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      03-31-2007, 06:41 PM   #1
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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.
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      03-31-2007, 06:52 PM   #2
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      03-31-2007, 06:57 PM   #3
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what type of business are you in?
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      03-31-2007, 08:14 PM   #4
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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, 09:04 PM   #5
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Quote:
Originally Posted by borsalino View Post
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.
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      03-31-2007, 09:22 PM   #6
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the real question is why, you cant ask without providing juicy details
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      03-31-2007, 09:33 PM   #7
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Originally Posted by teknochild View Post
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...
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      04-01-2007, 01:02 AM   #8
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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.
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      04-01-2007, 01:28 AM   #9
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Quote:
Originally Posted by chade7320 View Post
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

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Originally Posted by borsalino View Post
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.
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      04-01-2007, 01:33 AM   #10
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Hahah, panama has good banks!
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      04-01-2007, 01:43 AM   #11
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Hahah, panama has good banks!
tell that to the dude jonny dep played in blow
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      04-01-2007, 01:46 AM   #12
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Quote:
Originally Posted by teknochild View Post
tell that to the dude jonny dep played in blow
Didnt see it.
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      04-01-2007, 01:49 AM   #13
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I didn't see that movie either. what happened?
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      04-01-2007, 02:25 AM   #14
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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
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      04-01-2007, 04:14 PM   #15
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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, 04:57 PM   #16
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Quote:
Originally Posted by MonacoBimm View Post
Didnt see it.
Damn i didnt know there was anybody who hasnt seen blow...
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      04-01-2007, 06:23 PM   #17
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get a safety deposit box....
i mean what kind of money you talken?!
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      04-01-2007, 06:28 PM   #18
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Originally Posted by jmramos44 View Post
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...
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      04-01-2007, 08:20 PM   #19
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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.
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      04-01-2007, 09:11 PM   #20
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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.
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      04-01-2007, 09:16 PM   #21
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Originally Posted by SteveMD View Post
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.
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      04-01-2007, 10:31 PM   #22
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is call money laundry...funding of terrorist, funding for drugs and hoes....etc

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