Offshore Banking - Poker Players Guide
Financial Wizard
these days and anxious to keep said winnings away from the taxman here
in the US here is the "Guide to Offshore Banking".
This system WORKS (I've been using it for 3 years now without problem)
however you MUST follow all steps carefully.
1. Deposit said large amount ($10k+) of money into offshore bank account
(easily set up by visiting establishment of your choice and depositing
PP cheque) - I use Antigua but could be anywhere "offshore".
2. Apply for banks very own VISA card. (With said deposit as collateral
bank will say YES on the spot!) On the application form provide a
mailbox number (easily purchased on the Island) where all statements and
any bank literature will be sent to. This will prevent any "paper" trail
into the US. Also register for Internet Banking.
3. Withdraw cash at ANY ATM worldwide in any amounts you like over
WHATEVER time period you like with your VISA card.
4. Pay off VISA bill in FULL every month by direct transfer from said
offshore a/c via the Internet banking service.
5. Go "on holiday" a couple of times a year to clear down the mailbox
and continue to rent.
Note that NO PAPER TRAIL exists as all cheques are now cashed "offshore"
and so no reports are created.
You can now FUND and WITHDRAW your on-line card room with the VISA card
you've got from the offshore bank.
All quite simple really.
Financial Wiz.
** Posted via RGP ACCESS at http://www.LiveActionPoker.com
** Win a seat to the 2004 WSOP at http://www.FabulousPoker.com
Krish Sekar
Scott
to your bank account via the VISA credit card? How does that work? Or, is
the VISA card actually a debit card, but wait if it was, then what
statements are you paying off each month?
Therefore, assuming it's a credit card, then if I withdraw cash from
PartyPoker to my VISA card, then my VISA will actually have a positive cash
balance, like when you overpay a credit card bill. How do you get the cash
from the VISA credit card transferred to your Antigua bank account?
Are there any fees for a non-Antiguan opening a bank account in Antigua?
What's the minimum deposit? Do you recommend a specific bank?
The paper trail I see is the withdrawal of cash from the ATM. They have your
photo, date, time, and account number. Also with the internet, they have
your ISP, IP address, computer MAC address probably, and can sniff your
activity. I would think it's much safer to go "on holiday" and withdraw cash
in-person in Antigua and bring some of it back a little (<$10K) at a time.
Just wouldn't want to involve the ATM and Internet which are all traceable
devices.
John Harkness
wrote:
you wouldn't want to bring back 10K in cash. you'd have to declare it.
John Harkness
Financial Wizard
Firstly you withdraw a SUFFICIENT amount from your on-line gaming a/c in
order to be accepted by one of the offshore banks. In my case this was
$17k but in practice they'll be happy to see an initial amount of $15k+.
This will be in the form of a check and sent directly to you at home.
You NEVER withdraw money DIRECTLY from this account EVER again. The only
thing this account is for is to pay the banks VISA BILL with every time
a statement is posted to you via the Internet.
Once you've obtained a VISA card you're then free to withdraw cash for
any amount, upto the card limit, at ANY bank that displays a VISA card
sign outside. Obviously a PIN number is better so that you can withdraw
cash directly from any ATM in the world at any time day or night.
Once you receive a statement, via the Internet, you simply transfer the
money across from your CASH a/c to the VISA a/c & voila...you're free to
continue to withdraw the cash - to card limit - again.
Party & Stars & others will ONLY transfer to your credit card the amount
taken from them at time of deposit. In excess of this you have sent as a
check. This can then be POSTED to your oversees branch for deposit into
your account directly to top up your CASH a/c.
There are fees in opening these type of accounts. I was charged $300 but
given its either that or an $8000 tax fee I know which I'd choose.
I would recommend my own branch but for the obvious reason of
confidentiality I can't.
As for 'sniffing my activity' thats about as likely as me being shot by
an Australian in Cyprus so I would't worry too much about that. And
since when has it been a crime to withdraw $200 from an ATM??
These tools are available to ALL to use and it ain't for people that
worry about Mr IRS knocking on the door.
I can see it now..."Knock Knock"..."Who's there?"..."Its Mr IRS come to
see you about your VISA card and visiting the website of a foreign
bank"..."Oh no..its all true...take me away officer of the
government..." PLEEEEAAASSSEEE!!
Lonningan
_________________________________________________________________
Posted using RecPoker.com - http://www.recpoker.com
Scott
So, just to get this right, since Party and Stars only credit back an amount
equal to the last charge, then I have to get a check from Party and take "a
holiday" to go to Antigua to deposit my check. Is this correct? Is there any
way for the check to be sent directly to my Antigua bank so I don't have to
take a holiday? Well, not that I wouldn't mind a holiday...
OK, so does this series of events make sense:
1. I cash out $15K from Party Poker, request a check sent to my US address.
2. I fly to Antigua, open a new bank account with the $15K and request a
VISA credit card.
3. I fly back home, and need cash so I go to the ATM at the grocery store
and cash-advance $500.
4. I get a monthly statement (sent to an Antiguan post office mailbox), but
pay it online from my Antigua bank account by transferring $500 from my bank
account to the VISA account. Probably have to pay finance and cash-advance
fees.
5. I play a little poker on Party, and now have another $5K. I request a
check from Party which is sent to my US address.
6. I fly to Antigua on holiday, dump the mail in my post office mailbox, and
skip to the bank and deposit the $5K check to my bank account. Fly back
home.
7. Repeat as necessary.
Do I have this right? If so, I would see the interest and cash-advance fees
to be a little bit of a burden, but I guess much less of a burden than
income tax. Also, isn't there a daily limit on ATM withdrawals, something
around $300-500 per day?
Thanks,
Scott
John Harkness
wrote:
>Wiz -- Thanks for the informative replies.....and cynicism :-)
>
>So, just to get this right, since Party and Stars only credit back an amount
>equal to the last charge, then I have to get a check from Party and take "a
>holiday" to go to Antigua to deposit my check. Is this correct? Is there any
>way for the check to be sent directly to my Antigua bank so I don't have to
>take a holiday? Well, not that I wouldn't mind a holiday...
>
>OK, so does this series of events make sense:
>1. I cash out $15K from Party Poker, request a check sent to my US address.
>2. I fly to Antigua, open a new bank account with the $15K and request a
>VISA credit card.
>3. I fly back home, and need cash so I go to the ATM at the grocery store
>and cash-advance $500.
>4. I get a monthly statement (sent to an Antiguan post office mailbox), but
>pay it online from my Antigua bank account by transferring $500 from my bank
>account to the VISA account. Probably have to pay finance and cash-advance
>fees.
>5. I play a little poker on Party, and now have another $5K. I request a
>check from Party which is sent to my US address.
>6. I fly to Antigua on holiday, dump the mail in my post office mailbox, and
>skip to the bank and deposit the $5K check to my bank account. Fly back
>home.
You could, in all probability, send the cheque to your bank via
registered mail.
>7. Repeat as necessary.
>
>Do I have this right? If so, I would see the interest and cash-advance fees
>to be a little bit of a burden, but I guess much less of a burden than
>income tax. Also, isn't there a daily limit on ATM withdrawals, something
>around $300-500 per day?
Depends on your ATM.
John Harkness
O-PGManager
anyway if I withdrawal say 5k each month through my neteller to my us bank
account.
_________________________________________________________________
Financial Wizard
In reply to your questions...
>1. I cash out $15K from Party Poker, request a check sent to my US
address - CORRECT!
>2. I fly to Antigua, open a new bank account with the $15K and request
a VISA credit card - CORRECT! Because I went for a 'holiday' I was able
to hang around until it was delivered to the bank for me to collect.
This usually takes around 3-5 working days. That way I didn't have to
worry about it being posted to me or my 'mailbox address'.
>3. I fly back home, and need cash so I go to the ATM at the grocery
store and cash-advance $500 - CORRECT.
4. I get a monthly statement (sent to an Antiguan post office mailbox),
but pay it online from my Antigua bank account by transferring $500 from
my bank account to the VISA account. Probably have to pay finance and
cash-advance fees. - CORRECT! I pay cash advance fees of 1% on the
amount withdrawn but because I pay the amount off at the end of every
month I pay NO INTEREST. I usually withdraw around $5-$7k per month.
>5. I play a little poker on Party, and now have another $5K. I request
a check from Party which is sent to my US address. - CORRECT!
6. I fly to Antigua on holiday, dump the mail in my post office mailbox,
and skip to the bank and deposit the $5K check to my bank account. Fly
back
home. - INCORRECT! Simply post the check to your branch (registered
post) asking them to credit your a/c. Give full details of course. Takes
around 7 days from me posting till it shows up in my CASH a/c.
>7. Repeat as necessary. - CORRECT!
I visit Antigua twice a year mainly to clear down my mailbox and rent
for a further 6 - 9 months. There's no other reason to go other than
that.
Hope this clarifies things.
Spicoli
"O-PGManager" <anon...@online-pokerguide.com> wrote in message
news:3f71bf0c$0$51842$9a6e...@news.newshosting.com...
> Is this really necessary though? How will the IRS know about my money
> anyway if I withdrawal say 5k each month through my neteller to my us bank
> account.
Audit?
zenman
The IRS audit (chosen randomly) does not normally include an audit of all
your bank records. They will ask to see receipts etc.
If you are not playing fair, such as you are reporting making only $10K a
year yet have a Porsche in the garage with 3 kids and own a house, well
then...they'll ask to see the bank records and more.
But if you can prove reasonably that your reported income matches your
apparent living standards, then you should be fine. They won't audit your
bank account.
Zen
Lester Hayes
butter, plain and simple, TAX EVASION.
You are correct that there is no paper trail domestically, but there's
certainly a paper trail of your local expenses. If you're paying cash for
cars and satellite dishes and plasma TVs, there most certainly ARE records.
If you travel a lot and have expenses outside the country, then maybe
something like this makes sense. Pile up the money offshore and spend like
demon when you're travelling. The moment you bring in a penny of this money
to the US, you face a hell of a pentalty if you're caught, which could
happen through a plain old random audit. Especially when you're spending
beyond what your declared income shows.
Get caught with it at the border and you're in a world of hassle.
Hell, you don't even need a border to cause you problems. A well-known
poker pro at my table at the WSOP was telling us about a recent experience
when he flew from Vegas back home to (city in continental US). They checked
his carry-on and found $160,000 in cash. He missed the flight and had to
spend a while with agents who didn't believe his poker pro story till they
Googled him and found his name all over the internet next to tournament
winnings etc.
"Financial Wizard" <Financi...@hotmail.com> wrote in message
news:3f71650c$0$62081$7586...@news.frii.net...
John Harkness
<radie...@juno.com> wrote:
>This works just fine, but don't let it get past you that this is bread and
>butter, plain and simple, TAX EVASION.
>
Well, duh.....
John Harkness
whatever
carrying large amounts of cash. It almost forces people to either drive, or
convert it to a check at a bank, leaving a paper trail. If the US treasury
has their way, cash will soon be a thing of the past.
"Lester Hayes" <radie...@juno.com> wrote in message
news:vn3q8bn...@news.supernews.com...
TD Lowball
> That is true - the TSA now pulls aside and closely screens any passenger
> carrying large amounts of cash. It almost forces people to either drive, or
> convert it to a check at a bank, leaving a paper trail. If the US treasury
> has their way, cash will soon be a thing of the past.
>
That's why it makes more sense to to slowly leach out out your winnings
and convert them to gold. I.e Get a check for $400 a month, buy a 1oz
Kreugerrand. Wash rinse repeat. If you ever need fast cash you can quickly
convert them at any local coinshop/coin show.
If you want even more compact cash, buy 1oz Platinum/Palladium bars, but
fewer shops deal in those.
TD Lowball --
DaveM
>On Sep 24 2003 9:02AM, whatever wrote:
>
>> That is true - the TSA now pulls aside and closely screens any passenger
>> carrying large amounts of cash. It almost forces people to either drive, or
>> convert it to a check at a bank, leaving a paper trail. If the US treasury
>> has their way, cash will soon be a thing of the past.
>>
>
>That's why it makes more sense to to slowly leach out out your winnings
>and convert them to gold. I.e Get a check for $400 a month, buy a 1oz
>Kreugerrand. Wash rinse repeat. If you ever need fast cash you can quickly
>convert them at any local coinshop/coin show.
I bought sovereigns in the early 80's. I haven't checked but they may even
be worth the purchase price now - for the first time in two decades.
DaveM
Lester Hayes
tricks that fall into the tax avoidance category, as opposed to tax evasion.
Tax avoidance is where the IRS could run a microscopic investigation and
find nothing against regulations, though by being clever you're paying 4%
tax instead of 30%. Proper tax sheltered investements and the such, many of
which take advantage of the loopholes that were designed with something else
in mind but are taken advantage of.
I notice you're writing from a Canadian email address. Up there, you guys
have the CCRA to deal with who have recently been tightening their noose as
well. I made a good amount of money (ie paid less tax and deferred much of
it) investing in Canadian film project-based tax shelters in the early
nineties. That's a great example of tax avoidance. Your governement had
put together all sorts of incentives to drive film-making business to
Canada, and there were huge tax breaks to be taken advantage of.
Eventually, CCRA (or Revenue Canada as they were called at the time) closed
it up, and that particular tax shelter business dried up.
Anyway, the point is that the original message of this thread wasn't
suggesting some cutesy clever tax avoidance strategy. It was talking about
breaking the law, clear and simple.
"John Harkness" <jXXha...@sympatico.ca> wrote in message
news:2cr3nvske0qftfg6u...@4ax.com...
stephen
a decent synopsis is here:
http://www.gtlaw.com/pub/alerts/2002/kaplanb_04.asp
MeWhoElse
On Sep 24 2003 5:34AM, Financial Wizard wrote:
_________________________________________________________________
Financial Wizard
You think that the guy down a Circuit City bats an eylid if I decide I
want a new flat screen tv for $8000 and pay for it with a VISA card?
You think that you're always pulling $1000 a day out of the ATM machine?
You think that the IRS cares one jot about me paying for MOST OF THE
THINGS I BUY with a VISA card?
Er...No!!
Just cos I have access to $15k don't mean I spend it like there's no
tomorrow. I live a normal life with a wife, who works, and we have a
normal house & a normal car. We holiday three times a year (twice to
Antigua) and have normal kids.
I'm lucky that I can pull $8-$15k a month off PP but there aint no way
I'm giving 30% of my "winnings" to Mr IRS.
"Visa Card sir?? That'll do nicely".
Raider Fan
<snip>
>
> I'm lucky that I can pull $8-$15k a month off PP but there aint no way
> I'm giving 30% of my "winnings" to Mr IRS.
>
> "Visa Card sir?? That'll do nicely".
>
> Financial Wiz.
>
Do they have internet access in Leavenworth? You may be playing strip
poker with the big boys someday. Is it worth it?
Lester Hayes
question.......
You're willing to risk your stable life (and that of your wife and kids) for
a measly $15k? And actually, it's just the tax part we're talking about, so
really we're talking about a measly FIVE GRAND.
You seem to justify it on the grounds that you'll never get caught, so
what's the big deal....?
Putting aside the entire ethical, moral and legal issues (although if your
kids see you doing it, what are they supposed to think? It's OK to rip off
the government as long as you can get away with it?), the important point
is:
Look at what happened to Martha Stewart. Hell, she couldn't get caught
either, huh? For a measly $50k, she's fucked up her life entirely (and her
employees and her shareholders). To save fifty thousand dollars, for a
woman worth hundreds of millions. It's staggeringly stupid. Why did she do
it? Obvious: "to hell with the ethics and legality; I can't get caught!"
So somehow, you're telling us it's ok to risk being hauled away to prison
(for a long time) in front of your wife and kids and neighbors, just so you
can (illegally) avoid paying something like 5 grand in tax. You have nice,
stable home and enough to holiday 3 times a year. What's 5 grand?? That's
just mind bogglingly stupid.
Here's some advice: Come clean. Figure out exactly how much you would've
paid had you declared this income, do all the paperwork and pay a visit to
the IRS. Explain to them your period of temporary insanity and sort it out.
Pay the taxes. Rip up the VISA. Stop advising people to fuck up their
lives, especially for insignificant amounts of money.
People properly avoiding taxes and using a place like Antigua to do it
usually deal in the millions of dollars and have better structures set up
than this. Even if they're caught, they have plenty of legal outs. You
have none, no excuse except greediness.
Financial Wizard indeed.
"Financial Wizard" <Financi...@hotmail.com> wrote in message
news:3f72910d$0$62084$7586...@news.frii.net...
Financial Wizard
Thanks for the advice.
The good news is that its 5 GRAND A MONTH I'm not paying. Thats $60k a
year. Thats $180k so far.
Poker has given me a nice live.
You enjoy yours? I do!
Anon
Now that sounds like some sound advice.
Wife and Kids for 30% of 15K?
That truly doesn't sound like a good deal.
Bad beats happen on the poker table to people who don't deserve them.
Surely that happen in real life too! Remember that.
-- A Player
"Lester Hayes" <radie...@juno.com> wrote in message news:<vn602ur...@news.supernews.com>...
James Monroe
<Financi...@hotmail.com> wrote:
>Lester,
>
>Thanks for the advice.
>
>The good news is that its 5 GRAND A MONTH I'm not paying. Thats $60k a
>year. Thats $180k so far.
>
>Poker has given me a nice live.
>
>You enjoy yours? I do!
>
>Financial Wiz.
>
The IRS is everyone's enemy. If you've got a way to screw 'em....well,
keep up the good work.
(I've had this fantasy of being the most talented hacker in the world
and taking down the IRS system. But, alas, I'm not.)
"Hard work never hurt anyone.But,
there's no point in taking a chance."
Ronald Reagan
IRS Auditor
Lester Hayes
justification for hating us all.
You don't like to work hard and you don't like to pay taxes. The world owes
you everything, etc etc. That's great!
While you're sitting there fantasizing, the rest of us ARE (or were) working
hard AND paying our taxes, which in part go to support lazy slobs like you.
Ah, the American Way. The freedom criticize, whine, blame everyone for your
problems.
I think the only thing you share with the true American Spirit is having
your name in common with a former president. I wonder if you knew that?
That would have taken studying in school, some "hard work" so perhaps you
managed to avoid absorbing that piece of knowledge.
"James Monroe" <nos...@lessspam.net> wrote in message
news:5a49nvg48gekvqd69...@4ax.com...
James Monroe
<radie...@juno.com> wrote:
>You sound like the kind of American that the rest of the world points to as
>justification for hating us all.
Be that as it may.
>
>You don't like to work hard and you don't like to pay taxes. The world owes
>you everything, etc etc. That's great!
Speaking of fantasy, where in the world did you come up with all that?
I don't like to work hard? World owes me everything? Time to re-adjust
the aluminum foil on your head.
>
>While you're sitting there fantasizing, the rest of us ARE (or were) working
>hard AND paying our taxes, which in part go to support lazy slobs like you.
I, too, am working hard and paying my taxes, moron. I realize you do
as well; BTW, next time I drive through, go ahead and biggie size it.
>
>Ah, the American Way. The freedom criticize, whine, blame everyone for your
>problems.
You'll have to look elsewhere, dummy; blame someone else for your
problems.
>
>I think the only thing you share with the true American Spirit is having
>your name in common with a former president. I wonder if you knew that?
>That would have taken studying in school, some "hard work" so perhaps you
>managed to avoid absorbing that piece of knowledge.
You obviously began your paragraph with a two word lie.
James Monroe
>James Monroe. Check. See ya in a few months.
>
Ah, damn! Ya' got me!
Costanza
Where can you still buy gold? There was a bank up in New York that used
to sell but that operation was shut down. As far as I know, that was the
last place I knew of that you could actually buy the gold and physically
possess it.
Garycarson1
Chicago Board of Trade.