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Originally Posted by AntiDrama
Generally speaking, is it legal for a U.S. Citizen to have those two things?
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Legally? Legally anyone from almost any country can have business activities and bank accounts wherever they like.
For US Citizens, what is the point of engaging in offshore activity when on of the prime objects of this activity is confidentiality and where a US citizen is obliged by law to disclose such interest?
The US is one of only four countries in the world where laws do not "appreciate" their citizens having the same freedoms as other countries re offshore.
Bottom line... any US person who has a valid reason for an interest in offshore needs to consult with a US lawyer first before speaking with any offshore lawyer. Sure, there are valid reasons - but also a need to cover ass and comply with the laws of the US.