How do you figure? Every bank in every country didn't all of a sudden decide to change their policies because of an event that happened in the US on 9/11.
Offshore Banking, need advice from guys who have an account..
- Thread starter HiGhPeR
- Start date
How do you figure? Every bank in every country didn't all of a sudden decide to change their policies because of an event that happened in the US on 9/11.
banking regulations after 9/11 - Google Search
http://en.wikipedia.org/wiki/Offshore_bank
I'm not saying offshore banking isn't anonymous. If you're slinging berries and have your funds offshore I highly doubt they could open up your bank.
But long gone are the days of numbered accounts where anything goes. Offshore banking is secure but only so far as a civil rather than criminal investigation.
http://en.wikipedia.org/wiki/Offshore_bank
I'm not saying offshore banking isn't anonymous. If you're slinging berries and have your funds offshore I highly doubt they could open up your bank.
But long gone are the days of numbered accounts where anything goes. Offshore banking is secure but only so far as a civil rather than criminal investigation.
I don't care if the OP is canadian, american, or pakistani. Tax evasion is a bad idea, period. Anybody who says otherwise is plain retarded.
Ask anybody who's been busted for it, if they thought it was worth it. What do you think their answer would be?
1. Offshore corporation with nominee service and power of attorney.
2. Register the offshore bank account under the corporation.
3. Win
2. Register the offshore bank account under the corporation.
3. Win
Offshore banking != tax evasion
On the contrary, where the OP is from is one of the most important things. Many countries outside of the US don't tax foreign income if you're a non-resident. If someone makes monies online, and is able & willing to relocate overseas to avoid income tax, why shouldn't they? It's not tax-evasion. If you're a US citizen... good luck bro
Offshore banks/companies are used by tons of people for legitimate reasons, international businesses can incorporate where tax rates are better, contractors in for mining and oil companies usually have offshore companies to which they get paid. It's not illegal, nor tax evasion. It's tax-planning.
Panama is the way to go.
I've assisted in a few different setups - especially with Internet gaming licenses and business registration and setup.
I will tell you this - Have a valid, registered business in the country of the place you plan to bank - and it also helps to have a verifiable address.
If you have the money, go directly to the bank, and I would even have a lawyer and/or financial advisor that is local to the country help you prepare all the necessary documents to protect yourself and your assets.
if you have the money like you say you do - get off asking on a forum, and contact a reputable attorney in the country you plan to bank in.
I've assisted in a few different setups - especially with Internet gaming licenses and business registration and setup.
I will tell you this - Have a valid, registered business in the country of the place you plan to bank - and it also helps to have a verifiable address.
If you have the money, go directly to the bank, and I would even have a lawyer and/or financial advisor that is local to the country help you prepare all the necessary documents to protect yourself and your assets.
if you have the money like you say you do - get off asking on a forum, and contact a reputable attorney in the country you plan to bank in.
There's a difference between avoiding taxes and criminal tax evasion. There are plenty of ways to use offshore banks for criminal tax evasion and also legal ways to use them.
However, the OP never told us why the fuck he wants an offshore bank. The reluctance to divulge any details makes me think his intentions aren't so great.
Dude I don't even know where to start with you.. obviously you have no fucking clue what you are talking about... If you don't know the benefits of offshore banking yet than I am really not gonna bother explaining it to you (it's already been explained in replies in this thread so maybe you should take a look....)
I've had some great replies here, exactly what I am looking for and I thank all you guys who chimed in so far.. Going offshore is not some giant conspiracy, and has much more to do with security, privacy and other beneficial factors of being offshore.
HiGhPeR :
Uruguay used to be called "The Switzerland of South America"...
Pros:
- Bank secrecy guaranteed
- Santander Savings Account with $1500 (USD)
- International Debit Visa + Online Banking for Free.
- No tax at all.
Cons:
- You have to open it in person (NYC flight from 800 bucks no visa needed...)
- 4 day trip would cost you $1500 and they will mail you the card once is done.
- Pay $1.5 (one dollar and fifty cents) per card transaction (POS/ATM).
- $10 per incoming wire.
My 2cents
Good Luck
-
Uruguay used to be called "The Switzerland of South America"...
Pros:
- Bank secrecy guaranteed
- Santander Savings Account with $1500 (USD)
- International Debit Visa + Online Banking for Free.
- No tax at all.
Cons:
- You have to open it in person (NYC flight from 800 bucks no visa needed...)
- 4 day trip would cost you $1500 and they will mail you the card once is done.
- Pay $1.5 (one dollar and fifty cents) per card transaction (POS/ATM).
- $10 per incoming wire.
My 2cents
Good Luck
-
The highest Income Tax bracket in Canada is 29%
source:
What are the income tax rates in Canada?
Unless I missed something?
That's a far cry from very, very high.
However, I see no issue with offshore banking, and in a country like Australia where our tax brackets can exceed 46%, I think it's a great idea.
I'm not a Canadian (err Quebecer) but I live in Quebec. My marginal tax rate is 48%! After that there is the 12.5% combined GTS/QST on most purchases. I guess it is a great place to be poor with ten kids with cheap day care and free shitty healthcare.
48% in Canada ? ouch...is it on income, or what is marginal ? It's like you sell something and pay from gross 48% ?
46% in Australia ? seriously ? Just looked at wiki more like 45% but it's just a minor
Looks like more rich people pay a bit less last years and poor a bit more in Australia anyway
46% in Australia ? seriously ? Just looked at wiki more like 45% but it's just a minor
Looks like more rich people pay a bit less last years and poor a bit more in Australia anyway
48% in Canada ? ouch...is it on income, or what is marginal ? It's like you sell something and pay from gross 48% ?
46% in Australia ? seriously ? Just looked at wiki more like 45% but it's just a minor
We have a medicare levy (1.5% extra) making our highest marginal Tax rate 46.5%.
Yeah, you did miss something, Provincial taxes are calculated on top of Federal...
What are the income tax rates in Canada? << scroll down
Canadian Income Tax Calculator 2010 << very rudimentary calculator, but stick a half mil in there to see some provinces will hit as high as 48%.
If you're working a corporate job you'll be expected to make Employment Insurance payments of 1.73% of your earnings and an additional percentage for Canada Pension (can't remember what that is but it amounts to a few thousand a year, you split the payments with your employer, and you pay double if you're self employed).
Then take into account monthly medical insurance premiums, in BC it's "Since January 1, 2010 monthly rates have been $57 for one person, $102 for a family of two and $114 for a family of three or more."
And also the fact that BC residents get to pay 12% HST (sales tax) on just about EVERYTHING that you buy, both goods and services.
It all adds up.