Securing offshore accounts for USians

eof · #1 11-06-2006, 08:50 PM

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/...tm?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 · #2 11-06-2006, 09:07 PM

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

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

KajunKenny · #3 11-07-2006, 04:37 AM

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 · #4 11-07-2006, 10:33 AM

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

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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 · #5 11-07-2006, 10:36 AM

[ 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/sh...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 · #6 11-07-2006, 10:39 AM

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 · #7 11-07-2006, 10:51 AM

[ 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

TheMetetron · #8 11-07-2006, 10:54 AM

[ 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

[/ 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 · #9 11-07-2006, 02:55 PM

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 · #10 11-09-2006, 01:54 PM

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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.

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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 [img]/images/graemlins/wink.gif[/img] 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.