Better late than never... New York Times March 3, 2001 Citibank Admits to Lapses in Dealings With Offshore Shell Banks http://www.nytimes.com/2001/03/03/business/03LAUN.html There is no legitimate reason for an American citizen to have an offshore account, the experts told the panel. "When you go offshore, you are doing so to evade rules, regulations, laws or taxes," said Jack Blum, a Washington lawyer with 30 years of experience in financial fraud, tax evasion and money laundering. Who's Jack you ask: Bio: http://www.ciba-imlc-rcmp-grc.org/pages_01/p_3_agen/3_age_5_e.html Provides cover for the CIA ducking drug smuggling charges: http://www.angelfire.com/id/ciadrugs/blumlive.html Works for a firm called in to defend the Clinton Secret Police: http://www.wired.com/news/lycos/0,1306,37022,00.html http://www.mccullagh.org/theme/act-investigation.html Supplies quotes for the IRS to tiptoe through credit card slips: http://personal.bellsouth.net/atl/d/b/dboddifo/Tax2.htm Isn't the Net convenient? As to the larger question of whether or not there are legitimate reasons for US citizens to have offshore accounts of various sorts, some of these reasons are "legitimate" and apply to US citizens: Offshore? US citizens 1. Tax avoidance/evasion (avoidance is legal) 2. Privacy preservation vis-a-vis government, family, creditors, enemies 3. Asset protection (seizure, litigation, etc) 4. Probate avoidance 5. Removal of assets from personal estate for qualification purposes (student aid, convalescent care, etc) 6. Access to accounts denominated in foreign currencies 7. Improved banking services for international business transactions Europeans 1. Access to Anglo-Saxon legal forms (ie Trusts) 2. Avoiding Forced Heirship 3. Expatiate financing & tax planning Other nationals 1. Country risk 2. Avoid exchange controls 3. Expatiate financing & tax planning