How To Open An Offshore Bank Account As An American

Think of it this way, if you use a screwdriver to break a window, you are committing a crime. But, the screwdriver itself is not illegal. It is the same way with offshore banks. They are tools that can be used for good or evil.One last thing: *don't think that because your bank account and company are offshore bank account you can do business in your home country, and/or with fellow residents, and avoid taxes there*.Beginning in late 2008, the government began a serious crackdown on Americans with undisclosed foreign offshore banking. The UBS prosecution and criminal indictments against U.S. account holders have dramatically increased awareness of the filing requirements. By taking on Swiss banking giant UBS and the Swiss government and by locking up a few U.S. taxpayers who had not filed required FBARs, taxpayers have begun filing in droves.Fell Asleep at a Party, Never Woke Up Teenagers have been told not to drink at parties, but many of them think it's no big deal if they are not driving. It's never the alcohol that get's kids in trouble though, it's the lack of good judgment that follows. Alcohol combined with prescription drugs can be lethal. Add Fentanyl patches or Oxycontin pills, and a drink or two can cause such severe respiratory depression that breathing stops altogether. Four years ago in a town near us, a girl died on a sofa, at a party, in full view of 20 people who thought she was sleeping. The take away message: If a friend is passed out at a party, and you can't wake them up, call 911.Don't assume that if your - explanatory setup - balance falls below $10,000 at tax time that you don't have to follow the rules. The Offshore Voluntary Disclosure Program specifically states that if you have a foreign bank account balance of more than $10,000 at any point during the calendar year, you are required to comply with the rules.Once the merchant account is up and you are ready to accept credit cards, it's likely that your provider will let you process checks and other forms of payment using a virtual terminal. If you do the math, not only will you preserve the old-age functions of your business, you will also likely quadruple your sales as soon as you acquire your virtual terminal.offshore voluntary disclosure program, foreign bank account, how to open a bank account