Reply To: Offshore Accounts

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CTLAWYER
Participant

Abba_S

No, that is the sole purpose of criminals in having these accounts.

My 27 year old works in Europe in the yachting industry and is paid in Euros. She has an offshore account for convenience. Her Yacht is registered in the Cayman Islands and her account is there. Most US banks are not easy to bank with internationally.

Every year when filling out US tax return, the box that says ‘have a foreign bank account’ is checked.

This account is for convenience and to avoid the stiff foreign transaction fees US banks charge on every little thing.

This is unlike the people we are hearing about in the Panama Papers.