Offshore Banking
Offshore banking is the term used to describe banking that takes place in another country. Because there have been media reports about crimes related to these accounts, some people associate them with illegal activity. However, you should know that this kind of banking is legal if you use your account in a legal way. An offshore account is one located in a different country than the one you reside in. There are various reasons why someone would want such an account.
One reason is security. It is harder for other people to access or even know about your account when it is located in another country. Some people who are very wealthy prefer stashing funds in offshore accounts for savings purposes. This is especially the case with Swiss bank accounts which are associated with the very rich. There are banks of this type located not only in Switzerland, but other countries also. The Cayman Islands is another popular location for offshore banking.
In addition to security and privacy, many people choose offshore banking because it is easy to open an account. You may find there are minimums required with an offshore account. Corporations and self employed people often go offshore for banking when the conditions are more favorable than they are in one's home country. If you decide to open an offshore account, you should know that it is important to report all your income held in that account. Failing to do so is a crime, known as tax evasion. You cannot put money in an offshore account and not report it to the IRS.
One disadvantage of offshore banking is that you may be more susceptible to an audit by the IRS. Because money laundering is associated with offshore accounts, the government watches such accounts very carefully. Before deciding to put your funds in an offshore bank, you should learn as much as you can about them and make sure your money is safe and insured. In addition, make sure you understand all the requirements related to offshore banking as imposed by your country of residence. For all but the very wealthy, having offshore accounts is most likely going to be more trouble than they are worth.
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