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Non-Tech : Shorting with Offshore Accounts
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To: Rajiv who wrote (2)2/9/1999 4:14:00 PM
From: Philip S. LaMar Jr., J.D.  Read Replies (1) of 127
 
Unfortunately, many people who simply open up bank accounts offshore do not report them. They do so with the cooperation of providers who insist that these people will not get caught. Whether they get caught or not, does not change the fact that this failure to report is illegal. Responsible offshore activity is accomplished through structures established under the law of a foreign jurisdiction. To the extent that a citizen maintains ownership or signatory authority over the accounts of such entities, reporting is still required. However, when there is no legal connection between an individual and a structure there is nothing to report. This requires that there not be control,indices of ownership or any relationship between the individual and the structure other than one which is truly "arm's length."

When a naked repatriation of dollars from an offshore entity takes place, and is not structured, these funds are considered income and thus taxable.

Please see http//www.barringtongroup.com

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