Are off shore bank accounts worth it? (US citizens)

[pixie85]

If I had USD and lived in the US I'd be worried. It's not a good idea to keep all your money in one currency even if it's the most popular currency in the world. It's not immune to crashes and inflation so it's a good idea to get an offshore account. It's even a better one to keep some of your money in a different currency like Euros or Pounds.
The point with higher interest rates is also very good.

Well let's just say I am rich and I have $50,000USD in a bank account. --I don't by the way, but theoretically...

How are you going to split that $50 around?  I'd be interested to hear what you think.

Is there a $15,000 limit where the government starts watching??

In the EU banks check and report to your tax authorities transfers of 10000 EUR. It differs in some countries. In Germany it's 12000 if the transaction is local. I would have to check foreign transactions but you can read about it in the banking regulations.
If I wanted to split my USD I'd buy crypto, move it to a country where I have a foreign bank account and sell it on their local exchange. Then I'd move my money ffrom the exchange to my offshore bank account making sure there's less than 10000 EUR per transaction. 

[babarian]

of course it's safe, provided you put it in a trusted bank, I think some countries have some very reliable banks, so you are safe to save your money in foreign banks

[TheCoinGrabber]

On the topic of high interest, yes you can get higher interest in other countries but its mostly their own currency and not dollars. Which means you are betting against the fiat of that country vs dollar while getting the interest. What if you put your money into a country where their national currency lost more in value than the interest gives you against the dollar ?

In that case you wouldn't be making money at all, hell you would be losing dollars in that case. That is why it doesn't really make sense to put your money in any other country just for the interest.

Nevertheless, if you invest into those countries that is whole another topic, USA companies do make decent amount of return but they are also high entry barrier places whereas an investor could have a ton of stock from some offshore company and could reap the benefits when profiting.

Totally agree with this. Where I live $20k US is enough to invest. That's just the price of 1 btc during the ath.

Maybe still keep some in the banks though if considering moving to said country.

[LeGaulois]

How about Swiss Bank Accounts Are those any good ?

Switzerland is a member of the OECD group. http://www.oecd.org
Countries exchange information and more countries will be included. So if today a bank is offshore, it's possible that tomorrow not anymore.
There are still few banks there like BSI, CBH,...

[dothebeats]

The offshore banks are not offshore anymore. It's not the same as it was before with the international information exchanges program. Maybe less than 10% of the banks are still truly offshore, and you can be sure the percentage will reduce with the years coming.

Also when you have nothing to hide you have no use for an offshore bank account

Yup. Usually, Swiss bank accounts are the ones being used for money laundering and by plunderers who wish to keep their assets away from exposé and being sniffed by their own government, though governments can ask offshore banks to disclose some info regarding statements and balances if they are after one person who may have potentially done something fishy in terms of their finances and wealth.

Interest rates, accompanied with better service is what usually tempt people to open an offshore bank account, though if you're really not doing something bad, or don't really need to have a bank account abroad, why open an offshore one? I can only see an offshore bank being viable if one person intend to travel on the country where their bank account is opened to have easy access to cash and ATMs should they need it.

[muhtesem]

of course, I prefer to keep it in my country if it is local currency. annually gives interest up to 25%. 3% per annum for euro and usd. even strangely, foreigners come and put the money here for interest. What are your interest rates in your country? everyone write please.

[sheenshane]

Ever since offshore banking was taken advantage by the oligarch for some reasons. Interests rates, privacy, and liquidation were the reasons why they banked their cash offshore. Some people also take advantage of offshore if they have a categorized ^dirty money in the USA and will be cleaned offshore.

Swiss was the most trusted country in the world when it comes to banking. There were a lot of gossips that Swiss were accepting cash and hides it because the people who do it are somewhat illegal or needs to hide their fiats for some serious purposes.

[BlueStackz]

of course it's safe, provided you put it in a trusted bank, I think some countries have some very reliable banks, so you are safe to save your money in foreign banks

It is a good point to keep it a safe bank outside your country but at the same time it’s possible you also have banks that are trust worthy so the basic thinks to look out for is the necessary benefits of banking outside your country of residence and one of this benefit is the interest that is paid from the deduction of taxes, and the fact it offers flexibility in terms of account usage. So, you can put this and many more into  consideration and say it is worth it

[LeGaulois]

The offshore banks are not offshore anymore. It's not the same as it was before with the international information exchanges program. Maybe less than 10% of the banks are still truly offshore, and you can be sure the percentage will reduce with the years coming.

Also when you have nothing to hide you have no use for an offshore bank account

Yup. Usually, Swiss bank accounts are the ones being used for money laundering and by plunderers who wish to keep their assets away from exposé and being sniffed by their own government, though governments can ask offshore banks to disclose some info regarding statements and balances if they are after one person who may have potentially done something fishy in terms of their finances and wealth.

Interest rates, accompanied with better service is what usually tempt people to open an offshore bank account, though if you're really not doing something bad, or don't really need to have a bank account abroad, why open an offshore one? I can only see an offshore bank being viable if one person intend to travel on the country where their bank account is opened to have easy access to cash and ATMs should they need it.

I think I said it in this topic or another, but there are still a few banks offshore in Switzerland but things will change with the time as the list of countries keep growing.

Now in 2019 if you go here and go to a bank to open an account, they will gladly accept you. Then if you say you want to deposit $100k cash they will gladly tell you to go to another bank unless you can prove the fund's origin.

[Renaldi blackspadeteam]

Would you prefer putting $$$ here in the USA, or elsewhere?  please discuss

I prefer to get $$$ elsewhere because I am not American, maybe if there is capital I can go to work directly but there must be a boss who accepts haha ​​lol, honestly there are a lot of jobs but I feel strange because I like dollars rather than my country's money, is there anything in common with me.