June 23: Anonymous Offshore Bank Accounts and There Benefits

by David Jenyns on June 23, 2007

This article will give you three main reasons why anonymous offshore bank accounts might be for you: profit, privacy, and protection Ė or the 3 Pís.

Letís look at each reason separately, starting with profit. Iím going to use Australia as an example to illustrate my point, because Australia is so highly taxed and we all know how much we hate paying high taxes. As an Australian worker, youíre taxed on your wages; you buy a few things, paying a 10% goods and services tax. You then place your remaining money in a bank, where youíre charged financial institution duty, and bank account debit taxes. Despite this, you earn a tiny amount of interest Ė on which you are also taxed. If this seems excessive to you, youíre not alone: banking offshore eliminates at least the last of these taxes.

Having anonymous offshore bank accounts isnít illegal and probably never will be. You can legally move your money anywhere you want in the world: there is absolutely no restriction on the amount you can move, or where or how you move it. To come back to the Australian example, while there is no restriction on the movement of money offshore, amounts of $10,000 or more are required to be reported to the relevant government authorities. There is also a question on Australian tax return forms asking if you have $50,000 or more invested offshore: this is an individual limitation, so if you have a spouse or child, you can always put the money in their names.

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