Offshore Accounts and Poker Sites

[BluffTHIS!]

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Izzy,

The only place you can get accounts created without going there that I know of is the Caymans, and you still have to deposit 10K with most of them, though as littlle as 1K with some, and you have to send them a bank reference as well. Even for a lot of 2+2'ers, especially at the lower limits, this is just going to be both too much trouble and too expensive.

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Not true.

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Note that I said "that I know of". Please elaborate if you know of others instead of making only an allusion to same. I personally am not interested, but apparently other posters are.

[TheMetetron]

I've got a Swiss bank account I opened as soon as the UIGEA passed. It has proven to be a wise move.

That said, most of you guys won't have it as a feasible option. One, my bank has stopped accepting professional gamblers. Two, they require me to put a sizable amount of money into investments through them.

[Izzy Vega]

http://www.ptshamrock.com/number_acc.html
www.swiss-bank-accounts.com
www.escapeartist.com -find good offshore mail drops here.

When I get some more time i'll search for more. There are many.

Anyone else feel free to share your findings.

[AP0CALYP5E]

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http://www.ptshamrock.com/number_acc.html
www.swiss-bank-accounts.com
www.escapeartist.com -find good offshore mail drops here.

When I get some more time i'll search for more. There are many.

Anyone else feel free to share your findings.

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Those are just companies that set up accounts and charge a few for doing it. No one is going to pay $700 just to set up an account.

[Izzy Vega]

From my brief research the last couple of days I think an offshore bank account would be ALMOST worthless.

1. Skall commented he did not see the point of a offshore a bank account unless you were trying to play at a poker site that does not allow US residents.

One poster responded he wanted one just to make his withdraw easier.

My response is if your playing at a sucessful poker site that allow US residents they will have an acceptable means to withdraw.

2. Now say you want to open a offshore account to play at Party. Man you have a whole lot of hurddles in you way. Here is a few scenarios.

a. You open a offshore account using your US address. If you withdraw from Party to your bank, chance are they will have you bank information (home address) revealing you are a US resident and they close your account and take your funds.

b. You try to open an offshore account using a offshore mail drop address. Usually the offshore bank will want a passport or form of ID, which would immediatley blow your cover.

c. There is some offshore banks that do not require identity verification (i would be real careful using such a bank). Say you have sucessfuly opened a offshore account with a offshore mail drop address. Now more and more poker sites are requesting a form of ID before the will process your withdraw. Now unless you have a ID issued from the country your mail drop is in you are screwed.

d. Say you have used a offshore address to set up an account and you have sucessfuly withdraw funds from your poker site to your offshore bank account. Now you will need to get the money home. You then wire the money back to your personal account. The bank will more than likely catch on. You have a bank account set up with them with a non-us address then you are depositing funds to yourself, to an account set up in the US with a US address. Big red flag im sure.

The only way an offshore account would succeed is if you set one up using your US address then using a ewallet and hope Party Poker never ask to see an ID or bank details. Which is possible. Or you successfully open an offshore bank account using a offshore mail drop and again just hope they dont ask for a ID. A lot of effort and a lot risk.

Oh yeah would any of this be considered money laundering or raketeering? If so, how?

I'm still looking into getting an offshore account, but it seems to be a lot more work and risk than I intially thought. And why go through all that trouble when I can still 8 table Poker Stars?

[allbad]

damn terrorists and drug lords... they ruined it for all of us.

[questions]

Someone asked if now was a good time to look at opening such an account. My feeling is that the regulations are only going to expand government control over you and your money. So if you want to hedge your bets, I'd say make sure you are protecting yourself. Obviously, you have to obey the law, but as far as I know, there is nothing illegal about opening a bank account overseas. I've had one for many years.

[Doctor Who]

I don't want to offer suggestions in open forum, but an offshore acct for a modest player is doable and wise. AND, the way you get the money out is fairly simple and non-traceable. Will try to be more accomodating in PM with SERIOUS players.

[thelogan]

Certainly possible to open a credible offshore account and acquire a credit card through that account. From what I know, it is expensive and one really needs to deposit a decent amount to make it worthwhile.

There are more "low end" options but I would be somewhat concerned about their safety, hence if you go ahead then do this properly and deposit a significant chunk of funds so you are taken seriously.

[r1base14]

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Salazar,

Here's the answer:

1) 9/11/ Patriot Act;

This is really inapplicable here.

2) US armtwisting of other holdout tax haven nations to fall in line with international banking regs to fight money laundering;

Money laundering involves the processing of fudns obtained illegally through legitimate investments to "clean" the funds and make them appear legitimate. UIGEA did not make online poker illegal, hence U.S. citizens would not be luandering money by moving the funds through offshore accounts.

3) the resulting specific requirement that banks "know your customer"

This does not rpesent a problem if a U.S. citizen has valid ID. What's the problem here?


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