Offshore Banks

[chestrockwells]

[This message has been edited by chestrockwells (edited 01-04-2001).]

[bsky2]

chestrockwells,

That was just an example. Could have been 200k or 2 million. One needs to live like Gambino and not Gotti if you are earning $$ and not claiming it. That was the point I was trying to make.

[MAXIMUM VALUE]

I have been looking into this subject for sometime now.

Here is some info I have gathered reading from several "offshore banking" books.

They rank several countries by security and confidentiality.
Nevis,Belize and British Virgin Islands are rated the highest with no record of turning over finacial records to other countries.

Antigue was rated on the bottom for opening up to the pressures of the USA.

This is just some of the info Ihave just off the top of my head.

If anyone is interested I can find the name of the book along with the authores name which you can find in most major bookstores.

MV

[chestrockwells]

[This message has been edited by chestrockwells (edited 01-04-2001).]

[reno]

Swiss banks are, and have always been, strictly confidential. They only allow the U.S. government access to account info. in the case of serious crimes. The Swiss do not consider tax evasion a crime, so a sportsbettor would not have to worry. Unfortunately, I have no idea how functional a Swiss account would be for a sportsbettor.

[Cons]

Yeah, Swiss banks are tops. The interest rates might be crap, but so what. And like Reno said, they're "tight."

They only release information if you're a big-time crook, so there's nothing to worry about.

Try www.ubs.com for probably the top Swiss bank.

[stardust]

From the Link mentioned by Cons:

Products and services in these webpages are not available for US persons, for the exclusion of residents of other nations see the disclaimers relating to the actual services.

The real problem - to start with - is how to actually move the $ without a trail for the US facists to follow.

One of the books above suggest that wire transfers are not under the same reporting requirements as other transactions.

Looks like a great idea with some obstacles if you really want to make it happen.

Anyone have any real experience from the US?

As always - Good Luck,

Sonny

[Cons]

Sonny, I see what you mean. If you actually went to Switzerland you would be able to open up right away, but then who wants to fly half the way around the world just to open up a bank account. It would be easier if the US wasn't so far, far away to the West...

[bucky]

Dear Reno,
How could you get the money from the offshore book to the Swiss bank account without a paper trail? Could it go from a Credit Suisse in Jamaica to the parent bank in Switzerland without being accountable to the U S A?

[bucky]

Dear bsky2,
According to what you talked about earlier if a sportsbetter got up $72,000 they might consider going to Antigua for 330 days in a calendar year and picking it up there. Tell the USA when you got home that you made $72,000 gambling in Antigua and you are exempt,

By the way when does the IRS consider a winning bet offshore income? The day you win the bet or the day you cash the check?

Correct me if I am wrong but an offshore bank account has to declared on your IRS report and therefore the balance under scrutiny.

Thanks for the answer--Great Topic--Its like trying to solve the impossible puzzle

[Cons]

Easiest way to solve the problem: emigrate.

[bsky2]

Bucky, I agree with CONS. Lets face it, unless you are a professional gambler with losses to offset your winnings and Vegas is the ONLY place you play, 99.99% of us aren't claiming anything.

One of the best things about gambling other than the rush of "sweating" out games is avoiding taxes. Other than Billy Walters does anyone really know a sports bettor than claims his gambling income? Look at what the "G" is doing to him.

I think we are making a mountain out of a mole hill in this thread. There is no right way to handle the IRS, period. You're damed if you do (ie. Billy Walters) and your damned if you don't (ie. Leona Helmsley).

Cash is King but betting by offshore (unless you are in a credit package) there will always be some kind of paper trail: Checks, bankwires, WU, credits to Credit Cards etc.

If the Feds target you they win over 90% of the time.

Good Luck to everyone

[reno]

Bucky,

An offshore book could simply send yout pay-outs to your Swiss, or other offshore, bank account. There wouldn't be a paper trail because the transfer of funds did not involve a U.S. bank account. Because the money does not come back into the U.S, if the IRS questioned you about Western Unions, Fed-Ex checks, or bank wires that went from the U.S. to offshore books,, you could tell them that you lost the money betting. And they would have no basis to refute your claim.

[brett]

I've been away for awhile and am quite interested in this thread, as well as the tax thread. There seems to be alot of debate but no real solutions to the money transferring problem. I move alot of money and have always sent it western union or by bank wire but reading these threads makes me scratch my head and wonder if there is a better way such as Reno mentioned. I would love to set up an account with an offshore bank or overseas for that matter if it could eliminate the paper trail. I think it is very important if we can reach a conclusion on this issue.

[mikren]

Not mentioning names, but there have been several in the past here who have stated they declare their winnings to the IRS and pay there taxes. I'm not sure why the fact one plays offshore would matter since in the majority of states it is not illegal to place a bet (even if the bookie is illegal). Even if you bet with an illegal bookie and pick up and deliver everything in cash you will be far better off in the long run (i.e. money wise) if you deposit the cash in stock investments and pay taxes on your winnings instead of holding the cash and letting it accumulate with no potential for appreciation. Assuming the stock market continues to have decent returns, of course.
Eventually the appreciation will outgrow the amounts you had to forfeit in taxes.