I am trying to set up an account and an address offshore... Has anybody been able to succesfully accomplish this? Anyone have any information that can help me out please PM me or reply to my thread
Offshore bank account and address?
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Carlos019SBR High Roller
- 01-02-07
- 178
#1Offshore bank account and address?Tags: None -
picoBARRELED IN @ SBR!
- 04-05-07
- 27321
#2
if you have enough cash that requires you to open a offshore bank account, then you can afford to fly there and get a private banker. if you do not have that much cash flow. your shoe box or mattress seem like a good choice. you can try the method from chevy chase's las vegas vacation movie. you can put all your money in coffee cans and bury them in your backyard.Comment -
jjgoldSBR Aristocracy
- 07-20-05
- 388179
#3Not worth it unless your betting over $1000 a game, way too many rules, fees and requirements.Comment -
slashSBR MVP
- 08-10-05
- 1000
#4ubs.com
postfinance.comComment -
Carlos019SBR High Roller
- 01-02-07
- 178
#6My research so far has shown that The best way is to open a corporation offshore, it is just very expensive... thank both of you for your replies
postfinance.com doesn't exist... I am looking into UBS nowComment -
slashSBR MVP
- 08-10-05
- 1000
#7Postfinance requires less then USD 10k. At least they did when a friend of mine opened an account there some years ago. And they are located in the lovely country of Switzerland...Comment -
picoBARRELED IN @ SBR!
- 04-05-07
- 27321
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katstaleSBR MVP
- 02-07-07
- 3924
#10Let me just say to focus your research on Panama. You will find everything you need/want--and at much lower prices than what the Swiss want.Comment -
slashSBR MVP
- 08-10-05
- 1000
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LucasSBR MVP
- 12-20-05
- 1062
#12UBS 50K CHF (40K USD) ... 20K if you live in FR, IT, GE, AUSComment -
katstaleSBR MVP
- 02-07-07
- 3924
#14"What we have here is a failure to communicate!" You boys ain't listening--P A N A M A.
I won't discuss the particulars here in open forum and I won't do your research for you. BUT, I pointed you in the right direction. If you research and decide you want insider help down there to achieve your goals--PM me and i will provide you the name and email address of a guy who will help you with this. There are alot of scams, but this guy is legit.Comment -
jjgoldSBR Aristocracy
- 07-20-05
- 388179
#15I had one in Belize (Provident) way too many costs involved to wire ($90 a pop), min balance was like 2k or a fee monthly , bet with a local instead, the fees are like more vig in betting.Comment -
JRachelSBR Rookie
- 05-08-07
- 20
#16I had HSBC offshore account in Jersey when I was moving countries cause it helped with the currency exchange. They used to have one with minimum deposit of 5k, but now I think it's 20k of the currency the account is in.Comment -
compaqDikkSBR Hall of Famer
- 10-08-05
- 5699
#17i would like to set up a fake account in Dublin Ireland. i'm looking to play at the live casino at dublinbet.net
i'm serious as cancerComment -
jjgoldSBR Aristocracy
- 07-20-05
- 388179
#19Guys it is not worth it, try it and see what a hassle it is and fees to move money.Comment -
LucasSBR MVP
- 12-20-05
- 1062
#20
i do not see any reason why use their branches which are under law of the countries where they are settled... (this law is usually enforced by power of USA)Comment -
picoBARRELED IN @ SBR!
- 04-05-07
- 27321
#21i read somewhere if you use a US passport to open an acocunt in swiss, they still have you fill out a w-8 form and send it to the irs. is there ways getting around that?Comment -
LucasSBR MVP
- 12-20-05
- 1062
#22i can not confirm or refuse that info; i would say NO if you use the personal account, but maybe it is not right... for EU citizens it works so: they pay taxes for the interest incomes to EU states anonymously... i am sure if you call there they will gladly tell you how they handle US customersComment -
PoventinoSBR Hustler
- 03-24-07
- 94
#23I don't know how others feel, but I always found that Swiss Accounts are for Big Depositors (BIG $'s).
ThanksComment -
jjgoldSBR Aristocracy
- 07-20-05
- 388179
#24This thread is funny, trying to go through all this to get a $$50 bet down??
You will all see offshore bank accounts are for big time business not gamblers.Comment -
picoBARRELED IN @ SBR!
- 04-05-07
- 27321
#25only 10k CHF... 1 usd is about 1.2 chf. not that high if you bankroll 30k or higher in your gambling account. but if you're a USA citizen swiss banks has some restrictions, so it is kind of pointless to go there and open an account.Comment -
increasedoddsSBR Wise Guy
- 01-20-06
- 819
#26CIBC, Royal Bank of Canada, and Bank of Montreal will all open accounts with a US passport and a second id (License). You must go there. None of these report to the IRS, but remember if you keep over $10k there, you must report or face felonies. Either report or keep it under $10k.
When I called bank of Antigua they told me they would be happy to have US business. I have not followed up on details.
Panama will happily open US bank accounts. The key to using neteller is getting a residence ID. This means being "employed" by someone. From what I am told, $1000-3000will get you employed. I have not followed this route as I don't want money offshore now, but it is a very viable route to use neteller in the future.
My feeling right now is there is no incentive to set up shop elsewhere cause even though I can send and receive money, I can't trust books or processors because who knows when the next one will be busted and fold. It is hard enough to make money at this when books who want to pay you can do so.
In a while once this blows over, opening an account in Panama or Antigua will be a fine way to use neteller if neteller is still in business.
There is no need to pay for offshore accounts... The only reason to pay is if you can't go there to open...
SeanComment -
picoBARRELED IN @ SBR!
- 04-05-07
- 27321
#27CIBC, Royal Bank of Canada, and Bank of Montreal will all open accounts with a US passport and a second id (License). You must go there. None of these report to the IRS, but remember if you keep over $10k there, you must report or face felonies. Either report or keep it under $10k.
When I called bank of Antigua they told me they would be happy to have US business. I have not followed up on details.
Panama will happily open US bank accounts. The key to using neteller is getting a residence ID. This means being "employed" by someone. From what I am told, $1000-3000will get you employed. I have not followed this route as I don't want money offshore now, but it is a very viable route to use neteller in the future.
My feeling right now is there is no incentive to set up shop elsewhere cause even though I can send and receive money, I can't trust books or processors because who knows when the next one will be busted and fold. It is hard enough to make money at this when books who want to pay you can do so.
In a while once this blows over, opening an account in Panama or Antigua will be a fine way to use neteller if neteller is still in business.
There is no need to pay for offshore accounts... The only reason to pay is if you can't go there to open...
Sean
well, it seems like if you have over 10k go offshore, under 10k, go to canada. but i dont' really believe that canadian banks will not report to the irs. they probably have to fill out a w-8 form when you open as well. you're the first person told me this, so pardon my skeptish.
if you ever see the movie, "blow", you'd be little worried about panama and the rest of the banana republics. gov. stability is a big issue in central america, and the US still have a big canal there so you can't really count out that one day the cia will orchistrate a coup or something crazy with the governments there. the carribeans are relatively safer. caymen island is the #1 destination for offshore banking in the carribeans. other islands are just as good or trying to be better offshore banks.
now, why do people open banks in swiss. because great banks and stable gov. they're pretty smart about it too, they banked nazi money during teh second world war and hitler left them alone. so no doubt even if something bad happens, you'll be rest assured that your money is safe there. can't say that about those carribean islands.
but everything i said is moot, because i have not seen a single person on this forum has opened a swiss bank account...or won't mentioned it for obvious reasons.Comment -
duritoSBR Posting Legend
- 07-03-06
- 13173
#28Why does everyone want to keep their bank accounts secret from the IRS?
It's perfectly legal to have offshore bank accounts, just pay your taxes.
You all want the US gov't to legalize gambling, yet you don't want to pay taxes on your winnings?Comment -
picoBARRELED IN @ SBR!
- 04-05-07
- 27321
#29
you can't blame people for trying to win more money. afterall the top reason some of us got scammed into shitty sportsbooks is because greed. i doubt online gambling will be legalized soon in the states. you'll see ebay implement sales tax before they legalize online gambling. it is about taxes, other reasons are just smoke screen.Comment -
increasedoddsSBR Wise Guy
- 01-20-06
- 819
#30The three banks i listed in Canada do not report to the IRS. I could care less if they do since I pay my taxes, but they take no SSN and they don't report... It is not their business. I opened my Canadian accounts to use Neteller. That failed.
Now I don't trust the rest of the offshore world enough to put money offshore now, but the things I told you about banks is fact. Don't believe me? Call the banks yourself.
SeanComment -
picoBARRELED IN @ SBR!
- 04-05-07
- 27321
#31The three banks i listed in Canada do not report to the IRS. I could care less if they do since I pay my taxes, but they take no SSN and they don't report... It is not their business. I opened my Canadian accounts to use Neteller. That failed.
Now I don't trust the rest of the offshore world enough to put money offshore now, but the things I told you about banks is fact. Don't believe me? Call the banks yourself.
Sean
there are other benefits to open a swiss account. in case you get into a nasty divorce, you'll still have a hidden piggy bank in europe ;-)Comment -
increasedoddsSBR Wise Guy
- 01-20-06
- 819
#32Why do you have to keep it under $10,000?
Simply declaring a bank account outside the US does not mean you owe or do not owe taxes.
It is not illegal to keep a billion dollars offshore.
Warren Buffett had $13billion offshore last year I believe due to falling dollar values...
SeanComment -
picoBARRELED IN @ SBR!
- 04-05-07
- 27321
#33Why do you have to keep it under $10,000?
Simply declaring a bank account outside the US does not mean you owe or do not owe taxes.
It is not illegal to keep a billion dollars offshore.
Warren Buffett had $13billion offshore last year I believe due to falling dollar values...
Sean
i don't know why would you open one in canada? just because it is close to the states? there are some countries that charges no tax on your interest. for example, singapore, hong kong, swiss, and so on...that is why people go there to open accounts. for gamblers like us, i think our banks are called pinnacle, the greek, bookmaker, betjam, diamond (just listing the top five) etc. so there is really no need to open an bank account offshore since you can always withdraw using western union or cashier check.
i guess i am ranting off topic here...the reason i am asking all these questions is that i am curious about swiss account because of their fabled "secrecy". you never know when that little piggy bank in swiss will come in handy. so this is not a purely gambling related postComment -
increasedoddsSBR Wise Guy
- 01-20-06
- 819
#34if you're opening a account with a us passport and declare it, that means the US gov will know about it. your interest will be taxable with the the country you open the account in (i.e. canada in your case), so you don't have to pay US tax because you already paid foreign tax on your interest. so there is no double taxation. my point is the us gov will know you have an account there and you're paying canadian tax...which might be even higher than the us tax...
THe above is not true. The three banks I listed do not report to the IRS and do not take social security numbers so they CANT report.
The US knows if you lawfully report if over $10k.
I have yet to look into Canadian tax law - They don't really offer interest anyways... and I'm ahppy to pay taxes on teh 0.5%
and it might be a hassle if one of your wires got screwed up and you have to contact your bank (think about the communication cost and possible traveling cost)
It could be a pain. Probably fixable by phone.
i don't know why would you open one in canada? just because it is close to the states? there are some countries that charges no tax on your interest. for example, singapore, hong kong, swiss, and so on...that is why people go there to open accounts. for gamblers like us, i think our banks are called pinnacle, the greek, bookmaker, betjam, diamond (just listing the top five) etc. so there is really no need to open an bank account offshore since you can always withdraw using western union or cashier check.
You'd have to be making serious interest to care. If you have $100k offshore and have it in the bank 10 days (In books the other 355 days) at 1%, your interest is about $30. Tax on that, maybe $15.... Much cheaper to go to Canada than Hong Kong.Comment -
katstaleSBR MVP
- 02-07-07
- 3924
#35My last post in this thread, but I will say the misinformation helps me and others like me. Panama gets more deposits than all the rest of the Caribbean combined. It's secrecy/privacy laws are unmatched in this hemisphere. Because they allow Americans to function/live there without a "residence ID", Neteller and Pinnacle (for example) will/do not require a Panamanian ID. Bank acct, utility bill, etc will suffice to show you have moved. OK, that is enough truth in open forum--I will now withdraw and continue to let the "experts" explain it all.Comment
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