General Question

FlutherBug's avatar

Has anyone here ever put their money into off shore accounts?

Asked by FlutherBug (1103points) May 24th, 2016

I am just wondering if anyone here has put their money into off shore accounts, for example in the Cayman islands which is tax free? How would someone go about doing this? Is there a minimum deposit to put money into off shore accounts?

I know many big companies put their money into foreign banks to avoid paying high taxes….......... Just wondering if anyone here has any advice for this?

The Cayman islands seems like a really good place to store money.

Thank you.

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8 Answers

Response moderated (Unhelpful)
elbanditoroso's avatar

I’ve never had enough to even consider offshore.

But I’m dubious of the concept. Sure, a lot of people do this, and for them it works. But there’s something reassuring about the FDIC and the protections of US Laws.

Tropical_Willie's avatar

I worked with a British gentleman in the US, he had a “green card” and worked for a large US based company. He had retired from a British company and had all of his pension sent to the Caymans. He also had several investments in England that had quarterly payments sent to the bank in Grand Cayman. Terry was making several tens of thousands of £‘s a year that went to his offshore bank.

imrainmaker's avatar

Isn’t that tax evasion?

Tropical_Willie's avatar

No, the money never came into the USA. It was coming from England straight to Grand Cayman.

FlutherBug's avatar

@imrainmaker No – exactly how is it tax evasion? It is completely legal if you follow the laws and rules. Tax evasion is when you are purposely trying to hide money – the question was just how to get an off shore account. There are many people who have off shore accounts if they travel a lot or move for work, etc.

FlutherBug's avatar

@elbanditoroso I’ve read there are different amounts that you can deposit, you don’t need to be super super rich to have an off-shore account. Some places say you can deposit a couple thousand while others say you need to have at least $50,000USD to have an off shore account. So I think it just depends with the banking, but again I am not sure. I don’t think it is necessary that you have to be a billionaire to have an off shore account – but who knows. Money talks and money walks.

FlutherBug's avatar


Sounds like a smart man to diversify his money and have investments, good for him! Switzerland, England and the Cayman islands seem good to keep money stored but I shall have to research a lot more…..........

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