Hi. I am often hearing some of my more well off friends talk about heir offshore bank accounts. What dores this mean? By depositing their funds into account in other countries, apparently they are gaining loads. Or losing less. Whatever you want. Can someone clarify? Isn't tax evasion ilegal? Their must be some catch here. I am wondering what you will say.
Hi. I am quite aware that the very word offshore account inspires images of the super rich laundring their money. The reaility though is much different. There is nothing illegal about an offshore account. Let's say in the case of the United Kingdom you are obliged to declare all your UK income to the inland revenue each year when you do your tax return. By putting your funds into a Cayman Islands account you are simply avoiding this.
