Offshore bank accounts

Any recommendations?

[gecko1]

In another thread people were talking about offshore bank accounts.

Can anyone PM me a recommendation? I am looking for one that can accept US cheques with minimal fees.

[oddsod]

Er, why would you pay the much higher costs of running an offshore account to save a few pennies on collection fees? You do realise that the purpose of offshore accounts is mainly tax planning? Just flying down to meet with the bank and prove your ID (many do require this now) will wipe out the savings you're looking to make.

[jorj]

Interesting subject. When is the proper time to create an offshore account? This implies the question "what are the REAL advantages".

I'm interested too if this would be a way to reduce the taxes.

[Freedom]

Reduce? Or evade?

;-)

[oddsod]

You can't evade taxes, you can only reduce the tax you pay. Taxes are built-into your flight ticket, your hosting fees, the milk you buy for your tea, the petrol you buy for your car, your electricity bill, everywhere. Indirect taxes are almost impossible to avoid. Whenever you spend money on anything ask yourself if it would be even a penny cheaper if taxes existed for nobody, not you, not the shop, not his suppliers, or the original manufacturer.

[jorj]

Good point oddsod!

Maybe we can share some experience here, no? Would be veeery helpful.

My ideea when thinking to these offshore accounts is to use them to pay bills for services not necessary located in my country: web hosting, advertising, etc. Then eventually retrieve the money through the use of ATM intead of flying for them. Am I realistic?

[oddsod]

jorj, be careful of being accused of tax evasion; most countries have a jail term in store for tax evaders.