Securing offshore accounts for USians

[StellarWind]

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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

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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]

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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.

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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]

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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.

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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]

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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.

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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]

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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*.

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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.