Foreign bank accounts and the IRS

[rabbitlover]

So how does a US citizen open a foreign account? And where would the best location be?

[DespotInExile]

Opening a foreign account increases your audit profile. Of course, you dont have to declare your foreign account, but then you commit a felony.

[rabbitlover]

I'm not worried about being audited. I plan to follow the law. But has anyone here actually opened a foreign bank account?

[MiltonFriedman]

yes

[SmackinYaUp]

[ QUOTE ]
yes

[/ QUOTE ]

Wow, I don't know what this thread would have done had you never been born. Thank you.

[rabbitlover]

Yes, Miltie you are very helpful. Hopefully someone here who truly knows about this would like to be of help.

[I_C_ALL]

http://forumserver.twoplustwo.com/sh...age=3&vc=1

Link to a thread I asked a similar question and someone was kind enough to respond

[Megenoita]

Neteller does have to be reported if a balance exceeds $10k. But I don't see how that would prevent us from using it for gambling.