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Started By
Message
Carribean Accounts/Offshore Accounts
Posted on 9/7/15 at 8:22 am
Posted on 9/7/15 at 8:22 am
Has anyone ever set up an offshore account? Or have a "friend" have one? You always see it it in the movies and wasn't sure if normal joe's actually do this
Posted on 9/7/15 at 8:44 am to D.B.Cooper
quote:
Has anyone ever set up an offshore account? Or have a "friend" have one? You always see it it in the movies and wasn't sure if normal joe's actually do this
No, it's not normal. Unless you are doing some truly shady shite, an offshore account isn't going to help you out too much. Unless you are in insanely specific situations, you're being taxed on earnings and once it's taxed, why would you bother moving the cash out of country.
If you're running a cash heavy business and are trying to hide earnings, putting them in any bank would probably not be the best idea as it creates a paper trail. Any auditor will tell you, existence is by far the hardest thing to prove/disprove.
This post was edited on 9/7/15 at 8:45 am
Posted on 9/7/15 at 9:02 am to Jcorye1
There couldn't be a better username to start this thread.
Posted on 9/7/15 at 10:02 pm to D.B.Cooper
I tried once and bailed out. The [Cayman] lawyers will fee you to death and the yearly fees to maintain the account are steep. Unless you have boatloads of money where the fees would be relatively insignificant, keep it here.
Posted on 9/8/15 at 1:59 am to D.B.Cooper
quote:
Has anyone ever set up an offshore account?
If by "offshore" you mean simply not in the USA then yes. However they are of little value as tax dodges anymore as the US government has basically made every country capitulate to turning over all info on US citizens accounts.
The FATCA has made most overseas accounts useless as hiding places for cash.
Edit for sp
This post was edited on 9/8/15 at 2:01 am
Posted on 9/8/15 at 10:39 am to D.B.Cooper
You have enough assets where you need to hide them offshore but are relying on Tiger Droppings for financial advice? I would discuss with a financial advisor and lawyer prior to doing so...
Posted on 9/8/15 at 1:10 pm to cave canem
quote:
he FATCA has made most overseas accounts useless as hiding places for cash.
The work foreign banks have to do for US account holders because of FATCA means most foreign banks won't even consider Americans for accounts unless you have several million dollars. And sadly I don't know this from personal experience.
This post was edited on 9/8/15 at 1:11 pm
Posted on 9/8/15 at 2:09 pm to D.B.Cooper
Back before the feds got serious about offshore accounts, I saw some. I had a client that had one that I had NO idea about, this was 5-6 years ago. His attorney didn't know about it either for a while. One day when the man was getting close to death, I got a call from the attorney who told me she had just found out a week before. The guy was incredibly wealthy and had set up a couple of Swiss UBS accounts about 20 years prior. He apparently had requested no paper statements ever be sent to anyone. His name was not on any of the paperwork, except for a single 20 something year old document that assigned him a random identification number.
All of my clients that have offshore accounts either live offshore of have significant business interests offshore that it makes sense to have an account. For example, I have a French national who lives and works here, but owns 6 rental properties in Paris and maintains a bank account at a French bank to handle income and expense for those properties.
All of my clients that have offshore accounts either live offshore of have significant business interests offshore that it makes sense to have an account. For example, I have a French national who lives and works here, but owns 6 rental properties in Paris and maintains a bank account at a French bank to handle income and expense for those properties.
Posted on 9/8/15 at 6:59 pm to D.B.Cooper
Has that Ashley Madison thing got you considering your options?
Posted on 9/8/15 at 7:46 pm to Jag_Warrior
haha.
I'm not looking to actually set one up just was curious on the subject. I was not looking for financial advice.
I liked LSUFanHouston's story. That's what I was looking for.
I'm not looking to actually set one up just was curious on the subject. I was not looking for financial advice.
I liked LSUFanHouston's story. That's what I was looking for.
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