Offshore bank accounts

[GreyGhost]

I have concerns about more than a few dollars in the bank as it is low hanging fruit for taxes and claw backs. Nothing will stimulate a business rebound like making the millions that people have stashed in banks or under the mattress get spent. Spend it or get it wealth taxed. Negative interest rates pop up in discussions from time to time.

IMO international bank accounts aren't for anyone who can't afford international lawyers and accountants.

Right now I can't get my bank to figure out how my cell phone payment went astray.

If it's in the mattress it is safe from wealth tax but obviously gets punished by inflation(if it is paper currency).

 

[J_F]

agree with previous comments
if your $ are here, not much point in sending it overseas
fees and exchange are gonna be nasty
and CRA already knows

if it's overseas or you're gonna have income from other places
then yeah, park it offshore and repatriate only what you need to meet commitments

don't have to be a fat-cat for this
bank I mentioned earlier is not tailored to 1% dooshes
they are happy to take business from regular folks

like I said, fees are high
so you need to do some budgeting and send what you need to get by for a while
my routine was quarterly