The world of offshore banking seems like it is for those who want to hide money. Many people question the legality of an offshore bank and why someone would need to have assets held abroad. While there is some truth to this mystique of offshore banks, they can be a legitimate way to help manage your assets.
- People who need an offshore bank account usually have a business need for it. This may be a person who travels abroad often and can't rely on constantly being at the mercy of exchange rates or needing to conduct business with local accounts. Daily business operations simply cannot run as smoothly if you are writing checks off an international account. Not only does this delay the process of payment, but can create a stigma on a business in communities where people don't want to deal with "foreigners."
- If someone wants to hide money, chances are he will be able to do so in one fashion or another. People still hide money in coffee cans buried in the back yard. When it comes to offshore bank accounts, money can be hidden in the same fashion as it can in domestic bank accounts -- essentially siphoned through business and trust accounts where the "owner" doesn't own the money. That is money laundering and not legal.
Most offshore accounts require that you declare the assets and interest in your home country (U.S. or EU). A tax adviser can give you the best advice on maintaining your offshore accounts such that you are upholding the law. You will most likely need expatriate status for this. Under most circumstances, it is not legal for a U.S. citizen to open an offshore account. Most of the banks are not reporting the income; therefore, it is up to you to maintain records and do the proper reporting. If you don't and are caught, you can be convicted of tax evas ion. Many people who want to maintain legality will open a business account abroad that then open an offshore bank account. - When your money goes abroad, you are losing federal protection of the FDIC, so be sure you are dealing with a large institution such as HSBC, which is probably the world's largest international bank.
Countries that offer a sense of privacy when opening an account are Switzerland, Bermuda, Bahamas and the Caymans. Swiss banks accounts are known for privacy and protection. The Bahamas are compliant with international banking laws and have strong privacy laws. You can open a Bermuda account through the mail with proper identification supplied. The Caymans are very popular because the banking system is similar to the U.S. and does not report accounts or interest.
评论
first off it's absolutely completely legal for someone (yes, even american citizens) to open offshore accounts. they just must declare those with greater than 10k usd.
secondly, holding money in the name of a corporation offshore is not 'money laundering'
money laundering is the process of 'washing' money that was acquired from a criminal source.
many many companies have offshore accounts, including the people who built that computer you're using, the router your bit are moved through, the company that made the soda you're drinking, and the car that you drive.