Is Opening My Own Offshore Account Illegal?

[vitomerchant]

I never thought about it before I read all this here. It's not illegal to have an offshore account as far as I know.

 

[taxman]

Admin said:
6. Allows you access to foreign medical care
In the event you cannot procure medical care in your country, having foreign accounts affords you access to medical assistance abroad.
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This could actually be one of the major reasons for expats or people in 3rd world to open an offshore account with one of the major banks in the world.

 

[zohoman]

A friend of mine told me that when I'm going and setup an offshore company with bank account it is illegal and I will risk prison or at least high penalty. But you say no it's not the case. What shall I believe?

 

[GoGoldPro]

At no point it is illegal to open an offshore bank account.

 

[deadpool]

zohoman said:
A friend of mine told me that when I'm going and setup an offshore company with bank account it is illegal and I will risk prison or at least high penalty. But you say no it's not the case. What shall I believe?
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Like I said before in some threads, offshore banking has its place in legal structure. There are legitimate purposes associated with it.

 

[JohnLocke]

The only thing one really need to be aware of is to let your tax office know about the account or make sure that they never find out what you are doing.

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[moneytreasury]

This has been an interesting read and got me inspired for some new business 😉

 

[happyjohn]

It has never been illegal to own a offshore bank account, only to withdraw Money without to inform your tax office about it!

 

[sinmaster]

How can I be sure that I'm not doing anything illegal when opening an offshore account?

 

[RamsayB]

sinmaster said:
How can I be sure that I'm not doing anything illegal when opening an offshore account?
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Do everything legally and with documents for safety. Get a Lawyer and let him handle your legal problems and etc.

 

[RamsayB]

happyjohn said:
It has never been illegal to own a offshore bank account, only to withdraw Money without to inform your tax office about it!
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This is something new to me. I didn't know that withdrawing money from the offshore bank account was illegal if you don't inform the tax office first. Thank you for the information

 

[negon]

No it is not illegal as many already have said and as this initial post already explain. You can have as many offshore companies and offshore bank accounts as you like just make sure you inform your local tax office about it if you want to stay legal 😉

 

[lostguy]

auric said:
No it is not illegal as many already have said and as this initial post already explain. You can have as many offshore companies and offshore bank accounts as you like just make sure you inform your local tax office about it if you want to stay legal 😉
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If you don't do, make sure you don't have your own name on any of the documents. Use an dead south american from Mexico or Brazil!

 

[dirtyharry]

Any suggestion to what bank is the best or better what country is best for offshore baking?

 

[ImKing]

If you setup some e-wallet to protect your offshore account to be recognized by local banks you get a pretty good anonymous banking setup which isn't illegal I believe 😉

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[bonox]

Despite the fact it is not illegal I would use some anonymous setup where I at least use VPN / VPS to setup my offshore account. I would also not open a personal account but only open a business account.

 

[hungryit]

Nice share OP, thanks for the information also to the other posting here it helps.