I would like to know what legal ramification are, how to and were I can go to accomplish it. And if I would be able access my funds and transfer them to my US base financial institutes.
(Note: For those of you with suspicious minds I am asking for legitimate business reasons and have no illegal or immoral intentions)
2006-10-23 06:13:29 · 2 answers · asked by DarkWolf 4 in Business & Finance ➔ Other - Business & Finance
I have several overseas bank accounts. Your only legal obligation as a U.S. citizen is to report any income, dividends and interest earned overseas on your tax return. Doesn't matter where your bank account is, if you're a US citizen earning monies abroad, you need to pay your taxes on those earnings.
As for transfers, there are no legal concerns if the sum of the transfer is less than $10,000 cash. If it's more, or a non-cash transaction, you will need documentation to support the transfer and the source of the transfer. So if you're transferring monies between business accounts, you should be fine. Just keep your paperwork in order.
I'd suggest talking to a CPA, or your bank's branch manager. They should have all the specifics for you.
Happy travels. Peace.
2006-10-23 06:29:17 · answer #1 · answered by Valkanas 2 · 2⤊ 0⤋
One place you could do this pretty much hassle free is Bahamas. Check this web page for some banks operating there and choose a few of you liking and contact them for details such as transfer fees, minimum deposits, interests rates etc.
http://www.privatebanking.info/user/category.jsp?location_id=1778&category_id=1&category_page_id=0&published=1
Also make sure you include all this information in your tax reports.
2006-10-23 13:30:50 · answer #2 · answered by leblongeezer 5 · 1⤊ 0⤋