Hi,

I come across slogold.net and i see they open US and UK bank account for non-resident. Does anyone use them before? any comment about them? i try to search the thread, but can't really see any review about them. Any recommended site for opening bank account?

thanks!

I'm very interested too :)

i can tell you offshore banking is extremely illegal in the US, no matter how many times the site might say "IRS approved legal techniques" and the IRS is definately cracking down on this sort of thing. i don't know about doing it from the UK, but it'd be a big mistake to try offshore from the US.

xanthion
US companies are offshore for foreigners ;) The same thing with UK companies, I suppose but not sure :)

Originally posted by xanthion
i can tell you offshore banking is extremely illegal in the US, no matter how many times the site might say "IRS approved legal techniques" and the IRS is definately cracking down on this sort of thing. i don't know about doing it from the UK, but it'd be a big mistake to try offshore from the US.

I'm referring to offshore banking or money transfers, like that site is trying to get a US citizen to do.... not just dealing with some company that happens to bee offshore....

Isn’t it illegal to move assets offshore or have ‘offshore bank accounts’?

It is legal to have accounts, funds, reserves, liabilities, assets etc. almost anywhere in the world. When you do not declare assets or profits, that should be declared according to your domestic tax code, (IRS, Revenue Canada, Inland Revenue etc), you are subject to certain penalties and fines or more. The key elements are if the assets and profits are ‘reportable items’ in that current year. Setting up offshore is not illegal; however, withholding information about your offshore investments is illegal in some countries. The question of legality often arises from propaganda supported by high-tax jurisdictions to keep their residents (and their tax money) at home. An offshore jurisdiction should be perceived as a foreign country – but with certain advantages. These can take the form of banking secrecy laws, advantages in forming companies for international trade or investment operations, no interest tax, no inheritance taxes, no capital gains tax, no individual tax, and many others.