April 14, 2014
Offshore Accounts Have Plenty of Legal Uses
Gideon Rothschild was quoted in Financial Advisor IQ regarding the popular perception that foreign bank accounts are synonymous with tax evasion - a perception that got reinforced recently when Credit Suisse said it would set aside roughly $500 million to settle Department of Justice charges that it helped U.S. clients conceal assets. But there’s nothing illegal about keeping money abroad, as long as it’s properly reported. There are many reasons clients at all wealth levels might want foreign accounts, and financial advisors can help them in a variety of ways.