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Offshore Banking

Discussion in 'Business & Tax Advice' started by jheyslow, Jul 2, 2010.

  1. jheyslow

    jheyslow Senior Member

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    What are the requirements or documents needed in offshore banking?
    What is the best offshore bank that can keep me anonymous? Is it Illegal?
     
  2. botdevs

    botdevs Newbie

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    What are the requirements or documents needed in offshore banking?
    A lot of time and a few thousand $ if you do it yourself. You'll have to get notarized copies of passport, driver's license, etc. and do a lot of explaining to the bank as to why you need an offshore bank account. After Sept 11th, all offshore banking became insanely difficult. Offshore banks began asking a lot of questions before allowing you to open an account.

    What is the best offshore bank that can keep me anonymous? Is it Illegal?

    Offshore banks are still businesses and thus are ran like businesses. If you have only a few thousand $ in your bank account, there isn't really a whole lot of reason for a bank to try and protect you if someone comes asking. This applies to any offshore bank in the Caribbean, in Europe and elsewhere. The whole swiss numbered account is complete bs made for movies. The fact of the matter is, unless you have a significantly large amount of money in your bank account ($25 mill+) no bank in the world is going to put it's reputation on the line to save your ass.

    Yes, it is illegal. You have to report all offshore owned bank accounts within a year of opening them. That's the US law. There is a specific form, can't remember the number off the top of my head that you have to fill out. If you don't do it, expect some hefty hefty fines if you get caught.

    The number 1 rule any asset protection person will tell you is ALWAYs pay your taxes.

    The government is basically the only entity in the world that can search for and most likely find your bank accounts. If someone ever decides to sue you, and knows you have assets abroad but they don't know where, the first thing they'll do is find out if you've been honest with your taxes. If you haven't they'll simply tell the IRS and they'll go looking for your money, exposing your bank accounts to the third party suing you along the way :)
     
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    Last edited: Jul 2, 2010
  3. neuromancer

    neuromancer Newbie

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    depends what you want.

    if you just want something that will process money so you can withdraw at an ATM with an anonymous card, it's around $400 with no limits, 2% fee to withdraw

    if you want something to hold your money it's around $1k to register an offshore corp and get a bank account in cyprus or belize or luxembourg
     
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