{"id":3728,"date":"2015-05-13T17:35:58","date_gmt":"2015-05-13T21:35:58","guid":{"rendered":"http:\/\/www.escapeartist.com\/?p=3728"},"modified":"2020-06-12T09:03:14","modified_gmt":"2020-06-12T13:03:14","slug":"offshore-banks-to-avoid","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/offshore-banks-to-avoid\/","title":{"rendered":"Offshore Banks to Avoid – Updated"},"content":{"rendered":"
It’s tough to find the right offshore bank<\/a>. If you’re an American, it can be near impossible.<\/p>\n If you hold a blue passport, step one is to find a bank that will accept you… that will put up with all the BS from the IRS. Then one that won’t bury you in fees, that offers multi-currency accounts, and one that has the investments you need.<\/p>\n I’ve written before on which banks I recommend and how to find the best offshore banks. This post is about which banks to avoid. The banks at the bottom are ones you should run away from as quickly as possible!<\/p>\n First, avoid any bank with a branch in the United States. There\u2019s is little or no difference between a US bank and the foreign branch of a bank with a branch in the US when it comes to privacy and protection.<\/p>\n The US IRS can levy any account at a bank with a branch in the US. All the agent need do is tap a few keys on his keyboard (send notice to the US branch) and your “offshore cash” will be gone.<\/p>\n Of course, all offshore banks cooperate with the IRS. They report your account and your transactions. However, the US government needs to jump through all kinds of hoops before they can seize an offshore account… unless that bank has a branch in the US. It is rare for the US to go after an account at a bank that doesn\u2019t have an account in the US.<\/p>\n NOTE: Some offshore banks have representative offices in the US. These are not branches and they do not have a US banking license. The IRS cannot levy an account through a representative office, only a licensed branch.<\/p>\n And the same holds true for civil creditors. If a US judge issues an order to a US branch, you can be sure they will comply and turn over your money. Again, very little difference between a US bank and an offshore bank with a US branch.<\/p>\n <\/p>\n <\/p>\n Just about all large multinational banks have offices in the US. Before opening an offshore account review the bank’s website to make sure they don\u2019t have a US license. Here are some of the offshore banks to avoid:<\/p>\n So, if one reason to go offshore is privacy and asset protection,<\/a> avoid banks with branches in the US.<\/p>\n Second, avoid any bank listed by the IRS as a \u201ctarget.\u201d You’d be crazy to give your information and money to a bank that is under attack from the US government. You’re likely to see your cash seized and held for years even if you are in compliance… You might just get caught up in the wave that is your government.<\/p>\n <\/p>\n You will find an up to date list of target banks on the IRS website<\/a>. As of today, those are:<\/p>\n <\/p>\n I hope you have found this post on offshore banks to avoid helpful. Check out this article on offshore banking countries<\/a>.<\/p>\nList of Offshore Banks to Avoid<\/h2>\n
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