There are many benefits when it comes to having offshore bank accounts. Having a bank account in a foreign jurisdiction is one of the best ways to keep your money secure. Plus, it lets you access a variety of opportunities that are not available through domestic banks.
Offshore banks have strict privacy laws and do not disclose your account information. However, when it comes to tax reporting, things change, as Americans are required to report their worldwide income. Thus, offshore banks are responsible for filing certain forms for US residents and citizens in order to comply with tax regulations.
The responsibility also lies with the account holder to report it properly. When setting up an offshore account you may want to understand the basics of offshore banking and also to keep in mind some basic tax laws.
Silver Tax Group is here to help you better understand the offshore banking world, how it works, what are the benefits and what are the major risks of opening a bank account in an offshore jurisdiction. Check out our blog articles on offshore banking and find answers to all your questions and concerns!
Need Tax Help? See If You Qualify For an IRS Hardship Program
IRS trouble can be frustrating and intimidating. Schedule a consultation to find out if you qualify for an IRS hardship program – it only takes a few minutes!
Don’t worry, our consultations are 100% Confidential & 100% Free