Even though this article about offshore banking was written for the U.S. person, it can be applied to almost any country. You need to check with the laws of your own country to see if the following is true for you also. Some details may be different but generally it is true for most countries since many laws are enacted using U.S. law as their guide. The U.S. WILL NEVER HAVE and more importantly DOES NOT NOW HAVE a law which forbids the taking of money out of the U.S.A. Why? Because no country that thrives on international commerce for the health of its economy can write such a damaging law without destroying its economy. And, since the U.S. has continuously and consistently had an international trade deficit, offshore banking will have to continue because the United States needs to sell more internationally than it buys. If the U.S. had a strange law restricting or forbidding the movement of U.S. Dollars from within the USA to outside the USA, then the United States would have NO global trade. Overseas companies would be unable to purchase U.S. goods and services because they wouldn't have any U.S. dollars. Also, U.S. based companies wouldn't be able to purchase goods and services overseas, because in those countries the companies based there wouldn't be able to accept U.S. dollars if there was no international movement of money allowed via offshore banking. Furthermore, all offshore companies will always be able to open offshore bank accounts in the name of their companies and they will always be able to take advantage of high yield investment opportunities freely in the name of their companies. That is why it is important to get an offshore company set up inexpensively and open up the bank accounts in the name of your offshore company now while the laws are most favorable. Right now all residents or citizens of the U.S., may legally move their money to most any country of the world they want to. There is NO RESTRICTION for 99% of people on the amount they move, where they move it, or how they move it. But if you want to move your money to Iran or North Korea you may be questioned. But by law, you do need to report to the U.S. Government any movement of cash or certain monetary instruments that you take out of the country of $10,000 or more. It is legal to take it out of the country but illegal not to report it. But in another article we shall see that this does not pertain to offshore banking. If you have a checking or savings account in a bank within your country, the odds are that you have paid income tax on that money already. Therefore, the only further tax obligation you have on that money is to pay any income tax to your government on the interest the bank pays on that deposit. If you did not you would get into trouble since your bank reports your interest to the tax authorities as a matter of their obligation. Your overseas bank account may also accumulate interest if you have an interest bearing account set up. Therefore, to keep things legal you simply report the interest earned on your income tax return every year and pay any taxes due from that interest earned. If you have capital gains from any stocks that your bank purchased for or from any high yield investment then you report those also on your tax form and pay any taxes due from those capital gains. This keeps offshore banking legal for you. This article is governed by international copyright laws and is governed by the laws of Ezine Articles. Violators of their rules will be punished to the fullest extent possible. James Bauman Ph.D. has been involved with the offshore world, banking, and asset protection for about 12 years now. During that time he has gained an education in offshore banking and high yield return investing and has learned of an offshore bank where depositors regularly make 50% to 100% high yield return on their money per year. Out of the experience he has gained over the years he developed the offshore banking and asset protection business FREEDOM OFFSHORE SERVICES. You can find out more and how to get FREE offshore bank account introductions here: [http://www.freedomoffshore.com/offshorebanking.html] Also, you can learn more about why a personal offshore bank account is not the safest way to control your offshore banking here: [http://www.freedomoffshore.com/offshorebankaccounts.html] Now, how do you know we are real? If you want a reference for us then we can give you someone to contact who will confirm our integrity. We hope to serve you not only in a way that saves you money, but by giving you quality service also. May your experience in the world of offshore banking and asset protection always be a pleasant one with our help.
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