just a thought guys....try offshore banking

[Christian]

Agree, but for some people the first thing that enters their mind is drug money and the Cayman Islands, etc.. "To many movies".

firstly, i would avoid the cayman islands. the u.s. has been able to put a lot of pressure on them recently. they don't have any bargaining chips with the u.s. govt., unlike other places. if the u.s. pressures them, they could crack (which they've done in a lot of instances recently)

so i would avoid the caymans....

as far as what other people think...who cares? don't tell anyone. no one needs to know your business. the IRS can't do shit to you if they can't access your finances.

granted, i'm not recommending you guys go out, get offshore accounts and then start tax evading like crazy with the IRS...

that is NOT what i'm saying. i'm just saying, the less options you give the IRS to fuck with you, the better.

that aside, offshore banks in established places (like i've mentioned, austria, luxembourg, etc.) have excellent investment options too.

it's just a great place to put your money nowadays and it won't cost you anything more than your local banks cost for doing business (or the extra costs will be negligible considering the added benefits)

and for us offshore gamblers, it's just a no-brainer.

 

[scarab]

Christian...a couple of questions..to use your example, would you then pay taxes on the interest earned to Austria? Also if you moved for example 10K from a book to your acct would you set of some sort of alarm like you do in the states ie money laundring forms reported by the bank ?

 

[scarab]

Klowinns

no problem but can you point me in a general direction to find out more about offshore banking...I like the idea but know very little about it and would like to start out with less than 25k until I am sure that it is a solid place to leave my $$$

 

[Christian]

Christian...a couple of questions..to use your example, would you then pay taxes on the interest earned to Austria? Also if you moved for example 10K from a book to your acct would you set of some sort of alarm like you do in the states ie money laundring forms reported by the bank ?

no, most offshore banks are in tax-free zones. you don't pay taxes any your earnings in most (nearly) all of those offshore places. the only time you would get hit for taxes is if, for example, you had dual residency there or if you were required to pay income tax there on actual work...

but again, almost all offshore havens are set-up in tax-free zones (that's why people use them) so tax isn't a worry.

as far as transfering money from your US bank offshore..i've never had any problem and i've sent quite a bit. and there's certainly people who have sent a helluva lot more than me, i'm far from a millionaire

once your money out of the u.s. and in a safe, regulated offshore bank (in a country that has a standing tradition of banking privacy/secrecy) you don't have to worry about anything.

yes, there is a paper trail (initiated by your u.s. bank where the funds originated) and over certain dollar amounts, it is reported to the IRS...

but what are they going to do? you're not sending it to Bank of America where the IRS can just seize your assets. it's in, for example, Standard Offshore Bank on the Isle of Man. u.s. govt. agencies have NO control at all over offshore banks like the ones being discussed here.

as long as you're not violating a law IN THE COUNTRY where the funds are being sent (such as austria, luxembourg, etc.) you have nothing to worry about.

 

[ensign_lee]

I would just like to point out that offshore banks aren't JUST like US ones. There's this little thing called FDIC which reduces your risk to 0 here in the US, but this doesn't exist elsewhere.

 

[scarab]

my second question..what i meant was if i send 10k from neteller to my boa acct in the states, they would fill out a form and report it to the govt. but in your example if i send it from neteller to my bank in austria do they have the same sort of reporting procedures ?

 

[Christian]

my second question..what i meant was if i send 10k from neteller to my boa acct in the states, they would fill out a form and report it to the govt. but in your example if i send it from neteller to my bank in austria do they have the same sort of reporting procedures ?

i don't know what reporting procedures neteller are required to do. i think they're a canadian company so they would follow canadian law, not u.s. (if that is accurate)

and then the austrians would follow their laws and requirements. but the u.s. would have no involvement. the u.s. doesn't control the finanical channels of other nations.

each nation has their own thing. but unlike the u.s., the austrian govt. (and all the other i've mentioned) couldn't care less about what you do with your money (or where it goes or where it comes from)

as long as you don't break laws in THEIR country, they don't care.

and since you're probably not going to be living in austria, the odds of you breaking a law in austria, are highly unlikely

 

[mj23]

I checked into this years ago and was told it is not where you want to be since the9/11 tragedy.

 

[docdekay]

I'm way too tired to really read this whole thread carefully, so pardon me if this has been covered, but neteller wont allow you to link your bank to your neteller for EFT's unless you live in the same country in which the bank is located.

I suppose WB's suggestion could skirt this, but nonetheless, the obvious question still begs to be answered:

How would one ultimately bring $ from their offshore back into the states?

 

[Christian]

I checked into this years ago and was told it is not where you want to be since the9/11 tragedy.

what??? i would say just the opposite!

with the DHS and all their goons (ICE, DEA, etc.) this is EXACTLY where you want to be nowadays...

f the IRS and all the u.s. govt agencies that go hand-in-hand with them

look, i'm an american, born and raised, i served my country in the military for 4 years...i "earned" the right to say and do as i f-in please!

i don't give an "f" about the IRS and about the u.s. govt and their f-in programs, their budget defecits, trade defecits, etc. etc.

i'm a grown-ass man, and i earn my money however the hell i want to ....and if i have to bank somewhere in austria (or luxembroug, or liechtenstien, or belize, etc. etc.) to avoid giving my money away to some govt. stooges, then i'm going to do just that.

i don't owe....ANYONE...ANYTHING.

the only thing holding you guys back is FEAR!!!! the thing you don't understand is that as soon as your $$$ is "offshore" (i.e. out of the u.s.) NO ONE has any access to it but you...

NO ONE...not the IRS...not DHS...NO ONE.

 

[Christian]

How would one ultimately bring $ from their offshore back into the states?

however the hell you want to...

you'll have an ATM card...a credit card...checks (if you want them)...

you can "bring your money back" however you want to...it's up to you...

it's the same as having a damn Bank of America checking account...

except your account is in europe (or elsewhere)...you can spend YOUR money however the hell YOU want to spend it...

 

[WildBill]

Might be good for a lot of people around here, keep money out of their reach.

Actually most common use of offshore accounts after hiding criminal profits is to avoid exposure to litigation. You ever hear how these ultra rich guys get ex-wives claiming they are hiding money. This is how they do it. Its not illegal either, as long as you structure the money correctly and then report it when needed. Just like how kids can't get at trust funds until declared, others can't get at your controlled equities without proper permission.

 

[docdekay]

however the hell you want to...

you'll have an ATM card...a credit card...checks (if you want them)...

you can "bring your money back" however you want to...it's up to you...

it's the same as having a damn Bank of America checking account...

except your account is in europe (or elsewhere)...you can spend YOUR money however the hell YOU want to spend it...

Pardon my ignorance, but wouldn't any of these create a paper trail if the transaction is being initiated from within the US? Surely there must be some sort of transparency in the international banking sector when transactions are being initiated in one country and executed in another. No? You're saying that if one were to stick a Panamanian atm card into a BOA machine that its completely anonymous? If someone wrote a check from the Bank of Gibraltar and paid for goods or services in the US no one would know?

I honestly know nothing about this at all.

 

[PokerKingJim]

http://www.hackcanada.com/blackcrawl/patriot/offshore_banking.txt

 

[lander]

How many felonies have been discussed so far?

1. Money Laundering
2. Tax Evasion
3. Smurfing

Bill hit the nail on the head -- REPORT IT to the IRS.
Otherwise, I'd be VERY wary of following advice in this thread. I believe the US imprisions the highest percentage of its population -- they're not going to let the banking trifecta slide by if they get wind of what's going on.

 

[scarab]

what is smurfing?

 

[tkf18ny]

Christian- How do you get the money in your hands int he US? Is there no record of your name anywhere on these accounts? I would imagine that by withdrawing money at a US atm there is a record of you. Am i wrong?
Can you give me any advice on how to set up an account without physcially going to the foreign bank?

 

[Christian]

Christian- How do you get the money in your hands int he US? Is there no record of your name anywhere on these accounts? I would imagine that by withdrawing money at a US atm there is a record of you. Am i wrong?
Can you give me any advice on how to set up an account without physcially going to the foreign bank?

yes, there's a record of you withdrawing/spending money, such as at ATMS, while using credit cards, etc.

but there's no worry. no u.s. govt. agencies will have access to your funds. sure, they can look up the paper and know exactly where your money is, but they can't touch it...no more than the IRS can touch some austrian citizen's funds in his local bank.

there's no such thing as a "secret" account, even in switzerland. that's all hollywood movie b.s. in fact, it's a pretty big hassle opening an offshore account in most places (they, the foreign bank, want to make sure they know who they're dealing with) i had get certified copies of my passport, drivers license, bank statement AND a bill (i used an old heating bill).

it took a few weeks to get everything done. but it was worth it, trust me. the IRS can check my paper trail but they can't do shit about where i keep my money, they don't have access to it. and until i ever start breaking laws in austria (which i have no intention of doing) the austrian govt. will never give them access to my funds.

don't get me wrong, i still have a u.s. bank account and u.s.-issued credit cards, but that's just for day-to-day spending money. i keep my nest egg overseas.

i don't trust the u.s. govt. and that's coming from someone who served in its military and used to have a govt. job working for them. the u.s. isn't what it used to be. and especially with as much as i bet offshore, i'm not going to risk my hard-earned money.

if you're looking for more info on opening an offshore account, i'd recommend the EscapeArtist.com website. it has excellent information on all types of offshore investments.

in reality, the easiest way to research a particular bank is to just go to their website. check out www.sboff.com it's a bank HQ'ed on the Isle of Man. a friend of mine runs an offshore investement firm and recommends it highly. plus, their website is very well done and very easy to understand.

if that doesn't interest you, check out some of the banks in austria or luxembourg. just check out their sites and see what services they offer and what their minimum requirements are for opening an account, etc. etc.

 

[tkf18ny]

Christian thanks for the help
If the IRS knows about these accounts, even though they cant get into them, what is to stop them from freezing your US accounts, credit cards etc. in an effort to make you pay taxes on the money in the foreign banks? If they did this couldnt they take away your passport and prevent you from accessiing your foreign accounts from the US?

 

[Christian]

Christian thanks for the help
If the IRS knows about these accounts, even though they cant get into them, what is to stop them from freezing your US accounts, credit cards etc. in an effort to make you pay taxes on the money in the foreign banks? If they did this couldnt they take away your passport and prevent you from accessiing your foreign accounts from the US?

of course they CAN freeze your U.S.-based accounts...if you're breaking laws or evading taxes.

but i am NOT advocating that at all. if you are a u.s. citizen and you enjoy all the benefits of living in the u.s. you NEED to pay your taxes, including gambling winnings (they're no different than stocks profits or other investments)

i'm only saying to keep your nest egg, or any other serious amount of money, in a place no U.S. agency can touch it (including whatever part of your gambling bankroll isn't already at your offshore books and/or neteller)

that way, you'll never have to worry about anything. the u.s. govt. can't be trusted any more. and for as much as you guys on here say you pay your taxes on gambling winnings, i know damn well most of you probably don't (or at least not pay them in full). so why give them a chance to screw you?

oh, and they can't prevent you from accessing foreign accounts. they can't control ATM and credit cards issued by foreign banks (as long as you're not breaking any laws in THAT country, which you wouldn't be).

you guys are making this seem much more complicated of a process than it really is. but i remember how i was when i first met my friend (the one who runs an offshore investment firm in dubai) back in 2003. i knew NOTHING about offshore banking. i had all the same questions, fears, paranoia, etc. that you guys had.

luckily, she was an expert in this and held my hand through the process. now, looking back at it, i laugh at how naive i was. it is such a simple and safe process. i hope this helps.