Do not make the mistake of thinking the IRS is so inundated with FBARs and tax returns that you might be all right. The IRS might inquire about the absence of prior FBARs and tax returns revealing an overseas account. If they inquire, it is best to reply through your attorney, and do not lie.
The point of the IRS Offshore Voluntary Disclosure Program is to go after people who have been ignoring the rules and failing to report the money in their offshore banks. So, they're not just focused on who's breaking the law right now. Instead, they're looking for anyone and everyone who has taken advantage of the system -- even if it was a few years ago.
offshore personal bank account
If you like the stability of the US dollar but want higher interest, places like Georgia, a small but economically robust emerging nation in the Caucasuses offers as high as 7-8% interest on medium-term deposits not in their local currency, but in US dollars. Georgia is one of the twenty most economically free countries in the world (the US is tenth) and not a bad place to earn some extra interest.
ONever trust an organization that asks for no due diligence for the purpose of opening an offshore banking accounts account. Every offshore bank is bound to ask for this to cover their end.
High volume merchants profess that the new account has helped them save thousands of dollars per year, with discounts and promotions. Moreover, if your business is considered high risk and you're enrolled in an offshore bank account, you get the privilege of reduced tax and non-governmental interference.
If you have an accountant that handles them for you, they should be able to provide all the information in a summarized format that can help you fill out all the forms. If you don't have an accountant, you might want to hire one to help you get everything organized in a manner that makes the process smoother. You won't regret that move.
offshore account, internet banking, estate planning
