offshore bank accounts?

borsalino · 03-31-2007, 06:41 PM

Any of you guys no anything about opening an offshore account. Like in panama or switzerland or some other country that doesn't release your financial information to your residing country? I'm just wondering what would be the process of opening an account in one these countries be like.

ADHD · 03-31-2007, 06:52 PM

invest in me!!!!!

borsalino · 03-31-2007, 06:57 PM

Quote:

Originally Posted by ADHD

invest in me!!!!!

what type of business are you in?

JPBB · 03-31-2007, 08:14 PM

I have an offshore account. You simply need to go there, sign some papers, and open an account. They typically won't do it without meeting you in person unless you know people at the bank.

Once you deposit money there, they will typically not disclose anything to the US gov't. There are a lot of rules that you need to be aware of as well.

Brunotheboxer · 03-31-2007, 09:04 PM

Quote:

Originally Posted by borsalino

Any of you guys no anything about opening an offshore account. Like in panama or switzerland or some other country that doesn't release your financial information to your residing country? I'm just wondering what would be the process of opening an account in one these countries be like.

2 words. Cayman Islands.... no further questions please.

teknochild · 03-31-2007, 09:22 PM

the real question is why, you cant ask without providing juicy details

ChadE · 03-31-2007, 09:33 PM

Quote:

Originally Posted by teknochild

the real question is why, you cant ask without providing juicy details

If your reading this thread you should have some idea of why people would need an offshore account...there are LOTS of reasons why the US Govt dont need to know your funds...and i seriously doubt you will get an honest ansonwer to that...

borsalino · 04-01-2007, 01:02 AM

Quote:

Originally Posted by chade7320

If your reading this thread you should have some idea of why people would need an offshore account...there are LOTS of reasons why the US Govt dont need to know your funds...and i seriously doubt you will get an honest ansonwer to that...

Yes I also doubt you will get an honest answer but I can try. Well some countries around the world like in panama provide higher interest rates for your money than Canadian and U.S. banks. That is my reason to acquire an offshore account.

teknochild · 04-01-2007, 01:28 AM

Quote:

Originally Posted by chade7320

If your reading this thread you should have some idea of why people would need an offshore account...there are LOTS of reasons why the US Govt dont need to know your funds...and i seriously doubt you will get an honest ansonwer to that...

oh i know the many reasons, im just curiouse about his specific reason

Quote:

Originally Posted by borsalino

Yes I also doubt you will get an honest answer but I can try. Well some countries around the world like in panama provide higher interest rates for your money than Canadian and U.S. banks. That is my reason to acquire an offshore account.

MonacoBimm · 04-01-2007, 01:33 AM

Hahah, panama has good banks!

teknochild · 04-01-2007, 01:43 AM

Quote:

Originally Posted by MonacoBimm

Hahah, panama has good banks!

tell that to the dude jonny dep played in blow

MonacoBimm · 04-01-2007, 01:46 AM

Quote:

Originally Posted by teknochild

tell that to the dude jonny dep played in blow

Didnt see it.

borsalino · 04-01-2007, 01:49 AM

I didn't see that movie either. what happened?

teknochild · 04-01-2007, 02:25 AM

he goes to get some of the 100s of millions he deposited and the teller tells him "were sorry, someone should have called you months ago, but your funds have been appropriated by the panamamian government"

lol

flush01 · 04-01-2007, 04:14 PM

cyprus is good.. and you dont need to go there, there are tons of companies that can set it all up for you for like $3-4k ...

ChadE · 04-01-2007, 04:57 PM

Quote:

Originally Posted by MonacoBimm

Didnt see it.

Damn i didnt know there was anybody who hasnt seen blow...

j|rz44 · 04-01-2007, 06:23 PM

get a safety deposit box....
i mean what kind of money you talken?!

ChadE · 04-01-2007, 06:28 PM

Quote:

Originally Posted by jmramos44

get a safety deposit box....
i mean what kind of money you talken?!

you don't earn money (interest) in a safety deposit box....the whole idea is for the govt not to know and to earn large amounts of interest...then if the govt don't know the IRS don't look into you...if you deposit a certain amount or withdraw certain amounts in a specified amount of time in US banks the IRS will audit you and thats what you DONT want when you are dealing with LARGE amounts of money that you have no proof of how you earned...then it steps up the the FBI then you get fucked...

Revlis · 04-01-2007, 08:20 PM

Easiest way is to carry $9500 in person, have a companion do the same, and have a trusted party (Parties) Fed-Ex another $9500 to your Hotel(s) at your destination(s) etc.

This is assuming you're dealing in cash and fairly small dollar amounts. If you're opening an "offshore" account there is reason to believe you'll want the lack of traceability cash allows. This also can create problems though with customs if you carry over a certain dollar amount.

There are reasons folks open Swiss accounts though, Panama is NOT a Place to put your money or ANY Central or South American Country for that matter.

The Swiss accounts aren't the most economical, but their history of security and privacy is beyond reproach.

Combine the cash deposit with an ED trip! Kill two birds with one stone.

ETA: At least this is what I've read and heard. Don't have any personal experience.

SteveMD · 04-01-2007, 09:11 PM

If the IRS does find out, you are in very serious trouble indeed.

Firstly, you are required to declare under penalty of perjury, any such accounts.

Secondly (and this did it for me when I umm..looked into it) current secrecy and regulation requirments that a country may have with the US can easily change in the future. Imagine if suddenly, your offshore bank starts reporting to the IRS after a few years. I believe this has happened.

You will be sharing a 10 x 10 with Bubba.

ChadE · 04-01-2007, 09:16 PM

Quote:

Originally Posted by SteveMD

If the IRS does find out, you are in very serious trouble indeed.

Firstly, you are required to declare under penalty of perjury, any such accounts.

Secondly (and this did it for me when I umm..looked into it) current secrecy and regulation requirments that a country may have with the US can easily change in the future. Imagine if suddenly, your offshore bank starts reporting to the IRS after a few years. I believe this has happened.

You will be sharing a 10 x 10 with Bubba.

Why would they want to do that? What would make the off shore banks all of a sudden decide they want to share there info with the IRS, it dosent benefit them, if anything it hurts them... I dont see that happening. Where did you here this from? (at least i hope they dont lol) Please enlighten us with your sources.

ska///235i · 04-01-2007, 10:31 PM

is call money laundry...funding of terrorist, funding for drugs and hoes....etc

Dawm , some of you need to take a Finance 101 class

03-31-2007, 06:41 PM	#1
borsalino Private First Class 15 Rep 172 Posts Drives: BMW e90 328i Join Date: Oct 2006 Location: Fraser River iTrader: (0)	offshore bank accounts? Any of you guys no anything about opening an offshore account. Like in panama or switzerland or some other country that doesn't release your financial information to your residing country? I'm just wondering what would be the process of opening an account in one these countries be like. __________________ e90 328i- Sparkling Graphite/Premium Package/Steptronic/PDC/ Blacklines
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03-31-2007, 06:52 PM	#2
ADHD Brigadier General 196 Rep 4,094 Posts Drives: F30 328i Join Date: Apr 2006 Location: Magic Mountain iTrader: (38) Garage List 21 M540i [0.00] 07 e90 335 [0.00]	invest in me!!!!! __________________
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03-31-2007, 08:14 PM	#4
JPBB New Member 1 Rep 6 Posts Drives: 335i Cabrio Join Date: Mar 2007 Location: Connecticut iTrader: (0)	I have an offshore account. You simply need to go there, sign some papers, and open an account. They typically won't do it without meeting you in person unless you know people at the bank. Once you deposit money there, they will typically not disclose anything to the US gov't. There are a lot of rules that you need to be aware of as well.
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03-31-2007, 09:22 PM	#6
teknochild Your resident 4um troll 123 Rep 2,020 Posts Drives: 335 coupe Join Date: Dec 2006 Location: fl iTrader: (0)	the real question is why, you cant ask without providing juicy details __________________ RAWRrrrr
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04-01-2007, 01:33 AM	#10
MonacoBimm Banned 44 Rep 1,859 Posts Drives: Sapp. Black 330i(2nd e90) Join Date: Jun 2006 Location: Panama City, Panama iTrader: (1)	Hahah, panama has good banks!
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04-01-2007, 01:49 AM	#13
borsalino Private First Class 15 Rep 172 Posts Drives: BMW e90 328i Join Date: Oct 2006 Location: Fraser River iTrader: (0)	I didn't see that movie either. what happened? __________________ e90 328i- Sparkling Graphite/Premium Package/Steptronic/PDC/ Blacklines
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04-01-2007, 02:25 AM	#14
teknochild Your resident 4um troll 123 Rep 2,020 Posts Drives: 335 coupe Join Date: Dec 2006 Location: fl iTrader: (0)	he goes to get some of the 100s of millions he deposited and the teller tells him "were sorry, someone should have called you months ago, but your funds have been appropriated by the panamamian government" lol __________________ RAWRrrrr
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04-01-2007, 04:14 PM	#15
flush01 Major 46 Rep 1,419 Posts Drives: 33m@%#ing5 Join Date: Feb 2006 Location: toronto iTrader: (0)	cyprus is good.. and you dont need to go there, there are tons of companies that can set it all up for you for like $3-4k ...
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04-01-2007, 06:23 PM	#17
j\|rz44 Lieutenant Colonel 43 Rep 1,683 Posts Drives: 335i\|E92 Join Date: Oct 2006 Location: Lost iTrader: (2) Garage List 07 335i [0.00]	get a safety deposit box.... i mean what kind of money you talken?! __________________ Life is Good
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04-01-2007, 08:20 PM	#19
Revlis Now With 33% MORE Sarcasm Free! 157 Rep 3,462 Posts Drives: M4 i3 X3 Join Date: Feb 2007 Location: Phoenix AZ iTrader: (0)	Easiest way is to carry $9500 in person, have a companion do the same, and have a trusted party (Parties) Fed-Ex another $9500 to your Hotel(s) at your destination(s) etc. This is assuming you're dealing in cash and fairly small dollar amounts. If you're opening an "offshore" account there is reason to believe you'll want the lack of traceability cash allows. This also can create problems though with customs if you carry over a certain dollar amount. There are reasons folks open Swiss accounts though, Panama is NOT a Place to put your money or ANY Central or South American Country for that matter. The Swiss accounts aren't the most economical, but their history of security and privacy is beyond reproach. Combine the cash deposit with an ED trip! Kill two birds with one stone. ETA: At least this is what I've read and heard. Don't have any personal experience. __________________ A BMW is Just a Car, it doesn't make you smart, handsome, clever, better, cool, or wealthy.
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04-01-2007, 09:11 PM	#20
SteveMD Colonel 193 Rep 2,485 Posts Drives: 2016 F10 535i MSport Join Date: Dec 2005 Location: Raventown! iTrader: (3)	If the IRS does find out, you are in very serious trouble indeed. Firstly, you are required to declare under penalty of perjury, any such accounts. Secondly (and this did it for me when I umm..looked into it) current secrecy and regulation requirments that a country may have with the US can easily change in the future. Imagine if suddenly, your offshore bank starts reporting to the IRS after a few years. I believe this has happened. You will be sharing a 10 x 10 with Bubba. __________________ 2006 E90 330i (retired) 2009 E90 335i (retired) 2012 E70 X5 50i M Sport (retired) 2016 F10 535i M Sport
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04-01-2007, 10:31 PM	#22
ska///235i ***** noob 1366 Rep 10,479 Posts Drives: 325xi>M235i>428GCx Mspor Join Date: Sep 2005 Location: Boston iTrader: (34) Garage List 2006 325xi [0.00]	is call money laundry...funding of terrorist, funding for drugs and hoes....etc Dawm , some of you need to take a Finance 101 class __________________ 2006 325xi (Sold) 2014 M235I (Current) 2015 428xi Gran Coupe (STB)
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