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banking secrecyanf offshoe stuff #168064
10/07/04 09:59 PM
10/07/04 09:59 PM
Joined: Oct 2004
Posts: 16
Alberta Canada
Neil W Offline OP
Neil W  Offline OP
Can someone steer me to a site regarding Belize banking laws or policy ..For instance what happens to a mans bank acct in Belize if his wife in Canada gets a Canadian court judgment against him ,and he doesnt cough up the cash but moves ,and is living happilly in Belize .Could wifey and her boyfriend get his bank acct emptied ? Could she get a Belizian court to order the bank to reveal whether hubby has an acct there or not ?

Re: banking secrecyanf offshoe stuff #168065
10/08/04 08:21 AM
10/08/04 08:21 AM
Joined: Jun 2004
Posts: 1,337
MALIBU Offline
MALIBU  Offline
OMG You are in deep doo doo.

This is the question: Was the money in Canada initially and at the time the jg was laid down?

You better get a big old mean and smart Canadian lawyer.

Re: banking secrecyanf offshoe stuff #168066
10/08/04 08:24 AM
10/08/04 08:24 AM
Joined: Nov 2001
Posts: 2,364
i would be happy to let you store all of your $$$ in my quite safe texan bank account.

Re: banking secrecyanf offshoe stuff #168067
10/08/04 08:33 AM
10/08/04 08:33 AM
Joined: Apr 2000
Posts: 4,268
Bellaire, Tx. and the World
Denny Shane Offline
Denny Shane  Offline
Excellent point malibu... was the money in an account in Canada when the divorce was finalized?

Re: banking secrecyanf offshoe stuff #168068
10/08/04 09:06 AM
10/08/04 09:06 AM
Joined: May 2001
Posts: 476
Indianapolis, IN, USA
ChrisW Offline
ChrisW  Offline
I had a longer reply written, but on second thought I think it is best to avoid answering most of your questions.

As for opening up a bank account in a foreign country, it is not as easy as some people think and it is getting harder all the time. Generally speaking you can't just walk into a foreign bank and ask to open an account. Most of this money hiding stuff is done by aquiring 2nd citzenships, creating corporations, opening trust funds and other legal devices which generally require a lawyer and big bucks to make it worthwhile. I also imagine it is quite risky as you are placing your trust and your money in the hands of a foreign lawyer and telling him you want to hide your money. (IE he knows you can't come after him because you are already on the shady side of the law so you are basically inviting him to steal from you.) On the other hand, this is big business in some countries and I am sure there are measures in place to protect the reputation of the country as a banking center.

Re: banking secrecyanf offshoe stuff #168069
10/10/04 12:04 AM
10/10/04 12:04 AM
Joined: Oct 2004
Posts: 16
Alberta Canada
Neil W Offline OP
Neil W  Offline OP
Thanks folks the fictitious person would have had his money in Canada when the judgment occured .
However a Canadian court has no athority in Belize and since this isnt money laundering or proceeds of a crime and Belize caters to the offshore financial industry, I wonder what they would say to wifeys Belizian lawyer ( I know what they would tell the canadian lawyer) I guess it would mean starting a court proceedins all over again ..but wait wifey doesnt know for certain hubby has a Belizian bank acct and to start legal action without knowing would not be financially wise The question is how could she find out if hubby has a belizian bank acct ..Does Belize have banking secrecy in place or is it just policy ??

Re: banking secrecyanf offshoe stuff #168070
10/10/04 08:06 AM
10/10/04 08:06 AM
Joined: Mar 2001
Posts: 2,696
Illinois, Arkansas,South Dakot...
bywarren Offline
bywarren  Offline
This forum is the last place a person should go to get advice on a subject like this.

Having said that, I am going to offer thoughts that are not intended to be advice, but rather a defense of the offshore concept as it has been often misunderstood and maligned.

I was a stockholder and director of an offshore company for over 25 years. We constantly had meetings with lawyers and accounts to be sure we were legally complying with the complex laws of doing offshore business. Offshore companies and the bank accounts of those companies are intended to allow those entities to do business in a legal way, legal being the important word, when that business operates in the jurisdiction of more that one country without coming under, primarily, the tax laws of those countries as an individual would. We eventually had to pay taxes as individuals on any profits we made through those companies to our respective countries of residence.

Granted, there have been uses of the offshore banking industry to illegally hide money or evade taxes on that money. But those incidences are against the laws of those countries and when they are uncovered, they are not protected. One example is James Gibson. He was a US citizen who obtained Belize citizenship and had money in a Belize bank that was illegally obtained, according to a US court. He mistakenly believed that it was protected from the US courts. He is currently serving 21 years in a US prison and his money is in the hands of the US court.

If this fictitious person has a judgement against them from a court, he best pay that judgement or get an attorney to fight it within that jurisdiction. Whoops, I guess that sounds like advice – sound advice. wink

Re: banking secrecyanf offshoe stuff #168071
10/10/04 10:24 AM
10/10/04 10:24 AM
Joined: Apr 2000
Posts: 4,268
Bellaire, Tx. and the World
Denny Shane Offline
Denny Shane  Offline
Now that we know this fictitious person had a Canadian bank account when the judgement occured... Yes, this fictitious person is liable, AND IF the court finds out that you had the account when the judgement occured, you will also be liable for penalties with interest.

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