THERE IS NOTHING INHERETLY ILLEGAL ABOUT OFFSHORE BANKING
Most of the stigma that surrounds offshore banking is attributed to questionable personalities who use it as an avenue to hide their illegally sequestered funds, wealth or taxable property and/or to evade paying high taxes that come with having great assets. Transferring funds to holding companies outside your country of residence is not technically considered an immoral or illegal act despite that fact that its existence might have been inspired by these unlawful activities in the first place.
It is not criminal to open offshore accounts if you yourself do not intend them to be. Howver, it does entail bad business not necessarily for you but for local banks and local governments who would miss out on turning in profits from you through service or taxation. In reality, they are the ones who suffer most from both legitimate and illegitimate offshore dealings. On the flip side, they desire that the bad publicity attached to opening offshore accounts remain to dissuade locals from taking their finances elsewhere.
WHEN IS OFFSHORE BANKING TRULY ILLEGAL?
People are quick to assume the worst when it comes to offshore banking. Be prepared to be monitored for suspicious activity at all times. But if your intensions and means for opening offshore account are found to be legally sound then you have no reason to worry.
So, when is offshore banking considered unlawful? When they are used for the following purposes:
1. TAX EVASION
It is dangerously easy to opt out of declaring your offshore accounts. They are not found within your country of residence and therefore very easy to keep them under wraps else risk having them open to scrutiny and taxation. But if you think it is equally easy not get found out then you’re wrong. More and more efforts are dedicated to prevent this illegal practice from happening since they have occurred one too many times in the past. You are obligated to declare your assets whether they are in foreign territory and pay the commensurate taxes for them in the country in which you reside. If you intend to open an offshore account to hide your assets and commit tax evasion then you are committing a criminal offense, which is punishable by law.
2. MONEY LAUNDERING
Offshore banking, unfortunately, is a very effective means to commit money laundering, which is also a grave criminal offense. People whom have their funds that have been obtained illegally, whom use this money to open offshore accounts in foreign territory to make them appear ‘legitimate again’ is what gives offshore banking such a negative reputation.
WHY YOU SHOULD NOT DISREGARD OFFSHORE BANKING
It is a legal and wholly legitimate financial option for those whom would like to insure themselves with the means in the event a government dispute or recession occurs. Placing your assets in foreign lands is actually very good for the international economy. It’s what makes international business to thrive. Global money transfer will never be considered criminal and offers you a host of financial benefits. Just make sure you do it right.
Most of the stigma that surrounds offshore banking is attributed to questionable personalities who use it as an avenue to hide their illegally sequestered funds, wealth or taxable property and/or to evade paying high taxes that come with having great assets. Transferring funds to holding companies outside your country of residence is not technically considered an immoral or illegal act despite that fact that its existence might have been inspired by these unlawful activities in the first place.
It is not criminal to open offshore accounts if you yourself do not intend them to be. Howver, it does entail bad business not necessarily for you but for local banks and local governments who would miss out on turning in profits from you through service or taxation. In reality, they are the ones who suffer most from both legitimate and illegitimate offshore dealings. On the flip side, they desire that the bad publicity attached to opening offshore accounts remain to dissuade locals from taking their finances elsewhere.
WHEN IS OFFSHORE BANKING TRULY ILLEGAL?
People are quick to assume the worst when it comes to offshore banking. Be prepared to be monitored for suspicious activity at all times. But if your intensions and means for opening offshore account are found to be legally sound then you have no reason to worry.
So, when is offshore banking considered unlawful? When they are used for the following purposes:
1. TAX EVASION
It is dangerously easy to opt out of declaring your offshore accounts. They are not found within your country of residence and therefore very easy to keep them under wraps else risk having them open to scrutiny and taxation. But if you think it is equally easy not get found out then you’re wrong. More and more efforts are dedicated to prevent this illegal practice from happening since they have occurred one too many times in the past. You are obligated to declare your assets whether they are in foreign territory and pay the commensurate taxes for them in the country in which you reside. If you intend to open an offshore account to hide your assets and commit tax evasion then you are committing a criminal offense, which is punishable by law.
2. MONEY LAUNDERING
Offshore banking, unfortunately, is a very effective means to commit money laundering, which is also a grave criminal offense. People whom have their funds that have been obtained illegally, whom use this money to open offshore accounts in foreign territory to make them appear ‘legitimate again’ is what gives offshore banking such a negative reputation.
WHY YOU SHOULD NOT DISREGARD OFFSHORE BANKING
It is a legal and wholly legitimate financial option for those whom would like to insure themselves with the means in the event a government dispute or recession occurs. Placing your assets in foreign lands is actually very good for the international economy. It’s what makes international business to thrive. Global money transfer will never be considered criminal and offers you a host of financial benefits. Just make sure you do it right.
I don't think anyone can have offshore account because of the requirements and documents.
