of a nation? What if currency traders were taxed on each trade and that money was used to kick start third world nations and emerging markets? What if we used this money to build water reservoirs and water filtration plants or what if we used it to build sewer treatment plants and hydroelectric power plants? What if we used the money to slow down or defeat AIDS, Malaria, Yellow Fever or stop disease? What if we used the money to help promote children's health and education? What if along with this money we taught people to farm, grow food and sell what they did not need to regional trading partners or neighboring countries? What if we could help finance small businesses through micro loans, which would help grow local economies? What if every time currency was traded out of a smaller nation there was just a 2.5-5% tax and when currency traded out of a powerful nation there was a 1% fee on top of the current banking fees? What if when currency traders made millions before breakfast, that children in Africa could eat breakfast? What if everyone won, when investors and traders in currency won or lost? What kind of good deeds could we do with that unit of trade if it were strategically placed to do the most good? Think on this. "Lance Winslow" - Online Think Tank forum board. If you have innovative thoughts and unique perspectives, come think with Lance; www.WorldThinkTank.net/. Lance is a guest writer for Our Spokane Magazine in Spokane, Washington Article Source:http://EzineArticles.com/?expert=Lance_Winslow banking - Money Transfers In Argentina - Banking, Law And Real Estate Investment Transferring money to Argentina (a second-world country) isn't as simple as it is in the U.S. or Europe. The people of Argentina don't believe in the banks after the peso devaluation in December of 2001. Western Union has a low limit, so they're not an option. And I definitely wouldn't advocate that you bring $100,000 in your carry-on luggage. I recommend that you demonstrate "proof of origin" for the funds that you're transferring into Argentina (W-2 forms, 1040, etc) because the government is beginning to regulate the influx of money. The AFIP (equivalent to the U.S.'s IRS) has the authority to audit you, and you need to be careful so that you don't have problems when you sell the property in the future. Transfer fees are usually between 1-3%, depending upon how you transfer your money. You can use "money exchanges," which are technically illegal, but used regularly by the locals and foreigners. Or, you can use the Central Bank, which is the safest way, and the most costly. There is new legislation scheduled for March 2007 to mandate that all real estate purchases are conducted by: check, bank wire or some other method, except CASH. The reason for this is that many locals buy/sell properties and change the recorded purchase price by 30-50%. This limits the amount of income taxes that people pay on the sales price and the amount of property taxes the new owner pays the government. The government is losing millions of dollars every year in lost revenue. Tax evasion is a common practice in Argentina. I do not advocate this practice due to the risks its poses for my clients. Fines can be exorbitant, and when investing in a foreign country, risk mitigation is important. Currently, the government is worried about money laundering, as well as looking for more ways to increase tax revenues. So, consult a lawyer and a banker when you're serious about investing in Argentina. Opening a Bank Account in Argentina The majority of the foreign banks left Argentina in December of 2001. The crisis prompted the people to march in the street, and the banks ran home with their tails between their legs. Now, if you go to a local bank in Buenos Aires, it's not uncommon to see a half-dozen security guards and/or policeman. Argentina is serious about the safety of their financial institutions and is trying to rectify its international image. A bank account in Argentina will help you manage your property from overseas. Opening a bank account in Argentina is more difficult than most foreigners expect. By law, the requirement to open a savings account is a CID (tax ID number), an address certificate and a Passport. But many banks have stricter requirements. If you have an account with HSBC, CitiBank, BankBoston or BBV in the U.S. or Europe, they will generally open an account for you in Argentina. Or, if you're referred to them by a current customer, they will speak with you. Banco Naci'n, http://www.nacion.com.ar, opens accounts to foreign non-residents requiring only the CDI (tax ID), address certificate and Passport. The minimal deposit is $50 pesos and they charge a maintenance fee of $3 pesos. Important things to inquire about: online banking, maintenance fees, wire transfers, minimum deposits, debit/credit cards