Hypothetically of course: Let’s say I was to inherit a reasonable sum of money (pounds sterling). I have bank accounts in the US and UK although I haven’t paid tax in the UK since 1988.
What I would like to do is let it grow tax free ‘offshore’ (whatever that means).
Googling for ‘Offshore bank accounts’ is quite confusing. Any dopers know the skinny on how to do this? How reliable are offshore institutions, what are the costs, pros, cons etc. How do I get it out if I need a couple of thousand here and there for daughter’s college etc.
BTW, the sum is not large enough to trigger inheritance/estate taxes on either side of the pond so I’m not trying to avoid these obligations. I’m more interested in simply keeping it hidden until I need it in say 20 years.
From an American standpoint, this is illegal, and I wouldn’t be surprised if the moderators lock the thread. As a citizen of, or resident alien within, the United States you are subject to income tax on investment income earned anywhere in the world–period. The offshore bank might not report your income to the IRS, but you are supposed to, and you will be committing tax fraud if you don’t.
Ahh. OK. Understood.
I actually have been reading up since I posted and came to the same conclusion. While ‘offshire banking’ seems rather James Bondish, I also found out that I would be likely breaking some laws so forget it.
Don’t want to be deported. 
Mods, feel free to whack this one.
Also, most such bank accounts, just like the famed ‘Swiss Numbered Bank Accounts’, do NOT pay interest.
So it wouldn’t do much ‘growing’ in such an account.
Closed at the request of the OP.
DrMatrix - GQ Moderator