No legitimate reason for an American citizen to have an offshore account

[Duncan Frissell]

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