offshore/foreign bank account

[taco]

I am a U.S. citizen and live in the U.S. but spend a lot of my time in Vietnam. I was thinking about opening a bank account in Vietnam so that I could do a bank wire transfer from my sportsbook to my bank account in Vietnam. I use my U.S. address whenever I register with a sportsbook. Would it be possible for a sportsbook to do a bank wire transfer to my bank account in Vietnam or is it only possible to do a bank wire transfer to my bank account in the U.S.? I have never opened a bank account outside the U.S. but I remember hearing that a person has to inform the IRS of the foreign bank account. Can someone inform me on opening a foreign bank account and whether or not I would be able to transfer funds from a sportsbook to that foreign bank account?

[SurfRat]

I would check out Offshore Banking Info. They can help.

[Mr Negative]

everything you have described can be done. the only obstacle you will encounter with bank wires is that some sports books located in juristictions that are highly regulated will only wire money to a bank account with your name on it (ie no third party bank wires). since you plan on opening the accounts in your name, there should not be a problem.

[Peckle]

May an com hay an cuc???[img]i/expressions/face-icon-small-happy.gif[/img] Bo tien trong nha bang cho bac ho tich thu!!!!

I guarantee you r money will get confiscated once the corrupt officials figure out it's for gambling purposes... I know a bunch of people from the U.S who opened successful businesses in vietnam only to get robbed by the gov't...

I hope you were joking about opening a bank acct in V.N for gambling purposes...[img]i/expressions/face-icon-small-shocked.gif[/img]

If you want an easier way to move money between sportsbook accounts and foreign banks accounts, use the same banks that many of the books use. Plenty of books use a particular bank in Antigua and a particular bank in Belize. These banks won't release info to the U.S government unless Uncle Sam can prove you're using the account money for serious felonies--such as terrorism or drug dealing. If you want even more privacy and protection, set up an offshore corporation or trust through a reputable company.

[PATTON]

Taco:

The US tax laws require you to inform the IRS of any foreign bank accounts you keep if the TOTAL balance in all accounts is $10,000 or more.

If you set up a foreign corporation as Reno suggests, there would still be reporting requirements - I believe you would have to disclose your interest in the corporation and the corporation would have to make a filing reporting your interest, as a US citizen,

There are also newer rules, passed in 1998, relating to reporting interests in trusts in which a US person is a beneficiary.

Practically speaking, the IRS unlikely would find out about your interest in a foreign corporation, but if you were caught they obviously would apply the screws fairly tightly to you.

Best of luck, Taco.