For those of you thinking of taking your money " OFF SHORE "

[pornguy]

[ rant ]

Off Shore- 3. a relative term generally applied to low tax jurisdictions on "off-shore" islands - hence the association with the physical meaning. Many of these islands encourage the formation of letterbox companies, which are used to conceal the beneficiary owner for various purposes (hiding and laundering narcodollars or the proceeds from other illicit activities, parking funds in rapidly depreciating currencies, hiding assets in divorce proceedings etc.)

Note: Not all offshore financial centres are in a geographical respect offshore as the term would suggest, e.g. Dublin, Delaware (USA), Panama or Switzerland.

The bold part means that taking the money OUTSIDE of your home country, is in effect taking it " Off Shore ". You do NOT have to use a bank on one of the islands to be " Off Shore " You are just removing the money from your home country to avoid taxes or what ever.


[ / rant ]

[czarina]

hahaha... I have a pretty good idea where that came from

[pornguy]

No you dont.

[DaddyHalbucks]

The IRS knows about these schemes. Don't risk it.

[Angie77]

Originally Posted by czarina

hahaha... I have a pretty good idea where that came from

do tell.

[pornguy]

Originally Posted by DaddyHalbucks

The IRS knows about these schemes. Don't risk it.

If you incorporate OUT side the us. and move all the work into that companies names, then the IRS can not really touch the money. But you have to be able to use it some how, and that is when they will get you.

[GreyWolf]

Originally Posted by DaddyHalbucks

The IRS knows about these schemes.

Sure, the IRS monitor the trading activities of all corps globally and every corp is answerable to the IRS






Sarcasm is a seven letter word

[Ace of Spades]

I thought off shore meant swimming with it at the beach in a Ziplock bag!

[GreyWolf]

Originally Posted by pornguy

If you incorporate OUT side the us. and move all the work into that companies names, then the IRS can not really touch the money. But you have to be able to use it some how, and that is when they will get you.

Agree PG. There are other possible issues, but basically stemming from the same issue eg there are LMAT's (Legal Mutual Assistance Treaties) in place in a fair number of countries where they will provide cooperation with US agencies if a problem developed. Another is the need to report an interest in any foreign corps - tho there are sub-clauses where this may not be necessary.

Ironically the US used to be one of the best "offshores" and where a foreign corp could invest on markets etc and walk away with the proceeds tax free.

Hehe.. the first para of that rant sounds like someone who has no clue of offshore or literally ranting. No way does any bank or island want OS clients "hiding and laundering narcodollars or the proceeds from other illicit activities" - banks can lose their banking licenses and be shut down within a week if they can't explain the source of client funds and "money laundering" is still an offense offshore.

[pornguy]

Originally Posted by GreyWolf

Agree PG. There are other possible issues, but basically stemming from the same issue eg there are LMAT's (Legal Mutual Assistance Treaties) in place in a fair number of countries where they will provide cooperation with US agencies if a problem developed. Another is the need to report an interest in any foreign corps - tho there are sub-clauses where this may not be necessary.

Ironically the US used to be one of the best "offshores" and where a foreign corp could invest on markets etc and walk away with the proceeds tax free.

Hehe.. the first para of that rant sounds like someone who has no clue of offshore or literally ranting. No way does any bank or island want OS clients "hiding and laundering narcodollars or the proceeds from other illicit activities" - banks can lose their banking licenses and be shut down within a week if they can't explain the source of client funds and "money laundering" is still an offense offshore.

Believe it or not, there are, or WAS a bank or two in the islands opened just to hide money. I believe it was opened back in the late 70's to early 80's and used by drug dealers.

Not sure if thats still around though, and now that I look, I can not find the name or the article I read about it.