opening offshore bank account

[donald bathe]

do citizens for the following countries have to declare offshore bank accounts? united states, canada, australia, new zealand, united kingdom, and ireland and if so, what if someone kept an offshore bank account secret, how would the government find out about it then? what about citizens of many third world countries, how do they differ compared to these first world nations as far as reporting offshore bank accounts? i only ask because it seems as though when hackers who steal MILLIONS of dollars and assuming that the money winds up in offshore bank accounts, that they are citizens of third world nations or in someway are living in a third world nation thus dont have to report or follow stringent/strict first world nations compliance laws......... am i right in saying this? why is it that these hackers always seem to be located in russia or china or some other non first world nation when they steal MILLIONS of dollars assuming that the money winds up in offshore bank accounts? these hackers are never from the countries that i specifically mentioned much less live in those countries, im seeing a pattern here. why is it that the money trail is much easier to lose in third world countries than it is in first world countries like the ones mentioned assuming that the stolen money has been deposited in offshore bank accounts? can an offshore bank guru/geek please tell me. rsvp. thank you. p.s. do all other countries other than united states specifically mentioned have FATCA rules/laws in compliance?

 

[JohnLocke]

do citizens for the following countries have to declare offshore bank accounts? united states, canada, australia, new zealand, united kingdom, and ireland and if so, what if someone kept an offshore bank account secret, how would the government find out about it then?

The problem will be to keep it secret because most often you will have to provide your name and address together with documents like passport copy and utility bill, once delivered to the bank they can be forced to forward your information to your country.

 

[john jackson]

The problem will be to keep it secret because most often you will have to provide your name and address together with documents like passport copy and utility bill, once delivered to the bank they can be forced to forward your information to your country.

what if someone is not yet but gonna become a permanent resident of any of those countries assuming that the money has been deposited before acquiring permanent resident status, will they still obtain this information in the end? rsvp.

 

[JohnLocke]

It depends on the countries tax policy. For instant in some countries you don't have to pay tax from money you take into the country if you have been abroad fro at least 2 years. So in the case you setup, you won't pay any tax.

 

[negon]

It depends on the countries tax policy. For instant in some countries you don't have to pay tax from money you take into the country if you have been abroad fro at least 2 years. So in the case you setup, you won't pay any tax.

I agree with Admin on this point... if you have made the money before you get a permanent citizen of any country it should not be taxed, however, I would consult a professional in the country in question before I move there perma.

 

[lastchance]

What is the minimum budget to setup this?

 

[Emirates]

Point is that you need lots of money and this is not a setup for small investors or businesses that seek tax privacy. You need to be a big player with lots of money to get save now a days.

 

[JohnLocke]

Point is that you need lots of money and this is not a setup for small investors or businesses that seek tax privacy. You need to be a big player with lots of money to get save now a days.

Even with lots of money and a great ane expensive setup there is a risk you get cought. There is always a risk. You may consider to move out of the country and to a more tax friendly country.

 

[Emirates]

Moving out of the country and take on a new residential address is always no.1