There are many reasons as to why you want to move your assets offshore for protection. Here are some key assets that need to be protected offshore.
Category: Offshore Accounts
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!
If you are worried that you have failed to properly disclose information regarding your offshore assets, you might be eligible to participate in the IRS’s FBAR (Foreign Bank Account Report) Amnesty Program. Learn more here.
Does your business have an offshore bank account or other foreign financial assets? Keep reading to learn about the difference between GATCA vs FATCA along with your obligations to the IRS.