Offshore Banking: Is It REALLY Illegal?

Admin

Forum Moderator
Staff member
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.

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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.

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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.
 

negon

hannibal the cannibal
BANNED MEMBER
Entrepreneur
This perfectly outline all the up's and down's of offshore accounts. If you don't try to play games you can really bank anonymously with your account. Only problem is that you won't have luck to hide from the tax auth. if not done correct.
 

AmigoSecret

New Member
My agent told me to keep silence with my setup in Belize but after all the trouble I had so far with documents and stuff I believe it doesn't matter any longer!
 

uplana

Corporate Services
Business Angel
I'm not a believer of illegal activity when it comes to offshore accounts and banks. The problem may only start when pp start taking money home and don't tax it!
 

lostguy

Building Trust
Entrepreneur
No it's not illegal I consulted the tax lawyer and accountant today to ask them what the tax auth. would say f they find out about the Cyprus banking and Belize corp. the problem isn't that big as long as we inform the tax authorities about it.
 

johnskywalker

Well-Known Member
This is a perfect way to shorten that TAX amount you pay on your own country! Your country will just rip you off and its only a matter of time until some evil mind would make a way just to make sure Offshore banking will be lost since its gonna affect their economy.
 

waltercrane

Active Member
I agree with your statement admin. Offshore banking is not illegal at all.. We open it with a legal way though
 

yves

Offshore Agent
True. The problem is that most are thinking they have a anonymous bank account and even anonymous debit card because that's what they have been informed about with their agent. This is so damn wrong today 2016 there is nothing like anonymous debit card or bank account from a real bank any longer! Everything is almost transparent and forwarded to the tax man locally.

The only anonymous payment and receiving methods I know about are BitCoin, Payoneer, Skrill and Neteller. I do hope more will come but until then your options are limited.
 

johnskywalker

Well-Known Member
True. The problem is that most are thinking they have a anonymous bank account and even anonymous debit card because that's what they have been informed about with their agent. This is so damn wrong today 2016 there is nothing like anonymous debit card or bank account from a real bank any longer! Everything is almost transparent and forwarded to the tax man locally.

The only anonymous payment and receiving methods I know about are BitCoin, Payoneer, Skrill and Neteller. I do hope more will come but until then your options are limited.
That's why I do like to use Bitcoin nowadays and its getting much bigger than before. I invested last year and to my surprise my bitcoin currency exchange grew to almost a double amount. Its also safe and secure and the most important thing is they charge a small amount of fee
 

SasxInc

Building Trust
Entrepreneur
True. The problem is that most are thinking they have a anonymous bank account and even anonymous debit card because that's what they have been informed about with their agent. This is so damn wrong today 2016 there is nothing like anonymous debit card or bank account from a real bank any longer! Everything is almost transparent and forwarded to the tax man locally.

The only anonymous payment and receiving methods I know about are BitCoin, Payoneer, Skrill and Neteller. I do hope more will come but until then your options are limited.
Yes, you are damn correct. I don't understand why agent take this propaganda to make us think as offshore banking is not legal & play hide hide game....
 

maiden

Active Member
I have no idea how can peoples say this offshore banking is an illegal action. In which part is it illegal?
 

johnskywalker

Well-Known Member
I have no idea how can peoples say this offshore banking is an illegal action. In which part is it illegal?
Maybe because of the Privacy? If its Hidden from the radar by the government, some people could think its illegal because it is underground.
 

johnskywalker

Well-Known Member
That's why people purchasing them. To protect their privacy. That's the main part of offshore company.
I agree with you, aside from lower tax rate that these accounts needs to pay, the privacy is phenomenal. The government just can't take the fact that they can't spy on everyone. Especially with the US governement.
 
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