Offshore Bank Account?Ok, i have heard this term alot on detective TV shows. I guess its just like a normal bank account just offshore? I am 17 is it possible for my to get one? How do i deposit and withdraw money electronically or in person? Is getting one a bad idea? | |
OK Just start you learning experience and some of the truth about the offshore banking so that you will really know what this is all about and NOT just information from detective TV shows but how the IRS and the foreign banks are now reporting the information to the taxing authorities in these areas to see IF you would really want to ever try and get involved and may get in to trouble with your income tax reporting situation at that time in your life.
YES it could be a very bad idea at this time in your life.
Abusive Offshore Tax Avoidance Schemes - Glossary of Offshore Terms
As in any industry there are key terms with specific meaning unique to its participants. The following list of terms is not meant to be all-inclusive. It is meant to provide the reader with basic understanding of offshore terminology.
Offshore
This term, when used in this context, and when referring to a country, means a jurisdiction that offers financial secrecy laws in an effort to attract investment from outside its borders. When referring to a financial institution, "offshore" refers to a financial institution that primarily offers its services to persons domiciled outside the jurisdiction of the country in which the financial institution is organized.
http://irs.gov/businesses/small/arti...
Page Last Reviewed or Updated: January 31, 2012
Hope that you find the above enclosed information useful. 05/02/2012
offshore bank accounts are used to deposit money probably that is illegal, in some cases, depending on the location, the interest earned is not reported
to better understand the process you really need to do more research than the TV detective shows
It would do you no good.
