Is it legal to have offshore bank account?
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charity
Apprentice
Joined: 15 Nov 2004
Posts: 4
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 Posted: 08/21/08 - 05:09 Post subject: |
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| I am always hearing about people with an offshore bank account. Take this forum for instance; there are lots of people who admit to having an offshore bank account. My question is if that is even legal? Are there no consequences as far as tax is concerned? Thank you for any answers. |
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orrin
Apprentice
Joined: 20 Dec 2003
Posts: 5
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| Posted: 09/20/08 - 02:19 Post subject: |
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| Of course it is perfectly legal to have an offshore bank account. What is perhaps not all that legal is hiding those funds from your tax authorities. After all, that could be classed as tax evasion in many cases. And it is this that is against the law. But there is nothing wrong with an offshore bank account as such. |
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