Securing offshore accounts for USians

[eof]

I am a small stakes NL player, basically living off it. I don't have 20 grand kicking around to fly to europe and set up a swiss account. I don't really want to have to live in south america, etc. The little bit of research i've done (very little) has produced accounts that can be opened w/ a 4k initial deposit and minimum balance. Since that's just a tad more than my whole BR its really not an option at this point (nor i guess is it a necessity). However if I could put up a quarter of that, it's probably worth it.

Does anyone have any information on this? I am hesitant to add this link for fear of this post being considered spam. Well on second thought, i won't add the link, but there is a spammy website selling information for a few swiss banks that have no minimum balance w/ initial deposits ranging from 0-~800usd depending on the services you want. basically i am trying to get that information for free, or see if anyone knows that this site is a scam. (The link was a gmail sponsored link)

here is a non-spam link with a bunch of swiss banks
http://www.swissbanking.org/en/home/mitglieder/mitgliederliste_app.htm?list=banken

i have started emailing these banks. I will keep this updated if anyone is interested in the responses I get

[I_C_ALL]

I had this discussion a few weeks ago. Here's the link to a good reply. Do your own research.

http://forumserver.twoplustwo.com/showthreaded.php?Cat=0&Number=7739040&page=&vc=1

[KajunKenny]

You can find offshore bank accounts alot better then those swiss ones. Sadly this is what is going to happen due to this law. Americans are going to start keeping money offshore and not paying taxes on it. Before the law, people claimed poker winnings from online play on there taxes.

[TheMetetron]

[ QUOTE ]
You can find offshore bank accounts alot better then those swiss ones.

[/ QUOTE ]

That list has every Swiss bank imaginable. How exactly can one do better than that? Unless you mean other jurisdictions, in which case I still disagree.

[TheMetetron]

[ QUOTE ]
I had this discussion a few weeks ago. Here's the link to a good reply. Do your own research.

http://forumserver.twoplustwo.com/showthreaded.php?Cat=0&Number=7739040&page=&vc=1

[/ QUOTE ]

I don't know anything about this bank, but the $1,000 minimum balance in frighteningly low. Banks, especially offshore ones, are in the business of wealth management not current accounts. If you intend to use your account more like a checking account and not like a savings account, most offshore entities (at least the reputable ones in my eyes) won't go for it.

In Switzerland, you should expect a $10,000 opening balance requirement at a minimum. They certainly expect far more than that to be added within the next year after account opening.

In the Caribbean, the reputable banks I found wanted a $40,000 USD opening balance and made it quite clear they were interested in wealth management, not transferring money for poker sites.

While it is certainly possible to find a low opening balance overseas bank, keep in mind how a bank makes its money. They aren't going to provide a thousand different services for somebody with a $1,000 balance without charging a ton of fees.

[TheMetetron]

eof,

For your personal situation I would give up trying to find a reputable offshore bank with an under $4,000 minimum balance requirement. It just isn't going to happen in my experience.

For others willing to keep a high balance in their account, there are obviously options. Also keep in mind that banks want to see your balance grow. If you deposit even a $20,000 minimum into an account but never touch it (only transferring money in from a poker site than out to a US bank) the bank is going to kill your account. You aren't doing them any help by moving a lot of money through your account but failing to keep it there.

[MrBrightside]

[ QUOTE ]
You can find offshore bank accounts alot better then those swiss ones. Sadly this is what is going to happen due to this law. Americans are going to start keeping money offshore and not paying taxes on it. Before the law, people claimed poker winnings from online play on there taxes.

[/ QUOTE ]

According to the poll we had here, 1/3 didn't: Linky (http://forumserver.twoplustwo.com/showflat.php?Cat=0&Number=7663851&page=0&fpart=1&v c=1)

[TheMetetron]

[ QUOTE ]
[ QUOTE ]
You can find offshore bank accounts alot better then those swiss ones. Sadly this is what is going to happen due to this law. Americans are going to start keeping money offshore and not paying taxes on it. Before the law, people claimed poker winnings from online play on there taxes.

[/ QUOTE ]

According to the poll we had here, 1/3 didn't: Linky (http://forumserver.twoplustwo.com/showflat.php?Cat=0&Number=7663851&page=0&fpart=1&v c=1)

[/ QUOTE ]

Another thing to point out:

Any reputable bank is going to require you to fill out a W-9 form reporting your bank account to the United States and allowing them access to it as they would have access to any USA bank account. If you have delusions of evading taxes, now would be a good time to stop*.


* It is technically possible to get around such restrictions with offshore incorporation and the like, but it is a pain in the ass and expensive both to start and maintain (several thousand a year), so it is not the easiest option ever. Plus, it's illegal.

[eof]

no interesting replies. the link to the other thread produced an offshore bank that seems to be perfect: Cayman National

1k minimum for non residents, can be done by mail

[I_C_ALL]

[ QUOTE ]
While it is certainly possible to find a low opening balance overseas bank, keep in mind how a bank makes its money. They aren't going to provide a thousand different services for somebody with a $1,000 balance without charging a ton of fees.

[/ QUOTE ]

They are going to get to charge a ton of fees. I have 3 million neteller points. They get to charge a fee everytime I wire money out to a gambling site. I do respect your advice though cause I have read some of your other posts. You appear to be alot more knowlegable about this stuff than me.

I'm starting this now in the hopes that Neteller will not be going anywhere for a few months. I would be willing to fly to a foreign country to establish a "current account" for gambling purposes. I do not "need" to establish an "offshore" account or a swiss bank account. Any reputable bank that would allow me to transfer to and from gambling sites by either wire or credit card will suffice. From what I remember, you are a US citizen or at least not a citizen of the country you live in. Can't I just set up a bank account at your local bank? Non-residents need to pay bills too /images/graemlins/wink.gif I'd be willing to fly just about anywhere. I'd like to keep the fly-time to under 10 hours though. Unless of course they have a casino on board...

Any further information you can provide would be greatly appreciated.

[StellarWind]

[ QUOTE ]
no interesting replies. the link to the other thread produced an offshore bank that seems to be perfect: Cayman National

1k minimum for non residents, can be done by mail

[/ QUOTE ]
The Cayman Islands belong to the U.K. That doesn't sound especially promising.

Many overseas banks are likely to adhere to the upcoming banking regulations just as Neteller says it will. They are simply too dependent on U.S. financial institutions for all sorts of transaction processing. I don't think it makes sense to set up these overseas accounts until we see which banks and jurisdictions are actually willing to help us come crunch time.

[The4Aces]

There are ways to do it. Register an IBC get the bank account in the IBCs name. you open bank account in the IBCs name. you become director to make deposits/withdraws.


I actually had a whole plan for this that WOULD work. only problem is i didnt think sites would take a deposit from ABC incorporated out of an offshore counrty. and i didnt think they would withdraw to these counrties.

[TheMetetron]

[ QUOTE ]
There are ways to do it. Register an IBC get the bank account in the IBCs name. you open bank account in the IBCs name. you become director to make deposits/withdraws.


I actually had a whole plan for this that WOULD work. only problem is i didnt think sites would take a deposit from ABC incorporated out of an offshore counrty. and i didnt think they would withdraw to these counrties.

[/ QUOTE ]

This is something I am considering to reduce my US tax liability but I haven't worked out the details yet. Just some scribblings on a notepad on my flight yesterday.

[TheMetetron]

[ QUOTE ]
[ QUOTE ]
no interesting replies. the link to the other thread produced an offshore bank that seems to be perfect: Cayman National

1k minimum for non residents, can be done by mail

[/ QUOTE ]
The Cayman Islands belong to the U.K. That doesn't sound especially promising.

Many overseas banks are likely to adhere to the upcoming banking regulations just as Neteller says it will. They are simply too dependent on U.S. financial institutions for all sorts of transaction processing. I don't think it makes sense to set up these overseas accounts until we see which banks and jurisdictions are actually willing to help us come crunch time.

[/ QUOTE ]

The Cayman Islands are actually a pretty big banking safe-haven. So are the British Virgin Islands which also belong to the UK. Offshore banks aren't going to stop you from receiving money from Poker Sites.

The offshore account I opened knew exactly what I did for a living, knew about the UIGEA, and didn't care because it was all cool under their law. More importantly, I opened several investment accounts and deposited quite a bit with them right away.

If they think you are using the account just to avoid US banking regs, they may not be willing to help you. But if you have other legitimate reasons for wanting the account and aren't going to use them to replace Neteller... you can find many that will help.

[TheMetetron]

I_C_ALL,

Yes, I am a US Citizen. No you can't just come to Sweden and open a bank account without being a Swedish resident. And if you could (there are a FEW banks who will do it, W-9 obviously required), your account is going to be in SEK without a ridiculous balance. In short, there are better options for overseas accounts.

Like I said, it's going to be hard to find a reputable bank willing to become your "current account for gambling purposes", especially if you live in the United States. It's just blatantly circumventing the United States and while technically legal isn't going to sit well with many.

And yes, they are going to charge you out the ass. The fees on that account at Cayman National were insane when I looked at the schedule of fees. No way would I want to pay that to get around everything. Just request a paper check and avoid the whole issue.

[The4Aces]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
no interesting replies. the link to the other thread produced an offshore bank that seems to be perfect: Cayman National

1k minimum for non residents, can be done by mail

[/ QUOTE ]
The Cayman Islands belong to the U.K. That doesn't sound especially promising.

Many overseas banks are likely to adhere to the upcoming banking regulations just as Neteller says it will. They are simply too dependent on U.S. financial institutions for all sorts of transaction processing. I don't think it makes sense to set up these overseas accounts until we see which banks and jurisdictions are actually willing to help us come crunch time.

[/ QUOTE ]

The Cayman Islands are actually a pretty big banking safe-haven. So are the British Virgin Islands which also belong to the UK. Offshore banks aren't going to stop you from receiving money from Poker Sites.

The offshore account I opened knew exactly what I did for a living, knew about the UIGEA, and didn't care because it was all cool under their law. More importantly, I opened several investment accounts and deposited quite a bit with them right away.

If they think you are using the account just to avoid US banking regs, they may not be willing to help you. But if you have other legitimate reasons for wanting the account and aren't going to use them to replace Neteller... you can find many that will help.

[/ QUOTE ]

the problem is will pokerstars send to the caymon islands for the US? i know party woudlnt sent to any country but ur country of residence.

[TheMetetron]

PokerStars wires money to me into my bank account that is located in neither the USA or Sweden.

[ISF]

[ QUOTE ]


Any reputable bank is going to require you to fill out a W-9 form reporting your bank account to the United States and allowing them access to it as they would have access to any USA bank account. If you have delusions of evading taxes, now would be a good time to stop*.

[/ QUOTE ]
This is not even close to being true.

[amulet]

all income world wide must be reported for US citizens. when you file your taxes your asked on the form if you have any overseas accounts or are a director/officer of any overseas companies. fraud is not something you want to be charged with, nor tax evasion. opening the account is fine. however, doing do to "reduce your US tax liability" is going to get you in trouble. open the account, but be fully transparent with the IRS, and pay your taxes.