Can anyone recommend a good offshore bank for a sportsbettor to use? I already have information on Antigua banks and would like to compare that to banks elsewhere. Any pertinent info would be appreciated.
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I'd be surprised if you could beat the Antigua banks for peace of mind and reliability.
I sent for some information on the Provident Bank and Trust of Belize, after I saw they were offering the debit cards to Millenium and ABC. But nothing excited me.
I'd like to see one of these reputable banks go online, with access to accounts and some limited active management. One would think that since the 128-bit encryption has now been allowed for exporting to most places, this would be coming soon.
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Intheknow,
Thanks. It's good to be back in Bettorsworld, but not that great to be back in the USA.
Nevis sounds interesting, and I'll check it out. According to "The Offshore Money Manual" Nevis offers airtight privacy and has everything one needs for smooth offshore operating. Antigua is not mentioned in the book.
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Chestrockwells, all I've done is get packets of information from Antigua Overseas Bank and Swiss American Bank. You could request the same information from them.
Since other Bettorsworld members actually already use these banks, they would be much better qualified to enlighten us about the pros and cons of these banks.
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I remember one of the regular posters saying that he had a good experience with Antigua Overseas Bank. They made transfers to/from sportsbooks very easily.
Actually, there's no reason to be shy about having an overseas bank account, since it is perfectly legal. The only requirements are that you (a) pay tax on your total global net income, and (b) check the little box on your income tax for for "foreign financial accounts".
Now I'll probably end up like Reno, with the IRS showing up and demanding blood. But I've taken the conservative interpretation that even an offshore sportsbetting account requires this box to be checked. So I've already raised all the red flags that opening an offshore bank account would.
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Sportsbank, FYI The United States requires its citizens to pay income taxes on all income even if its earned on the moon.
If you work outside of the U.S. and are out of the U.S. for 330 days starting in the tax year 1-1-?? your first $72,000 is tax exempt. If you move to a foreign country in June and don't return to the sates the rest of the year you will not be exempt until the following tax year because you wouldn't be able to fulfil the 330 day rule.
Since the IRS has no jurisdictions on foreign firms, (no audit capability), it is very hard for them to determine what one has made outside of the U.S. However, you as a U.S. citizen are required by law to claim all income earned.
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Take it from a guy who was tortured by the IRS. The US Government has ties to almost all offshore banks. If you send money to Antigua it almost has to, at one time or another go through a US affiliated bank. Anything that is wired or cashed through an Antiguan bank sends up a red flag. Take it from me, do not do that. This is why some US offshore owners can never come home. You may get away with it for a while but it is just not worth it.
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Cashman,
Yes, but only losses against wins. For example if you hit a jackpot in Vegas for $10,000 and can prove that you lost $10,000 in gambling over the same year your tax liabilty would be zero. These losses and wins do not carry forward and losses can only be applied against monies won in the same calendar year.
The I.R.S. doesn't categorize gambling as a profession, to them it is a hobby. The problem is, most sports bettors do not play with Nevada Sportsbooks and can't show data to substaniate their wins and losses.
I am not an accountant but have been around this issue for quite some time. My advice is to bank offshore and don't drive a 500 SL if you are going to show 20k in income..
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