What's the point of having offshore corp. and bank acc. if we...?

[mijicegi]

What's the point of having offshore corp. and bank acc. if we cash out via debit card or to our local bank accounts in our country??

sorry for noob question.

 

[TurnedToRobot]

This is the same question you are going to ask just in two threads. I‌ don't think @Admin is going to like that!

 

[Samuel Newman]

1) personal accounts have small limits
2) you can't get advantages of international tax planning‌ without using companies, all your income is your personal income and will be taxable in‍ your country of residence

 

[nav]

I am also a noob But I can think of a few

1). Legal Tax‌ avoidance.
2). Added confidentiality.
3). Can do business which otherwise is not allowed in your‍ country e.g Crypto etc.
4). In case your country goes Bankrupt like Greece or is⁠ in financial crisis you money will be safe in another country.

 

[TurnedToRobot]

Some are in need for business anonymity and not tax anonymity. For such people a‌ offshore company and banking is the right solution.

 

[Spinat]

Some people use such setups to acquire other businesses or to cover their real business‌ not just to evade taxes!

 

[LegitBananas]

I mean technically speaking, even⁠ your corporate income is taxable in your country of residence (at least in Canada) if⁤ you live there so either way, aren't you 'cheating' the system?

I mean what's the⁣ difference between opening a corporation + biz account offshore versus just opening a personal account⁢ offshore but in both scenarios, you live in the USA/Canada.