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@jopaa 242423 wrote:
Can anyone tell me which is the best place for opening an offshore bank account and maybe explain a little bit the whole process ?
Thanks
If you are from the USA you need to report foreign bank accounts on your tax return.
Anyway – Thirty years ago I opened a Swiss bank account with $200 just for fun! I got a book from the library and mailed (email did not exist then) a few letters for forms. After about 5 years I closed the account because the facination was over.
Today, you even need documents to open an account in your own city.
@rmeeuwsen 242428 wrote:
If you are from the USA you need to report foreign bank accounts on your tax return.
Anyway – Thirty years ago I opened a Swiss bank account with $200 just for fun! I got a book from the library and mailed (email did not exist then) a few letters for forms. After about 5 years I closed the account because the facination was over.
Today, you even need documents to open an account in your own city.
I’m from Europe and since my country taxes the gaming income with 25% I would like to open an offshore bank account (and maybe an offshore company) to avoid such high taxes.
@jopaa 242455 wrote:
I’m from Europe and since my country taxes the gaming income with 25% I would like to open an offshore bank account (and maybe an offshore company) to avoid such high taxes.
In the US that would be illegal to do it for that reason and you would be spending some time in prison. I dont know the UK laws but I assume the same goes for over there. If you want an account to avoid or cheat taxes then be prepaired to pay for it in the end.
@allfreechips 242460 wrote:
In the US that would be illegal to do it for that reason and you would be spending some time in prison. I dont know the UK laws but I assume the same goes for over there. If you want an account to avoid or cheat taxes then be prepaired to pay for it in the end.
I don’t want to avoid taxes. I just want to pay less. And I will eventually go and live in another country if I really must.
I live in the UK, and the UK banks market their offshore accounts for expatriates who have moved abroad, but still want to bank with a name they trust. If I hypothetically opened an offshore account, the only real liability is that I would need to declare any interest earned on it, on my next tax return, and then pay whatever tax is due. As the tax wouldn’t be deducted at source. That’s the only real thing to worry about to be honest. The tax on the interest. Other than that, in the UK at least, it isn’t an issue.
Cyprus seems to be a good place to open an account, but you would need to open an offshore company to do that, and depending on your revenue you can tell if it is worth it. There are other jurisdictions you could open an account but it is becoming increasingly more difficult. Other jurisdictions worth considering are Panama and Belize. If you need help PM me and I can direct you.
i think banks in Cyprus are changing their policy regarding gambling……:notify:
