Offshore banking

[w1z4rd]

I am getting a lot of dollars in and I was wondering what the legalities of getting an offshore account are. Also, what is the cheapest place to get an offshore account. Its more a case of not wanting to put all my eggs in one basket more than anything else, so I am looking for a multi-currency offshore account. I am also looking for something that is really cheap. Right now the best place I can find to bank offshore within my requirements is Cyprus.

Does anyone have better and cheaper suggestions?

 

[SinghDude]

Cayman Islands ?


we always hear so much about them in the movies

The Cayman Islands historically have been a tax-exempt destination.

 

[w1z4rd]

Cayman Islands ?


we always hear so much about them in the movies

Ive had a look at a lot of options. Places like Singapore and such have strong banking laws to protect people, but accounts are expensive, and some of them are like $100 a month to have!

 

[SinghDude]

What about the UK ?

Barclays , HSBC ?

Are you specifically looking at tax-haven options or rather cheaper banking for foreign currency ?

 

[w1z4rd]

What about the UK ?

Barclays , HSBC ?

Are you specifically looking at tax-haven options or rather cheaper banking for foreign currency ?

Both

 

[Geriatrix]

Both

You capitalist! That money should be taxed to help uplift the community!

 

[Pho3nix]

/Bookmarks thread.

 

[w1z4rd]

You capitalist! That money should be taxed to help uplift the community!

Its a couple of hundred dollars... Nothing to write home about.

 

[Geriatrix]

Its a couple of hundred dollars... Nothing to write home about.

That's to small an amount to keep offshore, AFAIK. Unless you already have an account open in the UK or somewhere.

 

[Billy]

https://www.fnb.co.za/forex/multi-currency-account.html

 

[Mystic Twilight]

Wait till SARS hears about this, they will be screaming tax evasion on your head. Your money belongs to the people, like the mineral wealth .

 

[w1z4rd]

Yup, thats why I am wondering the legalities. The money is not generated in SA or by SA people. So I have no clue what the legalities are.

 

[Geriatrix]

Yup, thats why I am wondering the legalities. The money is not generated in SA or by SA people. So I have no clue what the legalities are.

Is it income due to you personally or a company registered in SA? If so, it's taxable and should be declared. If it's income for a foreign company owned by you, then it's debatable.

 

[mercurial]

 

[w1z4rd]

View attachment 25504

I am currency agnostic. Its not a lot btw, just a couple of hundred.

 

[mercurial]

I am currency agnostic. Its not a lot btw, just a couple of hundred.

I only keed.

 

[zippy]

Do intensive research. Some of these banks raise major flags with law enforcement agencies.

You don't want see the president of the bank where you stashed your money being led of a plane by US Marshalls

 

[hellfire]

FNB provides the service (as already linked).
SARS / government allow up to a few million to be held off shore as an investment (normal domestic tax rules obviously apply)

 

[Cage Rattler]

Ive had a look at a lot of options. Places like Singapore and such have strong banking laws to protect people, but accounts are expensive, and some of them are like $100 a month to have!

Singapore not nearly as attractive as before. The Monetary Authority of Singapore has recently announced plans to penalize banks that open accounts with untaxed money - how many countries actually do that!! And they've just signed a TIEA with Germany so I'm sure the rest of the big guys like the US, etc. will be signing up too.