| Offshore banking is predominately for
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| | in place but offshore countries like
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| spies and criminals -- This is
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| | Panama do NOT have a tax treaty with
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| misinformation spread by those who don't
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| | anyone. In fact they have bank secrecy
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| want you to take your money out of there
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| | laws on their books to prevent this kind
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| control. Today, with the MLAT treaty in
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| | of information sharing.
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| place, criminals and spies can't make
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| | Its hard to manage a bank account
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| much use of offshore bank accounts. Today
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| | offshore secretly. -- Today all the major
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| most of the offshore money is actually
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| | banks allow you to do your banking online
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| deposited by fortune 500 companies
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| | using encrypted communications. Offshore
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| protecting their assets and planning
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| | banks are no exception. Online banking a
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| their operations for maximum tax benefit.
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| | common feature of an offshore bank
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| Offshore banking is too complex for the
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| | account. In fact, you can even send a
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| average person -- Nothing could be
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| | bank wire using your offshore bank
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| farther from the truth. All the
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| | account. This is a service many onshore
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| complicated work is done by your offshore
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| | banks don't have.
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| professional and only takes about a week
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| | A court can order me to bring back the
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| to complete. Typically an offshore setup
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| | money -- If you are in a lawsuit already,
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| includes a bearer share corporation. The
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| | and you move the money offshore, you must
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| combination of a bearer share company and
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| | be careful under what circumstances. This
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| an offshore bank account is roughly
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| | will be considered a fraudulent
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| equivalent to the old numbered swiss bank
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| | conveyance. If, however, you take the
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| accounts of the past.
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| | money offshore before a lawsuit starts,
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| Offshore bank accounts are only for rich
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| | and say donate the money to an offshore
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| people. -- A typical offshore package is
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| | foundation, the money is not legally
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| less than $2000USD to setup. Once in
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| | yours anymore. The judge cannot force you
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| place an offshore bank account and
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| | do something illegal. If the money is not
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| offshore company are the basis for a rock
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| | yours he cannot order you to go and get
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| solid asset protection and tax plan.
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| | it!
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| 9/11 has weakened bank secrecy -- This is
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| | Someone will be able to track the money
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| certainly true onshore! Even though
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| | to its offshore destination -- It is true
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| pretty much all the offshore countries
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| | that if you send a wire to an offshore
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| are now in the MLAT treaty, this has not
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| | bank their will be a trail. This is
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| weakened bank secrecy unless the matter
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| | avoided by first wiring the money to
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| is criminal in nature. Even at that the
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| | another offshore bank usually in another
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| issue must a crime in both countries. In
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| | offshore haven. For example, the money is
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| Panama, for example, tax evasion is not a
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| | wired to a bank account located in Belize
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| crime. As such a MLAT request for
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| | and then wired again from Belize to
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| information based on a tax evasion case
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| | Panama. Now someone would have to break
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| would be flatly denied by the Panama
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| | Belize bank secrecy to even know what
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| government.
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| | country the money is now in. This is very
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| You must visit the offshore jurisdiction
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| | strong security.
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| to open a bank account -- This is the
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| | I can use my offshore account do do the
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| case with some Swiss banks. Without an
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| | same things I do with on local personal
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| introduction in some offshore
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| | bank account - This is true except for
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| jurisdictions you can't get a bank
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| | one feature. You cannot pay bills online
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| account. Many banks in Panama work in
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| | in most offshore jurisdictions. Actually
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| this way. Fortunately, your offshore
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| | some banks have this feature but it will
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| professional can provide the introduction
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| | not apply to your local country.
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| necessary. Most clients don't even
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| | International bill payment is not offered
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| realize this is taking place in the
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| | by any bank I know of. Also this would
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| background. They simply place their order
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| | likely not be a wise action anyway.
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| and in a matter of a week or so they have
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| | Typically money kept offshore is not
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| an offshore corporation and bank account.
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| | intended for day to day payments. Having
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| Bank secrecy is useless now that all the
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| | said that, many offshore clients carry a
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| offshore jurisdictions are in the MLAT
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| | bank card that they can use to withdraw
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| (Mutual Legal Assistance Treaty). -- If
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| | cash anywhere in the world. Of course the
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| you are a criminal there is some merit to
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| | bank card does not have their name on it
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| this statement. If you are not a
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| | or tie to them.
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| criminal, but just someone trying to
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| | Americans, Canadians, and Europeans can't
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| protect your money this statement is
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| | own an offshore account legally -- This
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| false. For an MLAT request to be honored,
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| | is totally false. This mis perception is
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| it must be based on a crime in BOTH
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| | based on the fact that these
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| countries. If the offshore country
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| | jurisdictions now require an individual
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| doesn't consider the activity a crime,
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| | to report his/her worldwide income.
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| they will NOT comply with the request. A
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| | Offshore bank accounts almost always come
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| great example is tax evasion. This is a
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| | with a bearer share corporation or a
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| crime in countries like the USA and
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| | foundation, which means the individual
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| Canada but in countries like Panama for
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| | does not legally own the money. When the
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| instance it is not a crime. MLAT requests
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| | money is paid from the corporation to the
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| for tax evasion are simply denied.
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| | individual then it becomes taxable
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| All the countries share tax information
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| | income.
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| now. -- Many tax treaties have been put
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|
