Tag: offshore bank account
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What are the IRS reporting requirements for an offshore account?
Most major countries impose taxes on the worldwide income of their permanent residents. Thus, you must report earnings from an offshore bank, securities or other financial account as you would any other income on your tax return. Some countries additionally require you to report the existence of offshore accounts; notably, the United States and Canada.…
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Liquidity Crisis
Hurricane Ivan ripped through the Cayman Islands at 150 miles an hour. I saw it on television with Bootstrap McDoogle. “No, no, no,” he said, sticking his head into his hands. “No one likes hurricanes,” I told him, “but it’s an act of God.” He said, “My money is in an offshore bank account there…