australia/new zealand

[donald bathe]

if someone who lives in australia or new zealand who is not a citizen of those countries but only a legal resident allowed to have an offshore bank account or not? if so, what are the requirements then in that case? is living in australia or new zealand just like in the united states or canada? i know that the united states is among the strictest in the world but not sure about australia and new zealand? i know that legal residents of the united states cannot hide secret offshore bank accounts from uncle sam! not sure though if its the same deal with canada, australia, and new zealand..............? would someone happen to know? i would like for a offshore guru/geek to please tell me. thank you.

 

[mnschwarz]

if someone who lives in australia or new zealand who is not a citizen of those countries but only a legal resident allowed to have an offshore bank account or not? if so, what are the requirements then in that case? is living in australia or new zealand just like in the united states or canada? i know that the united states is among the strictest in the world but not sure about australia and new zealand? i know that legal residents of the united states cannot hide secret offshore bank accounts from uncle sam! not sure though if its the same deal with canada, australia, and new zealand..............? would someone happen to know? i would like for a offshore guru/geek to please tell me. thank you.

There is nothing illegal about having an offshore bank account. Even if you're from US it's perfectly legal. What is illegal is hiding assets and tax evasion. The US requires a declaration of your offshore assets. Australia and pretty much all countries except US actually, require a declaration of taxable income. For countries that tax residents on worldwide income, like Oz, you declare the income you earn offshore and pay tax on it. If you have a bank account offshore that earns no interest and receives no income, you never need to tell the ATO about it.

As for bank requirements, that's up to each individual bank. Some won't accept non-residents. Some will.

 

[donald bathe]

then how do hackers and offshore banks work together then with all of this red tape? mumbo jumbo? rsvp.

There is nothing illegal about having an offshore bank account. Even if you're from US it's perfectly legal. What is illegal is hiding assets and tax evasion. The US requires a declaration of your offshore assets. Australia and pretty much all countries except US actually, require a declaration of taxable income. For countries that tax residents on worldwide income, like Oz, you declare the income you earn offshore and pay tax on it. If you have a bank account offshore that earns no interest and receives no income, you never need to tell the ATO about it.

As for bank requirements, that's up to each individual bank. Some won't accept non-residents. Some will.

 

[mnschwarz]

then how do hackers and offshore banks work together then with all of this red tape? mumbo jumbo? rsvp.

You'll have to be a bit more specific. What hackers, red tape and mumbo jumbo are you referring to?

 

[donald bathe]

well i could give you some links to be more specific but i was reading an article online where it said that hackers who steal in the MILLIONS of dollars sometimes when they deposit the money into various offshore bank accounts a sum of money is given to the banking personnel and everyone stays quiet about the legality of the situation. would you like the links? rsvp.

You'll have to be a bit more specific. What hackers, red tape and mumbo jumbo are you referring to?

 

[mnschwarz]

well i could give you some links to be more specific but i was reading an article online where it said that hackers who steal in the MILLIONS of dollars sometimes when they deposit the money into various offshore bank accounts a sum of money is given to the banking personnel and everyone stays quiet about the legality of the situation. would you like the links? rsvp.

I think that's a bit outside the scope of this forum's purpose. However, corruption is definitely an issue in some countries but wether or not this is being used, I couldn't say. I find it hard to believe a bank worth 100's of millions or billions would take such a risk for a small payoff.

Majority of banks also rely on the KYC information. They don't screen every single transfer that comes and goes. If I transferred $10 million in to my account tomorrow (or in small amounts or multiple accounts if the bank has restrictions), the amount would be credited. I can then walk in to the bank, close the account and withdraw it in cash after which is gets very hard to trace. The authorities would be able to easily trace it back to that bank however (which is also why I doubt corruption is involved) and would get that clients information. It's usually up to the owner of the funds and their bank to provide security, not the receiving bank.

 

[donald bathe]

well i can cite my sources and give you the articles if you dont believe me. rsvp. not a problem.

I think that's a bit outside the scope of this forum's purpose. However, corruption is definitely an issue in some countries but wether or not this is being used, I couldn't say. I find it hard to believe a bank worth 100's of millions or billions would take such a risk for a small payoff.

Majority of banks also rely on the KYC information. They don't screen every single transfer that comes and goes. If I transferred $10 million in to my account tomorrow (or in small amounts or multiple accounts if the bank has restrictions), the amount would be credited. I can then walk in to the bank, close the account and withdraw it in cash after which is gets very hard to trace. The authorities would be able to easily trace it back to that bank however (which is also why I doubt corruption is involved) and would get that clients information. It's usually up to the owner of the funds and their bank to provide security, not the receiving bank.

 

[mnschwarz]

well i can cite my sources and give you the articles if you dont believe me. rsvp. not a problem.

You can link them if you like. However not everything you read online is factual, accurate or complete. And if it was you wouldn't need to ask more about it I'd guess. Even if it is the case, what is your point? I've answered your question regarding the declaring requirements in my first reply.

 

[donald bathe]

because i merely want your opinion in this case? Dirty money: How hackers interact with banks

Hackers Steal $1bn From World Banks In 'Most Sophisticated Attack Ever' | HuffPost UK

just please read the articles please and tell me what you think? rsvp.

You can link them if you like. However not everything you read online is factual, accurate or complete. And if it was you wouldn't need to ask more about it I'd guess. Even if it is the case, what is your point? I've answered your question regarding the declaring requirements in my first reply.

 

[mnschwarz]

because i merely want your opinion in this case? Dirty money: How hackers interact with banks

Hackers Steal $1bn From World Banks In 'Most Sophisticated Attack Ever' | HuffPost UK

just please read the articles please and tell me what you think? rsvp.

Sounds like typical news agencies exaggerating and selling hype. I don't doubt it happened. But they blow it way out of proportion. Read between the lines. They state themselves "Apparently, Bangladesh Bank had a very outdated security system that didn't even have any firewalls protecting data. It's very possible that the hackers simply breached this network, rooted around and found the SWIFT credentials that they needed. "

As for what they do with the cash after they have it, these news agencies have no way of knowing. Everything after that point is mere hearsay. And as I mentioned, once it's in cash, its very hard to trace. It's extremely common news regarding the offshore world and one of the reasons the majority of people incorrectly believe banking offshore is illegal. Don't rely on news for your facts. Speak to professionals and ignore this nonsense.

 

[donald bathe]

so if the hackers dont deposit the stolen money into offshore bank accounts then, where do they store it then? 25 million dollar question. rsvp.

Sounds like typical news agencies exaggerating and selling hype. I don't doubt it happened. But they blow it way out of proportion. Read between the lines. They state themselves "Apparently, Bangladesh Bank had a very outdated security system that didn't even have any firewalls protecting data. It's very possible that the hackers simply breached this network, rooted around and found the SWIFT credentials that they needed. "

As for what they do with the cash after they have it, these news agencies have no way of knowing. Everything after that point is mere hearsay. And as I mentioned, once it's in cash, its very hard to trace. It's extremely common news regarding the offshore world and one of the reasons the majority of people incorrectly believe banking offshore is illegal. Don't rely on news for your facts. Speak to professionals and ignore this nonsense.

 

[mnschwarz]

so if the hackers dont deposit the stolen money into offshore bank accounts then, where do they store it then? 25 million dollar question. rsvp.

First I have to ask, what on earth is this rsvp you keep saying?
Secondly, no one said they don't use offshore accounts. Or even local bank accounts. It doesn't matter once the money is clean. Think about it, if you are a legitimate businessman operating a cash business, do you think banks will turn you away? Of course not. You might get some extra questions and asked for proof of course but thats it. "Here you go sir banker. Here's the 81 million dollar receipt I cashed in as the casino last night."

 

[donald bathe]

so then what youre saying is that hackers simply dont deposit the money into offshore bank accounts without arousing suspicion then?

First I have to ask, what on earth is this rsvp you keep saying?
Secondly, no one said they don't use offshore accounts. Or even local bank accounts. It doesn't matter once the money is clean. Think about it, if you are a legitimate businessman operating a cash business, do you think banks will turn you away? Of course not. You might get some extra questions and asked for proof of course but thats it. "Here you go sir banker. Here's the 81 million dollar receipt I cashed in as the casino last night."

 

[mnschwarz]

so then what youre saying is that hackers simply dont deposit the money into offshore bank accounts without arousing suspicion then?

I'll be sure to let you know exactly what they do next time I have beers with such a sophisticated criminal enterprise. In the meantime however, try not to lose too much sleep on it. Unless you have $81mil you need cleaned in a hurry. Then send me a PM hah.

 

[donald bathe]

what about diversifying? assuming someones net worth is in the millions? rsvp

I'll be sure to let you know exactly what they do next time I have beers with such a sophisticated criminal enterprise. In the meantime however, try not to lose too much sleep on it. Unless you have $81mil you need cleaned in a hurry. Then send me a PM hah.

 

[mnschwarz]

what about diversifying? assuming someones net worth is in the millions? rsvp

Mate your questions seem to extremely varied like you're doing basic research. I would suggest you do some more googling and your own research before you start posting questions on the forum. Let us know when you have specific questions that relate to you, your situation and you personally need advice on. And as a final response to your last question, diversifying is an important part of any asset portfolio wether you have millions or only thousands. It's basic risk management.

 

[donald bathe]

when you kind of agree with me about diversification, what does diversification really mean? lets say someones net worth is like 200 million dollars and they would like to deposit most of their money in offshore bank accounts, how would they go about diversifying if the status pro quo was adequate in your opinion? kindly reply back. thanks.

Mate your questions seem to extremely varied like you're doing basic research. I would suggest you do some more googling and your own research before you start posting questions on the forum. Let us know when you have specific questions that relate to you, your situation and you personally need advice on. And as a final response to your last question, diversifying is an important part of any asset portfolio wether you have millions or only thousands. It's basic risk management.