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#369563 - 03/04/10 10:22 PM off shore bank accounts
jesse h. Offline
was wondering if anyone had any info on opening a off shore account. if you have a u.s. corp. and opened a offshore account is the i.r.s. privy to the account info. or is it better to open an account under a belize corp.? thank you for any info.

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#369569 - 03/04/10 11:34 PM Re: off shore bank accounts [Re: jesse h.]
SnoopysMom Offline
We are finding it difficult to wire our money to our Belize IBC. I understand the need to identify source of funds but now are requiring additional documents to verify whatever the source was with dates. These records are not always even accessible to us, but trust me, if it is sitting in a bank in the US, the US government has already taken more than it's fair share frown

Not sure if this is just the bank we are using or if this is a US tactic to keep as many dollars stateside as possible. We are not talking huge sums, but I just can't figure how anyone does business here or buys real estate if this is the norm....


Edited by SnoopysMom (03/05/10 01:20 AM)
Edit Reason: grammar

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#369579 - 03/05/10 01:40 AM Re: off shore bank accounts [Re: SnoopysMom]
Canam Offline
IMO this kind of thing is going the way of the dodo. The US gov't has increasingly been bullying gov'ts into turning over info about this stuff recently. With the web it makes it easier for a "one world government" to emerge...

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#369610 - 03/05/10 04:29 AM Re: off shore bank accounts [Re: Canam]
Gaz Cooper Offline
I read an article that Belize has been holding out on complying with the US's request for access to US citizens Offshore account information.

I read that Belize is threatened with punishment if they dont sign the agreement and Dean Barrow said they will have to comply in the end as the US is too powerful.

Even if you open under a Belize Corp if a US citizen is a shareholder then it will be open to US scrutiny.

Best bet is to buy citizenship to some non descript country and open it with new passport LOL

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#369696 - 03/06/10 02:18 AM Re: off shore bank accounts [Re: Gaz Cooper]
jO3Design Offline
Belize has been holding out?

VP Christopher Coye has stated that if the U.S. came into Atlantic Bank demanding financial information for a certain individual, that they would not hold back the information.

I've heard "through the grapevine" that all bank wires done to/from Atlantic Bank (or Belize Bank) are routed through a Bank of America in New Jersey.

As Gaz stated, best bet is to become a citizen or nationalized resident of Belize.

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#369714 - 03/06/10 05:00 AM Re: off shore bank accounts [Re: jO3Design]
CaptOneIron Offline
I have accounts in the Czech Republic, Isle of Mann, and Belize. Belize has been no more difficult nor has it been easier to move money to and from than the other locations.

Most of the rules that the banks are trying to comply with were designed to stop the money laundering associated with the drug trade. Of course like so many other things it is now used by the government of the US for a variety of purposes.

You do not, I repeat do not, want to hide money from the government of the US if you are an American citizen. There is a little known US Treasury form that you must fill out each year for foreign bank accounts. Failure to timely file may result in fines of up to $5,000.00 per day. That's right $5,000.00 per day and it makes no difference how much money is in the account. Even if it's only $100.00 they can still fine you that much and this applies even you have paid every penny of taxes due on the funds.


Edited by CaptOneIron (03/06/10 05:02 AM)
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Captain One Iron

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#369728 - 03/06/10 02:55 PM Re: off shore bank accounts [Re: SnoopysMom]
elbert Offline
Originally Posted By: SnoopysMom
We are finding it difficult to wire our money to our Belize IBC. I understand the need to identify source of funds but now are requiring additional documents to verify whatever the source was with dates. These records are not always even accessible to us, but trust me, if it is sitting in a bank in the US, the US government has already taken more than it's fair share frown

Not sure if this is just the bank we are using or if this is a US tactic to keep as many dollars stateside as possible. We are not talking huge sums, but I just can't figure how anyone does business here or buys real estate if this is the norm....

Back in the glen godfrey days of politics a situation was created of a Belize corp. owned by offshore corp. the belize corp owned a peice of land in belize and the offshore owned the Belize corp..Title transfer taxes where avoided by purchasing the offshore corp. and not transferring the title.
The corp act # i cant remember.( one of the real-estate agents will I'm sure) but they can no longer be created, however those that are can be sold and are grandfathered.
It gives a lot of freedom and you can have a US$ checking account at a Belize bank. yearly fees for maintaining the corps are about 450.usd.
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The Dive Shops Daily Blog
http://scubalessonsbelize.blogspot.com/

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#369770 - 03/06/10 06:51 PM Re: off shore bank accounts [Re: elbert]
FEEDthePOOR Offline
The best way to do it is to set up a trust which is domiciled in the South Pacific on a Sovereign island far away from the troubling powers that be and that way they open up all accounts for you. Or, you could find a reliable charitable foundation which I am in contact with and you can give them your money as a contribution. They will in turn ask you to manage it and pay you generously for doing so. Ask me about it by email.

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SAFE offshore banking for YOU !

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#369772 - 03/06/10 06:56 PM Re: off shore bank accounts [Re: FEEDthePOOR]
JZB Offline
Originally Posted By: FEEDthePOOR
... Or, you could find a reliable charitable foundation which I am in contact with and you can give them your money as a contribution. They will in turn ask you to manage it and pay you generously for doing so. Ask me about it by email.



Is this charity in Nigeria? Sounds pretty darn fishy to me! Are you that Hong Kong business man who keeps emailing me and wants to give me millions just for the hell of it? crazy

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#369776 - 03/06/10 07:03 PM Re: off shore bank accounts [Re: JZB]
Lan Sluder/Belize First Offline
Might also want to see my post on Foreign Bank and Financial Accounts (FBAR) reporting in the Living in Belize section.

For U.S. citizens or official residents, any foreign bank account or accounts with an aggregate total of US$10,000 or more at any time during the year, or control of a foreign corporation, or ownership of offshore mutual funds, must be reported to the IRS by June 30, and failure to do so can result in a fine of up to US$100,000 for willful failure to report and $10,000 even if not willful.

--Lan Sluder

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