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Offshore Bank Transfers / Page 4

Bowman Offshore Bank Transfers: Ten Things to Know About Offshore Bank Accounts

If you are a U.S. citizen or resident and maintain an undisclosed foreign bank account, beware. As numerous prosecutions trumpeted by the IRS make clear, the stakes have never been higher and the potential liabilities can be staggering. Why worry?

 

The vaunted secrecy of Swiss and other tax havens turns out not to be so secret after all. They've already named names to the IRS and more are on the way. Although the UBS case was most publicized, HSBC, Credit Suisse, and many other banks are in the mix now, as are many foreign countries besides Switzerland. So putting your head in the sand won't work in the long term.

 

The IRS had a special "Voluntary Disclosure Program" to bring violators into the fold, but the cutoff for participating in it was Oct. 15, 2009. If you are in that program, you are probably still slogging through filings and disclosures to the IRS. But if you missed that deadline--and many thousands did--beware. Sooner or later you'll have to address this problem one w

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Bowman Offshore Bank Transfers on everything you need to know about offshore savings accounts

Offshore savings accounts allow you to save in different currencies. And, contrary to popular belief, you don’t have to be hugely wealthy to take advantage of them.

 

Offshore savings accounts may have a high profile thanks to scandals involving famous names using them to avoid paying tax – but the reality is that account holders do still need to pay tax. In truth, there’s little point opening an offshore account in the hope of dodging tax because you are generally liable for tax on the interest you earn in the same way you would be in the UK.

 

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Expat guide: Offshore deposits by Bowman Offshore Bank Transfers

We all work hard for our money, whether we are living and working in the UK, or overseas as an expat. But the key ingredient to successful money management is often missing: we fail to make our money work hard enough.

 

So, if you are one of those people who just let your salary sit in an account paying paltry interest, then you need to start looking at how to make your money do more for you.

 

Our guide to offshore deposits takes you step by step through choosing the right account and making sure you continue to get the best deal.

 

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Bowman Offshore Bank Transfers: Is it Dangerous to Transfer Your Offshore Money into the U.S.?

This is a question we receive often. With the implementation and enforcement of FATCA (Foreign Account Tax Compliance Act), the United States is increasing enforcement priority of noncompliant US account holders.

 

More than 100 countries and tens of thousands of foreign financial institutions have agreed to report US account holder information to the United States.

 

But I am not a U.S. Citizen?

 

This is a common misconception. The requirement for FATCA reporting is for the individual to be a US account holder – not a US citizen. In other words, whether you are a US citizen, Legal Permanent Resident, Visa Holder who meets the substantial presence test, or a former green card holder who was considered a long-term resident – you are generally considered a US person.

 

As a US person, you are required to report your foreign accounts and global foreign income to the United States (the United States taxes individuals on their worldwide income). With that said, the question general

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Bowman Offshore Bank Transfers on How to Open and Access an Offshore Bank Account

Offshore banking is often associated with a high level of financial sophistication and, sometimes, chicanery. However, the reality is that the average person can open an offshore bank account with just a few hours of work. Each offshore bank and foreign jurisdiction has its own requirements, so you'll have to do some research to find the specifics relevant to your situation. The following is an overview of what you can expect, based on common offshore banking centers such as Switzerland, the Cayman Islands, and the Channel Islands.

 

The Basic Requirements

 

The basics of opening an offshore bank account are similar to opening a bank account in your home country. Offshore banks will ask for your personal information, such as your name, date of birth, address, citizenship and occupation.

 

To verify your personal information, you can expect to submit a copy of your passport, driver's license or other identifying documents issued by a governmental agency. Additionally, banks are co

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Bowman Offshore Bank Transfers: How to Send an International Wire Transfer

Everything You Need To Know About Wiring Money Overseas

 

I’m getting a lot of feedback from people trying to send international wire transfers.

 

A reader wrote this week to say:

 

“I went to my bank branch to initiate a wire transfer on Monday. The teller had to call over the branch manager to help with the paperwork. Once the manager saw I was transferring money to Panama, she told me they wouldn’t be able to do the wire transfer. When I asked why not, she said because investing in Panama is too risky.”

 

A similar tale from another reader:

 

“I tried to wire money to Panama for a property purchase, and the teller told me they couldn’t do the wire because they didn’t have a branch in Germany. The Panama bank uses a German bank as their intermediary, but isn’t that what they (an intermediary bank) are there for—to accept international transfers?”

 

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How to move money offshore by Bowman Offshore Bank Transfers

Having an offshore bank account — or two… or three — is an important step in planting flags around the world. As we often discuss, the actual opening of an account is relatively easy, and you don’t need a lot of money.

 

In my guide, The Best Offshore Banks, we discuss 55 banks that will open offshore accounts for anyone with as little as $500 to deposit. In some cases, you won’t even have to leave your living room, as a number of Caribbean and even European banks allow for remote account opening.

 

However, the bigger challenge for offshore banking newbies is how to move money offshore; precisely, how to get your onshore funds into your new offshore account.

 

To make things clear, this article is NOT about how to hide money offshore. While the media loves to do gotcha pieces about how easy it is to move money overseas, the reality is that playing by the rules is a lot better way to go.

 

 

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Bowman Offshore Bank Transfers on Offshore transfers

A non-UK domiciled but resident client has used the remittance basis since 2008/09 and made an election under TCGA 1992, s 16ZA. Remittances have been made to the UK from a mixed offshore fund.

My non-UK domiciled client has used the remittance basis since 2008/09 and made an election under TCGA 1992, s 16ZA. He remitted a significant amount of funds to the UK in 2011/12 from a “mixed fund” foreign bank account (one of several).

The deposits have been analyzed between (broadly) income, gains and clean capital for every year. However, my queries concern the treatment of withdrawals that are not remittances to the UK or transfers to other foreign bank accounts.

 

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