Featured Offshore Banking: Is It REALLY Illegal?

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

  1. Admin

    Admin Forum Moderator The Forum Cleaner

    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.


    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:

    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.


    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.


    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.
    hungryit, blueweb, crispgo and 15 others like this.
  2. negon

    negon hannibal the cannibal Mentor Group Business Angel Commercial Service

    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.
  3. AmigoSecret

    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!
    hungryit likes this.
  4. uplana

    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!
    yves and lostguy like this.
  5. Gunter

    Gunter Building Trust Entrepreneur

    It's not illegal to do offshore banking as long as you call your tax man and tell him about it!
    sigurdto, BelizeFinancial and icecold like this.
  6. lostguy

    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.
  7. johnskywalker

    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.
    myshufflemix likes this.
  8. waltercrane

    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 likes this.
  9. yves

    yves Offshore Agent

    As long as you don't hide anything from your tax office it won't be illegal nor will it be if you get audited tax reports for the offshore company holding the account.
  10. johnskywalker

    johnskywalker Well-Known Member

    I agree with you mate. Nothing to worry about if you're doing nothing wrong and as long as you do it the legal and right way.
    sigurdto and BelizeFinancial like this.
  11. shadowcaser

    shadowcaser Active Member

    I'm sure it's a Legal action. Since you use all valid information in the registration. Even with a National ID card.
    myshufflemix and icecold like this.
  12. yves

    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.
    myshufflemix and icecold like this.
  13. johnskywalker

    johnskywalker Well-Known Member

    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
  14. SasxInc

    SasxInc Building Trust Entrepreneur

    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....
  15. Sany zeth

    Sany zeth Well-Known Member

    According to me. it is a myth that having an offshore account is illegal. Anyone can have offshore account.
    BelizeFinancial likes this.
  16. johnskywalker

    johnskywalker Well-Known Member

    I partially agree with you :) I don't think anyone can have offshore account because of the requirements and documents.
    BelizeFinancial and icecold like this.
  17. maiden

    maiden Active Member

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

    johnskywalker Well-Known Member

    Maybe because of the Privacy? If its Hidden from the radar by the government, some people could think its illegal because it is underground.
    maiden likes this.
  19. maiden

    maiden Active Member

    That's why people purchasing them. To protect their privacy. That's the main part of offshore company.
    johnskywalker likes this.
  20. johnskywalker

    johnskywalker Well-Known Member

    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.