Hello there everyone!
I’ve been seeking around if someone can suggest me a good offshore bank that allows non-presence account oppening (via post mail perhaps) for SWIFT witdrawals of Envato Payments. No matter on the world it is.
I’m just looking for some suggestions.
Bests and thanks!!!
Dunno why..tax..you would want an offshore bank account?
DoubleMThemes, could u explaine, please, how it’s possible to take money from offshore bank if it’s situated in another country? Thanks.
Many offshore accounts offer debit cards that you can use to withdraw money in your home country. If you need more money than a debit card can provide, look into banks that provide “back to back” loans. This is a legal and ethical gray area, so beware.
In the US, all income is taxed, regardless of where it was earned, so if I earn $100,000 from Envato, I would have to pay roughly $35,000 in taxes on it. If I have this money deposited overseas, say in the Cayman Islands, I’ll get hit with the tax when I bring it to the US (called repatriation). If I took out a loan for $100,000 at market rate interest, however, there is no tax.
Here is the sneaky part. Banks in the Caymans have secrecy laws, so I can deposit $100,000 thete with no record tracing to me. The bank deposits it in a fixed rate CD at 5% yield. They then give me a loan for $100,000 at 5% interest plus a small administrative fee. That gets the money into the US tax free where I can either pay it back over time, or default on it, and they seize my CD as repayment. Repeat as often as you like.
This technique is used by wealthy individuals and companies like Google to avoid taxes.
If you just want a bank account, most banks in the US let you open accounts online, and I was able to open one in the Philippines online as well. No in person visit required. HSBC also has worldwide accounts.
Hi there Guys. Thanks for the answers so far. I’m not triying to avoid any Tax, just find a place I can use, cause my local Banks are very bad and no offer international VISA cards, so traveling get’s complicated for me. Just exploring some variants.
Thanks fillerspace for your wide explanation.