So a few questions on this ruse:
1) In layman terms, what is an off-shore account?
2) Is owning an offshore account legal?
2.1) If yes, why does it carry a negative stereotype?
3) Why do people usually make an offshore account?
3.1) What are the benefits of owning an offshore account?
3.2) What are the consequences?
4) Does owning an offshore account mean a tax-haven account?
pic not related
Having bonds on a foreign bank means it's not subjected to the laws of the country your're currently in. Diverting your income to said account, so that it isn't showing on your earnings means you don't have to pay the government taxation over that income, instead you can mark it as income in another country with special treatment. Luxembourg, for example, is a well known place for this, as it's possible to get very good tariffs through some means.
>>69874761
What fucking flag is that
I don't know how to check from my phone
>>69874761
Furthermore, if you ever get caught evading taxes, bribing or/and extorting, and you end up under investigation, law enforcement agencies from your country can seize any bank accounts held in their jurisdiction. If this event happens, any local bank accounts can be compromised in a very short time span, but if they are abroad, then your government will have to deal with the government of whichever bank you chose to go with, which usually entails days of bureaucracy, giving you time to move and hide the contents of the accounts.
>>69874375
1. A bank account held in a country you are not a citizen or resident of
2. Varies from jurisdiction and nature of the account.
2.1. Because even if holding the account is legal, the use of it may not be legal, eg. money laundering, obscutfating profits, tax evasion.
3. See 2.1
3.1. Paying less tax
3.2. Gaol
4. Not necessarily.
>>69875007
Guatemala
>>69875007
Phillipines. There was a Philippine poster trying to hose down the Panama Papers in other threads.
>>69875141
Thank you. Never saw it before.
>>69875039
Allowing this in your country, can be very economically beneficial, imagine getting a cut of Apple's yearly revenue, even if it's a relatively tiny portion. That going into your banks and in turn financing smaller companies through loans means a good flow of wealth, a win-win situation for the foreign account's government and the account's owner, a huge loss for the local government you're trying to embezzle. Discovery of this, specially if the host governments decide to cooperate, results in getting charged with tax fraud.
With this in mind, you can imagine why several governments allow their banks to carry out these shady activities.
>>69874761
>>69875039
>>69875131
may the gods bless you with cheese and wine
>>69875336
>>69875131
follow-up: if you make an account in a multi-national bank (HSBC, etc.), is it considered as offshore as well?
