For those who failed to report foreign income, or for individuals who didn't file all the international tax forms they should have, for coming clean the cost is quite high. If they clean up their previous years of tax problems, fairly frequently the taxes, fees, and interest can be over the amount of cash inside their foreign bank account. In a few instances, there exists a danger of being sent to prison for tax evasion.<br><br>Two) Most offshore banking institutions can have well-laid out websites with an abundance of details. Generally they have got paperwork easily available to download for example software forms, due diligence wants, and qualifications were issued by federal government.<br><br>A good alternative is a Visa or MasterCard debit card - which is linked for your offshore bank account. The funds are taken from your own present account, when you spend cash <a href="http://sagebankor.angelfire.com/blog/">Straight From The Source</a> using it. You can not get credit with this card, but you do get full Visa and MasterCard functionality when travelling internationally - airline bookings like resort check-ins, etc. These types of cards aren't major offshore banks issue, although readily accessible offshore them to their international customers.<br><br>Opening an offshore bank account in Belize is easy. You really do not even need to visit the bank. You will be introduced to some reputable, qualified, trustworthy bank in Belize. You may set up your account online and by fax.<br><br>Most of the offshore banks will have demand of an eligible and competent introducer. This really is someone who has got a connection with the representatives. Now let us have a gander at some of the familiar items which are needed when setting offshore bank accounts up.