Tax Haven Overseas Bank Account

[premiumdesigners]

Anyone ever venture this route? I've been thinking of opening an account overseas, have no idea where to start. I've googled quite a bit but haven't found anything that looks or feels official.

[everlast]

https://entry.credit-suisse.ch/csfs/p/bhs/en/index.jsp

[2005SUBMARINER]

might wana try GRAND CAYMEN ISLANDS

[FasTTaP]

start with a financial advisor ;-)

[cwai02]

I had a CD in Hong Kong, the interest rate is even lower than HSBC online savings that I currently have. I figured it just doesn't worth my time to transfer money around.

4.65% hsbc online savings:

http://www.hsbcdirect.com/1/2/1/offer?code=C0107L06EH

4.75% citi online savings

http://direct.citibank.com/CBOL/06/esaving...m?Promo_ID=CS4H

Edited June 5, 2006 by cwai02

[Pugwash]

Hang on, isn't tax evasion illegal?

[premiumdesigners]

Tax Evasion is illegal yes.

[cib0rgman]

is selling or manufacturing Replica watches Illegal?,

Edited June 5, 2006 by cib0rgman

[ryyannon]

If you're an American citizen, Netbank.com offers very competitive CD placements - but earnings will be reported to the IRS.

Handy if you possess income taxable by the government where you reside (not my case) and building up a dollar deposit which is out of sight from local authorities.

Other than that, Jersey and Guernsey have licensed and trustworthy offshore banking facilities. Opening an account often depends on how much you have - they're generally not interested in nickle and dime deposits, which I presume is not your case.

I'd avoid anything that looks too good but offers no guarantees.

[Craytonic]

I would hire a pro if you have a significant amount of $.

I remember one family member of mine being advised to use cayman islands while she was being sued.

[infinitime]

Credit Suisse would not be interested in you unless you have a minimum portfolio of $1 million dollars... and their fees are shockingly high... for a basic accoutn, annual fees are about $10,000.00. They are designed primarily for people who don't mind paying a small premium to HIDE their money (ill gotten gains perhaps? embezzled funds by some third-world despot? overthrown dictator of small African/South American country?)

I would suggest you just pay your taxes like everyone else, saves you the headache.

[krustybrand]

There are many reasons one would want to move funds offshore. One of which could be an impending divorce, or even a future move overseas. An account in a tax haven will cost roughly $5k annually for administration. You may do anything you wish with the funds once they are in that account, i.e. investments.

Your annual fee covers the account's administration and you usually set it up as an international company with the administrators as the board. A bonus is that even if your money is found by a court, usually there is a clause that prohibits the 'board' from acting on your instructions if those instructions were the result of duress, i.e. a court order. So you can comply with the court's order to repatriate the money but the bank wont do it. You are then free to join your money eventually.

If you care to repatriate some of your money, you can become an employee of your own company and pay yourself. Just declare the income and you're fine. There are drawbacks in that the whole thing can be expensive but you will not pay tax on whatever investment income you gain while your money is offshore.

The real trick is, of course, getting your money offshore in the first place. Suffice to say, where there is a will there is a way - one of which involves crooked stockbrokers, usually a 5% fee is involved. I won't give any furhter information, as it could be construed as counselling to commit tax evasion. What you want is tax avoidance really, not evasion. There is a difference.

[thomasng]

I have a bank account in Hong Kong, but I don't use it to hide money in it, I just use it for convenience since I travel there so often. I have nothing to hide, all my money was gotten legally and taxes were paid on it anyways. Tax evasion- don't do it. Short sweet and simple. Swiss bank accounts aren't what they used to be, they no longer have the anonymity they once did.

[TJGladeRaider]

Since the investigation of financial cases is what I do for a living, it is hard for me not to respond. Let me just say this - ignore what anyone tells you, consult with a professional financial advisor from an accredited firm. and don't even think about any of the silly garbage you see on the net.

Bill

[dadog13]

have you tried the RWG BANK?!!!

[Guest HeWhoIsLikeGod]

there are alot of options the the caribean, but nothing is insured so be wary

[premiumdesigners]

have you tried the RWG BANK?!!!

i have a few CD's as a matter of fact

[jonthebhoy]

Give it to me. I'll look after it for you.

JTB

[jens]

have you tried the RWG BANK?!!!

Have you noticed that there's a tax man here ???!!!

[dadog13]

Have you noticed that there's a tax man here ???!!!

...but this tax man is corrupted....never payed taxes to him...i mean real one...just a few $ of donation and there you go....

[tenacious_b]

I would look into setting up a hybrid Foundation / Trust in Panama. This is one of the most air tight ways to protect your assets and privacy.