[Kelha]

Offshore banking: If you have opened a foreign bank account for risk mitigation purposes (or just feel better about keeping some of your funds outside of the US banking system), in what country(ies) have you found it easy to do so (especially if you are an American)?

nd, what were the basic tax implications/filing requirements at tax time?

[John]

You need to decide first on the currencies then pick the countries from there. For instance, I would put my savings into Swiss francs where the currency is an inflation hedge and going to appreciate significantly.

Then I would take out a mortgage in Japanese yen where the interest rate is 1% and their currency keeps getting cheaper each year so you’re getting paid to borrow.

[Eric]

Having foreign bank accounts triggers an onslaught of addition US FinCIN (Financial Crimes) regulatory filings.
Specifically/minimally FATCA & FBAR.
<sarcasm>

Effectively, if you are assumed to be a money laundering drug dealer and have to disprove it every year.
</sarcasm>

[John]

The US tax implications are pretty simple if you have a qualified international CPA.

[Author]

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