Is holding money offshore illegal?
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Asked By: Constance Heaney
Date created: Wed, May 19, 2021 5:32 PM
Date updated: Thu, Sep 22, 2022 11:53 PM
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Top best answers to the question «Is holding money offshore illegal»
The Foreign Account Tax Compliance Act (FATCA) requires banks around the world to report balances and any activity of American citizens to the IRS or face fines… In summary, holding money in an offshore bank account is not illegal, and it is also not tax-exempt.