Hi has anyone here successfully setup an offshore bank account online that they would recommend? I have only found 2 places I might be interested in getting http://www.offshorelegal.org/ or http://belizetaxhaven.com/.
I can vouch for offshorelegal.org. It is a licensed law firm in Panama run by real people providing real services. Best of luck with your search.
If you declare the income of the interest on a tax return its completely legal and in some other cases even when you don't always declare its legal. Its illegal if you are putting money in an offshore account with the intention of bypassing your legal obligations of the country you are in on paying taxes on your income. So the answer is yes and no its legal but could be illegal.
I am a member of http://bahamas.vrgroup.com and one of the benefits is having access to an offshore bank account. Go to my blog http://offshoreinvestmentopportunities.blogspot.com and read about it. Do some research then make an informed decision.
Maybe you should try Bradford & Bingley International located in Isle of Man. Application should be an easy process as it can be done online and you only need to followup with supporting documents later part. I have a friend who managed to get it but not for me as I couldn't afford it. Note: I'm not in any way affliated to it. http://www.bbi.co.im/
Isle of Man are not offshore. They share information if asked. If anyone is interested in Offshore Banking check the site I work for, I can offer a discount to anyone.
I know there are a lot of people in the forum that are not American. For those of you who aren't, do you realize you can incorporate in Nevada or Delaware and open a U.S. business bank account as well as long as you have an EIN with the company. It's also possible to link your bank account to a non-third party merchant services (that will accept gaming, adult, and pharmas). It's a good solution if you're not a U.S. resident. If you want help with this I can provide a solution - we do everything, including getting your EIN number, as long as you can provide the necessary documentation. If you are a U.S. resident then it's still possible AND affordable to go truly offshore.
Offshore bank accounts are legal, illegal is if you do not report what you ahve to in your country of residence
Thats true, but you don't take yourself down to the police station every time you go over the speed limit and report yourself. Only report what you have to. The trick is knowing what to report and what not to report. Thats where you need proper tax advice ot from a regular accountant becasue they will just read from the tax book, you need advice from a specialist accountant who specialises in offshore matters and taxes.....for your specific country.
I've thought about this recently - the advise I got from my accountant (I'm in Australia) is this; If I had a company in another country (I was looking to Delaware USA at the time) - and it made money... the company would have to comply with the regulations of the state/country it is registered in. If I wanted to take some money from the offshore company here in Australia - I would have to declare it as income. The benefit to me would be I'd have control over when I receive the income (tax planning). The undiscussed benefit may involve overseas "business trips" paid for by the company registered in Delaware. -- NOTE - I haven't done this, and you should all seek your own professional advise before you do anything like this.
Check this Offshore Bank Account provider, I can help you if you want to set up an account with them.
How do these actually work, How do I access and manipulate my account once I have it, via the internet?