I never thought about it before I read all this here. It's not illegal to have an offshore account as far as I know.
This could actually be one of the major reasons for expats or people in 3rd world to open an offshore account with one of the major banks in the world.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.
Like I said before in some threads, offshore banking has its place in legal structure. There are legitimate purposes associated with it.A friend of mine told me that when I'm going and setup an offshore company with bank account it is illegal and I will risk prison or at least high penalty. But you say no it's not the case. What shall I believe?
This is something new to me. I didn't know that withdrawing money from the offshore bank account was illegal if you don't inform the tax office first. Thank you for the informationIt has never been illegal to own a offshore bank account, only to withdraw Money without to inform your tax office about it!
If you don't do, make sure you don't have your own name on any of the documents. Use an dead south american from Mexico or Brazil!No it is not illegal as many already have said and as this initial post already explain. You can have as many offshore companies and offshore bank accounts as you like just make sure you inform your local tax office about it if you want to stay legal