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Old 22nd Mar 2009, 01:18
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On Final
 
Join Date: Jan 2007
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Offshore Banking

I am not the expert but have looked into the offshore banking process. I am a contract pilot and paid tax free. The way it works from the USA is if you work abroad you are tax exempt to approx 88,000 USD. You are responsible for taxes on anything over the 88K. If you are on a commuting contract for the first year you are suppose to be "out of country" for 330 days for the first year of your work. After the first year you can come and go as you please.

So, what does this mean? In the USA on your tax return you have to disclose any offshore trusts, bank accounts or monies you have or control anywhere in the World. If you fail to do so on your tax return you could be held accountable for all sorts of penalties including pergury.

I am not trying to tell anyone to do this but here is what I would do:

1. Offshore corporation from Panama using a registered agent with your name not on any official paper for the corporation.

2. Get a letter of resignation signed by the registered agent to you for safe keeping.

3. Get a letter from the corporation to you stating you have the right to open the bank account for the corporation but "Dont Disclose Which Bank to your registered agent".You will need a copy of the articles of incorporation as well.

4. Take that information with you to your offshore bank and open the account for the corporation. Your deposits should be tax free. Get yourself a debit card in the coporations name and simply pull the cash in "USD" or whatever funds you like from your account.

Do not disclose your bank account information to anyone including tax return. Be careful of any banks working with the IMF or World bank. The IRS can pressure the banks for data.

Try Offshore banking in China because there is a nice wall between China and the USA whichs blocks the IMF, IRS.

Know you are totally tax free.

Good Luck..!
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