For several years, I have been giving advice on how to disappear. I receive emails from many people with questions ranging from property information to medical questions. When you break it down disappearing is simply starting over again, no different then loading that U-haul and having a checklist at hand.
First, let me state for the record, that yes, they are perfectly legal. In fact, offshore banking itself, while the rules may change a little, needs to stay legal. Forever. The economy depends on it. Money will always need to be transferred between countries, or trade would stop. So there will always be a need for offshore bank accounts.
Outfitted with your shopping list of things you need to recognize, you now need to begin analyzing what's company offer. There are diverse circulations, for example Moneyfacts or the weekend press, that furnish qualified data about what offshore banks have on deal. Most banks will give parts of their services and the cost, if any, on their website.
Effectively, this law and other's have put increasing burdens of proof on not only the wealthy, but the less well heeled individual citizens as well. The annual reporting requirement for any person with $10,000 or more in offshore bank account deposits or financial instruments has created additional problems even for those only planning to spend part of the year abroad.
And, remember, you don't have to wait until you're in trouble to get a lawyer. Just because you haven't raised any red flags with the IRS yet doesn't mean you're doing everything by the book. Talk to a lawyer now, so that you won't be sorry later!
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