Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

USA offshore accounts?

USA offshore accounts?

Old Mar 30th 2008, 4:40 am
  #1  
Just Joined
Thread Starter
 
Joined: Mar 2008
Posts: 3
DancesWithBeer is an unknown quantity at this point
Default USA offshore accounts?

Hi,

Is there an equivalent to the Isle of Man or the Channel Islands for the USA? With my Isle of Man HSBC account I can withdraw cash world wide but people in the UK can pay money into my account as if it was a UK based account (i.e. it is part of the British Banking system and no wire transfers are needed). My Isle of Man account is tax free.

I won't be living in either UK or USA. I just need a personal account and also one for business.

Cheers

Neil
DancesWithBeer is offline  
Old Mar 30th 2008, 4:43 am
  #2  
Ray
 
Ray's Avatar
 
Joined: Mar 2003
Posts: 68,280
Ray has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond repute
Default Re: USA offshore accounts?

Originally Posted by DancesWithBeer View Post
Hi,

Is there an equivalent to the Isle of Man or the Channel Islands for the USA? With my Isle of Man HSBC account I can withdraw cash world wide but people in the UK can pay money into my account as if it was a UK based account (i.e. it is part of the British Banking system and no wire transfers are needed). My Isle of Man account is tax free.

I won't be living in either UK or USA. I just need a personal account and also one for business.

Cheers

Neil
http://www.searchallinone.com/offsho...shore-banking/
Ray is offline  
Old Mar 30th 2008, 4:48 am
  #3  
Just Joined
Thread Starter
 
Joined: Mar 2008
Posts: 3
DancesWithBeer is an unknown quantity at this point
Default Re: USA offshore accounts?

Cheers Ray.

Neil
DancesWithBeer is offline  
Old Mar 30th 2008, 7:19 pm
  #4  
And YOU'RE paying for it!
 
Joined: May 2007
Location: kipper tie?
Posts: 2,328
lapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond repute
Default Re: USA offshore accounts?

Why do you want an offshore account? If you're receiving payments from the US and don't want to pay incoming transfer fees, then get one in the US (and check the terms) or tell the senders to pay the costs.
lapin_windstar is offline  
Old Mar 30th 2008, 7:51 pm
  #5  
Bob
BE Site Lead
 
Bob's Avatar
 
Joined: Aug 2004
Location: MA, USA
Posts: 91,715
Bob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond repute
Default Re: USA offshore accounts?

a tax free dodge? having a laugh there ain't ya?
Bob is offline  
Old Mar 31st 2008, 8:48 am
  #6  
Just Joined
Thread Starter
 
Joined: Mar 2008
Posts: 3
DancesWithBeer is an unknown quantity at this point
Default Re: USA offshore accounts?

Originally Posted by lapin_windstar View Post
Why do you want an offshore account? If you're receiving payments from the US and don't want to pay incoming transfer fees, then get one in the US (and check the terms) or tell the senders to pay the costs.
I live in the third world. Like many countries, where I'm living tax is only payable on a remittance basis. So I keep income which I earn abroad out of this country.

For my British pounds income I have an account in the Isle of Man. I could open a US dollars account in the same place but it is quite expensive. For a company account you have to have local management in the Isle of Man which is really expensive.

I want to set up a business which would earn income from US customers (actually telephone companies) for services delivered from outside the US. If I set up a US account the Americans are probably going to want to tax me on this income. If I have an account outside the US there is no question of the US taxing me.

An offshore corporation, e.g. in Panama, would sit between service rendering companies (my companies in various countries) and the service receivers in the USA. The offshore company charges the service receivers and pays the service renderers. The difference between the two payments (basically the profits of the operation) accumulates offshore.
DancesWithBeer is offline  
Old Mar 31st 2008, 12:41 pm
  #7  
Arrogant ****
 
dbj1000's Avatar
 
Joined: Jan 2004
Location: Plano, TX
Posts: 4,323
dbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond repute
Default Re: USA offshore accounts?

Originally Posted by DancesWithBeer View Post
I live in the third world. Like many countries, where I'm living tax is only payable on a remittance basis. So I keep income which I earn abroad out of this country.

For my British pounds income I have an account in the Isle of Man. I could open a US dollars account in the same place but it is quite expensive. For a company account you have to have local management in the Isle of Man which is really expensive.

I want to set up a business which would earn income from US customers (actually telephone companies) for services delivered from outside the US. If I set up a US account the Americans are probably going to want to tax me on this income. If I have an account outside the US there is no question of the US taxing me.

An offshore corporation, e.g. in Panama, would sit between service rendering companies (my companies in various countries) and the service receivers in the USA. The offshore company charges the service receivers and pays the service renderers. The difference between the two payments (basically the profits of the operation) accumulates offshore.
The US taxes worldwide income, and the IRS looks very poorly on any attempt to hide income from them in offshore accounts. If you're resident in the US then you're liable for taxes on your income, regardless of where it's earned. I take it your "I live in the third world" comment is genuine, and not a sarcastic comment on living in the US?
dbj1000 is offline  
Old Mar 31st 2008, 2:15 pm
  #8  
 
Poppy girl's Avatar
 
Joined: Oct 2006
Location: Reno Nevada
Posts: 15,917
Poppy girl has a reputation beyond reputePoppy girl has a reputation beyond reputePoppy girl has a reputation beyond reputePoppy girl has a reputation beyond reputePoppy girl has a reputation beyond reputePoppy girl has a reputation beyond reputePoppy girl has a reputation beyond reputePoppy girl has a reputation beyond reputePoppy girl has a reputation beyond reputePoppy girl has a reputation beyond reputePoppy girl has a reputation beyond repute
Default Re: USA offshore accounts?

My late father used Bermuda and Luxembourg, might be worth looking into, and they were HSBC accounts, well for sure the Luxembourg one was as I had to deal with him and sort the estate out.
Poppy girl is offline  
Old Mar 31st 2008, 2:52 pm
  #9  
MODERATOR
 
penguinsix's Avatar
 
Joined: Nov 2006
Location: Hong Kong, mostly.
Posts: 5,104
penguinsix has a reputation beyond reputepenguinsix has a reputation beyond reputepenguinsix has a reputation beyond reputepenguinsix has a reputation beyond reputepenguinsix has a reputation beyond reputepenguinsix has a reputation beyond reputepenguinsix has a reputation beyond reputepenguinsix has a reputation beyond reputepenguinsix has a reputation beyond reputepenguinsix has a reputation beyond reputepenguinsix has a reputation beyond repute
Default Re: USA offshore accounts?

As was mentioned, US citizens and green card holders are taxed on income no matter where they live, and as such, there really hasn't developed a market for 'off shore accounts' like what you see in the UK. USC are also required to report any bank account they hold overseas, so unless you are being nefarious, there really isn't that much of a market for the offshore banking products.

You might want to shop around a few other major banks (like Citibank UK) that also have dollar accounts.
penguinsix is offline  
Old Apr 1st 2008, 1:00 pm
  #10  
And YOU'RE paying for it!
 
Joined: May 2007
Location: kipper tie?
Posts: 2,328
lapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond repute
Default Re: USA offshore accounts?

Originally Posted by DancesWithBeer View Post
I want to set up a business which would earn income from US customers (actually telephone companies) for services delivered from outside the US. If I set up a US account the Americans are probably going to want to tax me on this income.
Are you sure about that? Non-US resident taxable on non-US income? I have no idea.
lapin_windstar is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.