Is your money safe in an Offshore Bank Account?

waterotter

13 years ago

Have you considered the possibility that this very well could be a scam? Do your due diligence here.

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Sornie Samante 13 years ago

Originally Posted by waterotter

Have you considered the possibility that this very well could be a scam? Do your due diligence here.

I was considering this, you're maybe right.
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MoneyMagnetMagnate

13 years ago

I'm with waterotter on that idea...
It's not quite as easy as calling up "postal boxes R us" in Lichtenstein or the Caymens and getting an address. (though I wish it was!)
It is quite an unusual request.

Thanks
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Pauly60451

13 years ago

Unless you have a valid reason (and there are actually many) there really is no need for an offshore bank account. Having one simply for the sake of saying you have one is not a valid reason. :rolleyes:

If you are unfamiliar with offshore banking and the reasons for having an offshore account, I would suggest seeking the advice and counsel of someone with some banking expertise, preferably offline.

There are at least three topics you should seek professional, offline advice about. Legal, medical and financial matters. Never, ever, EVER take the advice of unknown people (like me) in an online forum.

Thanks
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MoneyMagnetMagnate

13 years ago

Originally Posted by Pauly60451;4636918[B

]Unless you have a valid reason (and there are actually many) there really is no need for an offshore bank account. Having one simply for the sake of saying you have one is not a valid reason. :rolleyes:

If you are unfamiliar with offshore banking and the reasons for having an offshore account, I would suggest seeking the advice and counsel of someone with some banking expertise, preferably offline.

Hey - an Offshore Account can be a real 'chick magnet'!

especially if they work at the IRS...:rolleyes:

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waterotter

13 years ago

Originally Posted by Pauly60451

Unless you have a valid reason (and there are actually many) there really is no need for an offshore bank account. Having one simply for the sake of saying you have one is not a valid reason. :rolleyes:

If you are unfamiliar with offshore banking and the reasons for having an offshore account, I would suggest seeking the advice and counsel of someone with some banking expertise, preferably offline.

There are at least three topics you should seek professional, offline advice about. Legal, medical and financial matters. Never, ever, EVER take the advice of unknown people (like me) in an online forum.

The OP mentions a transaction that involves the creation of Offshore Bank Account, and once the account is created the money will then be transferred to his account.....This does`t sound very ethical and wreaks like a scam to me. JMO!

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Richard Tunnah

13 years ago

Originally Posted by sornie

Hello there fellow warriors,

I have this transaction that involves the creation of Offshore Bank Account, and once the account is created the money will then be transferred to my account, now my question is that, is your money safe from that account? Also can you transfer it to paypal? Any fees or what?

In Addition, will it cost me money on Creating an Offshore account or if I ask someone to do it for me?

Please Enlighten me, I really don't have the perfect grasp of Offshore Bank Account.

I will appreciate your help. Thank you so much!

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SOrnie

I'm not sure why a transaction would involve the creation of an offshore account? Anyway I think you need to be very, very careful as some offshore countries banking rules means you'll find it extremely difficult to find out (if not impossible) who the account belongs too! Many countries will only release such info if used for money laundering or terrorist activities. Even then accounts can be held in trust for someone.

Rich

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Kay King 13 years ago

I really don't have the perfect grasp of Offshore Bank Account.

Don't think about creating one until you do have a grasp of the issue!
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seasoned

13 years ago

NOBODY can answer your question as asked. Is ***MY*** money safe in an offshore account? Some of it, YES! I haven't tracked it until a couple weeks ago. Not counting interest, I made 40%!!!!!! Of course, if I were THERE, and invested in the US, I would have LOST that money!

Steve

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Sunfyre7896

13 years ago

Swiss bank accounts used to be safe, but now they can let your money be seized by the U.S. FTC or whomever if there's a problem. The only place where there is no jurisdiction by the U.S., as far as I know, is the Cayman Islands. Your money will be safe there. As to what you're getting into, I can't say on that. Just pointing out where you can put money on your own into and it will be safe.

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seasoned

13 years ago

Originally Posted by Sunfyre7896

Swiss bank accounts used to be safe, but now they can let your money be seized by the U.S. FTC or whomever if there's a problem. The only place where there is no jurisdiction by the U.S., as far as I know, is the Cayman Islands. Your money will be safe there. As to what you're getting into, I can't say on that. Just pointing out where you can put money on your own into and it will be safe.

MAN are you wrong! I could SWEAR that was one of the FIRST to be shut down! For the record, Switzerland was one of the LAST!!!!!!

This seems to indicate I WAS right!

Tax Haven to Avoid - The Cayman Islands

Steve

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Joe Mobley

13 years ago

Currently a US citizen can not open a Swiss bank account. The Swiss government will not allow it as they are not willing to put up with US government interference.

You (a US citizen) can open a bank account in Belize over the Internet or by phone with no opening deposit.

If your intent is to hide money, be prepared for a spanking... or worse.

Just my opinion.

Joe Mobley

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Sornie Samante

13 years ago

Originally Posted by Joe Mobley

Currently a US citizen can not open a Swiss bank account. The Swiss government will not allow it as they are not willing to put up with US government interference.

You (a US citizen) can open a bank account in Belize over the Internet or by phone with no opening deposit.

If your intent is to hide money, be prepared for a spanking... or worse.

Just my opinion.

Joe Mobley

So how about if I am not from the US? Please let me know. It's not quite clear, and will it cost me some bucks or something?

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Joe Mobley 13 years ago

I have no idea regarding non-US citizens.

I do not have a legal, accounting, or tax background and this is not a trivial matter.

I would think for $50 to $100 US you can get some expert advice to guide you.

Google: open bank account belize
Google: open bank account panama
Google: open bank account china

Joe Mobley

Originally Posted by sornie

So how about if I am not from the US? Please let me know. It's not quite clear, and will it cost me some bucks or something?
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philipf

13 years ago

do a background check on the bank itself

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Patrician

13 years ago

"You have to be honest to live outside the law' - and you better hope they are because you will have little recourse if not. check the laws and banking regulations in whatever country where your 'off-shore' account will be. check that the laws apply to 'foreigners' which will be you if you are not a citizen of that country. (and yes check the bank itself to see if it is has a charter)

if you are found out to be 'sheltering' funds to evade taxes you can end up in a lot of trouble and rightly so. You can have your wages garnished and assets frozen - just during the investigation, let alone when they really bust you. You can pay fines, legal costs and even go to jail (I hope).

How the banking scams can sting you for some examples = money transferred into your account from anywhere - banks will clear cashiers checks, travelers checks, money orders and you will see the funds in your account.

Don't spend them because it can take them 2 weeks to find out one of the above vehicles is fraudulent/forged or stolen. Here is what happens.

You are responsible for the funds - if you used them you will now have to cover them (without what you thought was a deposit - from your own funds). You will be responsible for any fees for overdrafts/returned checks etc. and your account may be frozen or shut down.

Worst case scenario you can be arrested for receiving stolen funds or merchandise (for example if you were supposedly processing sales and anything was shipped to or from you or your friends in the scheme of things to or from an account in the USA.

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Sornie Samante

13 years ago

Originally Posted by Patrician

"You have to be honest to live outside the law' - and you better hope they are because you will have little recourse if not. check the laws and banking regulations in whatever country where your 'off-shore' account will be. check that the laws apply to 'foreigners' which will be you if you are not a citizen of that country. (and yes check the bank itself to see if it is has a charter)

if you are found out to be 'sheltering' funds to evade taxes you can end up in a lot of trouble and rightly so. You can have your wages garnished and assets frozen - just during the investigation, let alone when they really bust you. You can pay fines, legal costs and even go to jail (I hope).

How the banking scams can sting you for some examples = money transferred into your account from anywhere - banks will clear cashiers checks, travelers checks, money orders and you will see the funds in your account.

Don't spend them because it can take them 2 weeks to find out one of the above vehicles is fraudulent/forged or stolen. Here is what happens.

You are responsible for the funds - if you used them you will now have to cover them (without what you thought was a deposit - from your own funds). You will be responsible for any fees for overdrafts/returned checks etc. and your account may be frozen or shut down.

Worst case scenario you can be arrested for receiving stolen funds or merchandise (for example if you were supposedly processing sales and anything was shipped to or from you or your friends in the scheme of things to or from an account in the USA.

WOW, thank you so much, this is a great help, I am checking with the bank now and I hope I get everything settled prior to taking words into actions or maybe no more.

If you don't mind, I might ask some private question via PM.
Thank you and I hope we keep in touch

--
Sornie

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Patrician

13 years ago

Sure Sornie you can PM me. However I don't think you can receive my response because you have under 50 posts (is that still true?)...

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Sornie Samante 13 years ago

Hello Patricia, thank you so much, yeah ,it is still true till now, but this time I don't have questions to ask to you yet since you have actually helped me a lot with the previous response you have above.
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xTrav

Banned 13 years ago

I don't think that the money is safe.

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Sornie Samante 13 years ago

Originally Posted by xTrav

I don't think that the money is safe.

Yeah, this issue has been considered as well. Thank you for your thoughts.
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Is your money safe in an Offshore Bank Account?

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