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  1. #1
    JustLearning is offline Junior Member
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    May 2005
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    Question OffShore HYIP Programs-Are they legal for US citizen?

    What is the name of your state? Delaware.

    I am a United States citizen that is reseraching investing in HYIP programs or other offshore investment programs.

    First, is this legal for me?
    Second, how would I file my taxes?

    Any guidance would be much appreciated
    Last edited by JustLearning; 05-27-2005 at 08:33 PM.
  2. #2
    LdiJ is offline Senior Member
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    May 2004
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    65,564
    Quote Originally Posted by JustLearning View Post
    What is the name of your state? Delaware.

    I am a United States citizen that is reseraching investing in HYIP programs or other offshore investment programs.

    First, is this legal for me?
    Second, how would I file my taxes?

    Any guidance would be much appreciated
    A US citizen is not prohibited from investing abroad. However, if the US citizen does not report their world-wide income on their tax return, that US citizen would end up in a world of hurt.
  3. #3
    tranquility is offline Senior Member
    Join Date
    Mar 2006
    Posts
    18,677
    As in all things, it depends. One thing this particular thing would depend on is what you know and what your intent is. My understanding is a HYIP is a fancy name for the first people in get profit while the last people in get screwed.

    Is that your intent?

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