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Is Opening My Own Offshore Account Illegal?

IT ISN’T CRIMINAL TO HAVE AN OFFSHORE BANK ACCOUNT

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.

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WHY DO MOST PEOPLE OPT TO MANAGE THEIR FINANCES OFFSHORE?
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.

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FOR MORE FINANCIAL SECURITY AND CONTROL OVER YOUR ASSETS, OPEN AN OFFSHORE ACCOUNT NOW.
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.
 
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.
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.
 
The only thing one really need to be aware of is to let your tax office know about the account or make sure that they never find out what you are doing.
 
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 ;)
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!
 
Despite the fact it is not illegal I would use some anonymous setup where I at least use VPN / VPS to setup my offshore account. I would also not open a personal account but only open a business account.
 

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