Hi /biz/, /pol/ here I have just a few questions. 1) Is having

>>1175468
1) Of course
1.1) It means you are not contributing fully to your own society
2) To pay less tax
2.1) Less tax
2.2) Legislation can change and you lose the breaks. You probably have to pay an accountant well.
3) Usually

>>1175470
Paying less tax is tantamount to tax evation, right? So why is it still legal?

>>1175474
Because governments have to keep the super-rich sweet or they'll just renounce citizenship and move somewhere that will treat them better.

>>1175483
>treat them better
>than in the US
Err, the only countries worth moving to (Europe) are going full commie as we speak. Sure you could go to a third world shithole and be 'treated well' but who would do that? What kind of life would your kids have?

>>1175558
Your limited works view is staggering.

>>1175575
Just trying to bring myself down to your level.

Also if you have a bunch of rich people who would renounce citizenship and get out of dodge if they couldn't ream the poor then your country would be better off without them in the long run.

>>1175587
You're so ignorant it hurts. Since when was /pol/ invaded by lefty redditards like yourself?

>>1175474
because telling people where an when they can spend their money is tantamount to totalitarianism.

>>1175608
No it's not, every reasonable democratic society has placed restrictions on who can spend money on what.

>>1175606
>you're wrong but I can't explain why because reasons
So... you're wrong?

off shore companies are legal, but they can often times be used to avoid taxes. They often times make these off shore accounts to have a fake name associated with their money to prevent others from knowing where it's stored. Often times poor countries with rich people do this. It doesn't give you tax evasion unless you're doing it illegally

>>1175468
1. It depends on the jurisdiction. In my country it is not.
1.1 If an offshore a/c is opened it must be declared for tax purposes (in most jurisdictions, mine included). There is a history of banks/advisors opening them in tax havens and clients not paying tax for years and getting found out with big settlements paid afterwards (I'm assuming there can be custodial sentences imposed but its rare afaik). This is one source of the negative attitude (no questions asked about source of money is another).
2.1/2.2. Pay less tax/ see above
3. Not necessarily, but why would you bother opening an OA in country A resulting in a higher tax bill than country B?

>>1175613
im not talking about spending and consuming. Im talking about where wealth money can be stored and where business can be conducted. If a business wants to move elsewhere it should be able to. Stopping them from doing that is pretty much telling the people running them that they are slaves and if they leave their pen they will be punished.

>>1175558
You need to visit Monaco sometime.

>>1175558
Banks work on reputation. Places like Iceland and Britain are extremely dependent on people banking with them, like over 50% of their economy is dependent on finance and international markets.

>>1175587
>your country would be better without them in the long term
Let's get some things straight. There are multiple things somebody could be better and worse at, sometimes good at one and bad at another.

What happens when a company moves its industrial jobs out of the country? What about what happens when a finance company decides to store a few billion dollars in another country.

Different scenarios you see.

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>>1175558
you just showed, will be looking down at your id you uncultured biggot
>yes biggot, not bigot

>1 Yes, offshore accounts are legal.
>1.1 Because often, offshore accounts are used to conceal criminal/shady dealings.
>2 To conceal criminal/shady dealings.
>2.1 When brokering international deals, it can be a means of reducing compliance paperwork for legitimate work, among other uses.
>2.2 You are opening a pandora's box of tax scrutiny when you disclose them to your tax authority. Also you will probably have lots of mandatory additional requirements on your domestic tax submission(s).
>3 The terms are often used interchangeably. All tax havens are offshore (I'm actually not sure if that's true, consult your people...), but not all offshore locations are tax havens.

>>1175474
No you are conflating
Tax minimization with Tax Evasion.
One is legal the other illegal.

At the highest levels of accounting the arguments are mostly philosophical in nature.

>>1175468
Offshore account legal, most places yes, prolly not north korea but who knows. Case by Case.

Citizenship, to transact, to conduct business, Conflation of jurisdiction, paper trail in foreign territory, foreign credit, investment, vacation,

Cheaper to send money interbank than through currency exchange. Cheaper to send property accross borders. (pencil my shares over), locals feel good transacting w/ you, less headache, can avoid currency shifts. When argentina's currency crashed a few years ago, people had been pooring money into investment property in the US b/c better to lose 3% maintenance and taxes than, 50% of wealth. Often safe from litigation, though US bankruptcy courts have been vicious in pursuing through other countries, many banks will no longer do business w/ US citizens, particularly the swiss, b/c onerous compliance.

consequences depend on where your money is located. but frequently conversion fees, international fees, records, in more corrupt or unstable locales you have specific risks, in more savory places often service fees.

sometimes not always, you can have an overseas account in a company with worse financial consequences for example.

Google 5 flags for more info.

also in the 80's they were wonderful tax shelters. Particularly the caiman islands. Today not so much.

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>>1175468

>1) Is having an offshore account legal?

Yes

>1.1) If yes, why does it carry a negative stereotype

A lot of people think it is illegal and that only the super wealthy have the ability to do it, and that they do it for illegal reasons

>2) Why do people usually make an offshore account?

See pic

2.1) What are the benefits of owning an offshore account?

See pic

2.2) What are the consequences?

Imprisonment

3) Does owning an offshore account mean a tax-haven account?

Potentially yes.