Can a regular fella who happens into a lot of money get an offshore bank account? If so, what are the advantages and… what IS an offshore bank account? If it’s offshore, how do you deposit and withdraw monies from the account?
Thanks,
BillyShake
As for using the offshore bank account, I would assume that you can use a credit/debit card and online bill paying and banking, as with any other bank.
In the article I kinked to upthread, Cecil states that offshore banks (more precisely, banks outside your jurisdiction of residence, I suppose) do not have to report details of things like earned investment interest to your local tax authorities. I was once looking to see whether I could hook such an account up to a couple of print-to-order e-commerce sites, sell art, and only use the money when I was outside Canada, but, alas, I have to report income earned outside Canada. I’m certain that it is the same in the US.
Oh well. So much for that idea.