Featured Is Opening My Own Offshore Account Illegal?

Discussion in 'Offshore Company & Bank Account Guides' started by Admin, Jun 16, 2016.

  1. Admin

    Admin Forum Moderator The Forum Cleaner


    Contrary to popular belief, you won’t get in trouble with the law for opening your own offshore bank account to transfer some or most off your assets there.

    The process can get very complex however and if you don’t follow the set rules and regulations you may face some serious consequences. Misconceptions surrounding offshore banking are further fuel by criminal activity in the form of high stake tax evasions and money laundering lawsuits. So in truth, the only way for offshore banking to be considered criminal is if you intend it to be. Other than that, it gives you loads of benefits.


    Offshore banking is actually a very lucrative industry which contributes greatly to the progress of international economy. Apart from this, it offers a lots of benefits for you as an individual.

    Here are some of the advantages of opening your own offshore bank account:
    1. Secure funds during political turmoil
    This is perhaps the main reason why most individuals prefer to open offshore bank accounts. Since your assets have been secured outside the country, it limits the risk of having them diluted by a government that is going through a recession. It affords you financial security in times of crisis.

    2. Reliable banking systems
    Offshore banks are governed by a strict international justice system which facilitates a more conservative system. Trust that your assets will not be gambled away.

    3. Protection of valuable assets
    Having your assets transferred to a foreign account makes you a less attractive target for ill-repute organizations or an overzealous government to seize or freeze your assets.

    4. Diversification of currency
    When you have foreign currency, makes you a more powerful foreign buyer, expand your portfolio threat and at the same time have your savings internationalized.

    5. High interest rates
    This speaks for itself. You benefit from higher returns for your foreign deposits.

    6. Allows you access to foreign medical care
    In the event you cannot procure medical care in your country, having foreign accounts affords you access to medical assistance abroad.

    7. Gives you more privacy
    This is both a benefit and a slippery slope for some. Certain provisos give you the option of not reporting you assets for taxation. Remember to always consult your tax advisor regarding the extent and limitations of asset declarations.

    8. More Freedom
    Offshore banking gives you a host of banking options. It puts more control in your hands.


    With plenty of available options and benefits, offshore banking may be your best bet to getting proper security and protection for your funds or valuable property. It affords you more control unlike domestic banking systems that prove to be too restrictive particularly now when local governments are becoming more and more fraught with peril. Offshore banking is not a luxury it’s a necessity in today’s economic climate.
    hungryit, bonox, ImKing and 17 others like this.
  2. uplana

    uplana Corporate Services Business Angel

    That's exactly why we started to open our first offshore account in 2010 and have extended our network of offshore banks instantly to avoid any troubles.
  3. Gunter

    Gunter Building Trust Entrepreneur

    There is nothing illegal in this activity as long as you either keep quiet or you inform your tax auth. about it. Before you do so you may want to consult a accountant or tax lawyer that can help you to describe the business and why it needs an offshore account.
    employme likes this.
  4. lostguy

    lostguy Building Trust Entrepreneur

    Thanks for sharing your information I was always wondering it it's considered illegal activity to own and operate an offshore entity and offshore accounts!
  5. waltercrane

    waltercrane Active Member

    Thank you for the info. Actually I don't get it what people still thinks opening offshore account is an illegal action.
    hungryit, ImKing, GoGoldPro and 2 others like this.
  6. yves

    yves Offshore Agent

    No it's not illegal you just need to get control of the account and if required you let your tax office know about your offshore bank account!
    ImKing, moneytreasury and SasxInc like this.
  7. shadowcaser

    shadowcaser Active Member

    I'm very sure it's a legal action to opening an offshore bank account. Since we also pay their taxes.
    zohoman and employme like this.
  8. Sany zeth

    Sany zeth Well-Known Member

    i think it depends on government rules of that country to decide whether it is a crime to have an offshore account or not
    sinmaster, burden and employme like this.
  9. Jack Dui

    Jack Dui Building Trust Entrepreneur

    Offshore banking itself isn't illegal but there have questions, are you doing everything legally, if your purpose is legal then no one can tell it illegal.
  10. maiden

    maiden Active Member

    Surely it isn't criminal things. If it's a criminal action, then why do they still available until now?
    happyjohn likes this.
  11. erzascarlet

    erzascarlet Active Member

    I don't think it's a criminal action. Since we do pay tax and use a valid information during the registration.
    happyjohn, vitomerchant and SasxInc like this.
  12. employme

    employme Active Member

    No it's no a criminal action according to my lawyer :) What he said was that you have to let our tax office know about the offshore account and good is.
    vitomerchant, SasxInc and burden like this.
  13. SasxInc

    SasxInc Building Trust Entrepreneur

    I dont think it is a criminal act or illegal as i'm investing my own money that i earned by hardwork. It's my fundamental right to make my money safe and secured.
    burden likes this.
  14. icecold

    icecold Trusted Member Business Angel

    I just googled for this topic and found this great forum. Thanks guys... awesome information that's found here!
  15. erzascarlet

    erzascarlet Active Member

    There's a lot more information around here bro. Just keep reading them. They all precious to read.
    zohoman likes this.
  16. johnskywalker

    johnskywalker Well-Known Member

    It never crossed my mind that it could become illegal since opening an Offshore account is already a legal activity.

    8. More Freedom
    Offshore banking gives you a host of banking options. It puts more control in your hands.

    I like this one. Freedom is the best thing on earth as long as you don't abuse it.
  17. deadpool

    deadpool Building Trust Entrepreneur

    The very first advantage makes offshore all attractive for me - 1.Secure funds during political turmoil
    sinmaster likes this.
  18. Anton

    Anton Building Trust Entrepreneur

    I love my freedom and I will always make a fight for it! Nobody can touch what's mine.
    sinmaster likes this.
  19. burden

    burden Member

    In Romania they don't ask if you have an offshore bank account or if you are doing business anywhere. If they ask you stick them €300 and they shut up. For us here it's all about to get a secure place for our business.
  20. Brittni657

    Brittni657 Member

    its not illegal but most of the black money is stored in those accounts or else why would one open acccount in those banks?