A Belize offshore bank account isn't taxed in Belize. Despite having tax burden in your native country, you are free from such issues and need not provide any details to anybody in a Belize account. The Belize account gives you interest on your funds without lessening any tax from it. Belize banks have to muddle through you as a customer and the government of their country. It is not the business of the offshore bank to know the tax issues you have in your nation.
http://www.youtube.com/watch?v=RFnXM0ku4hE
In fact, you might be surprised to hear that if your offshore banks have more than $10,000 in them at any point in time during the year, you qualify for the Offshore Voluntary Disclosure Program.
First and foremost, don't wait for the IRS to seek you out. If you've come to that point, you will probably be facing the maximum punishment for tax evasion including penalties that can amount to 200-300% of the asset value of the account in addition to up to 10 years in prison. Very scary!
Bogus offshore banking sites can threaten to report you to your tax authority if you question their methods. It's an old con trick; get the mark involved in something illegal, then he can't go to the authorities.
Until there is a vaccine for danger, scare tactics are an effective way to inoculate your child against a perilous world. You may tell your child not to stick a metal knife in the toaster, but how confident are you that those new-fangled ground fault circuit interruptors will do the rest?
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