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mrmunchkins4

Active Member
I don't think Ciara needs to consider offshore banking.
I would to be honest. Good places in the EU I hear is Malta. As much as the hype is, switzerland is still a very viable place for privacy with finances, but not as much as back then.

There also not that difficult to open. As long as you are doing it for legitimate purposes, like asset protection, nobody usually cares that you have one.
 

quincy

Senior Member
I would to be honest. Good places in the EU I hear is Malta. As much as the hype is, switzerland is still a very viable place for privacy with finances, but not as much as back then.

There also not that difficult to open. As long as you are doing it for legitimate purposes, like asset protection, nobody usually cares that you have one.
Let's not stray too far from Ciara's question.
 

mrmunchkins4

Active Member
Let's not stray too far from Ciara's question.
It's just some good advise, but then again, I think you're right, the main point here is that trying to get compensation when you weren't really harmed is difficult. It's best she/he opens a new account with a different financial institution.
 

Taxing Matters

Overtaxed Member
Consider opening offshore bank account in EU. Best decision I made.
You'd better be disclosing those foreign accounts with the appropriate disclosures on your federal income tax returns and, if applicable, FBAR filings. You face stiff penalties if you fail to file any required disclosures.
 

mrmunchkins4

Active Member
You'd better be disclosing those foreign accounts with the appropriate disclosures on your federal income tax returns and, if applicable, FBAR filings. You face stiff penalties if you fail to file any required disclosures.
This is true. But for my matter, even with expense of tax preparation for such filings, not an issue. Offshore banking is assumed for rich, I soon saw this as false at glance.
 

Taxing Matters

Overtaxed Member
Offshore banking is assumed for rich, I soon saw this as false at glance.
It doesn't have to be for the rich, but for most Americans offshore banking offers no benefits over banking with U.S. banks and it can be more costly and require more administrative headaches than using U.S. bank accounts.
 

mrmunchkins4

Active Member
It doesn't have to be for the rich, but for most Americans offshore banking offers no benefits over banking with U.S. banks and it can be more costly and require more administrative headaches than using U.S. bank accounts.
It's a possible future benefit based off the way bankers and their regulators have acted in the past. But depending on who you ask, a benefit–cost ratio would save you more by opening a bank account in your home country.
 
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