An offshore (or foreign) bank account is a bank account you have outside of your country of residence. The benefits of an offshore bank account include tax reduction, privacy, currency diversification, asset protection from lawsuits, and reducing your political risk. In April 2016, Wikileaks released 11.5 million confidential documents, known as the Panama Papers, which provided detailed information on 214,000 offshore companies serviced by the Panamanian Law Firm, Mossack Fonesca. The document exposed how world leaders and wealthy individuals hide money in secret offshore tax shelters. The…
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Citizens should be allowed to invest, save their money how they see fit. It’s hard earn cash. End of
@9LKD4692wks2W
Only if they can show a legitimate reason for the money being put offshore - e.g. having a second home in that country
@9L2VYKM1mo1MO
Yes, but only as long all loopholes for the wealthy citizens who abuse the system to avoid taxes are closed. Especially big companies and the rich.
@9KYY9QLConservative1mo1MO
Yes, but companies shouldn't be allowed to do it as it allows the concentration of wealth abroad by untaxed entities. Citizens are taxed on their gains, so it should be one rule for individuals, another for companies.
@93R4GT32yrs2Y
Yes, but it depends on which nations banks it is in.
@93DHDFW2yrs2Y
Yes, but with strict limitations and obligations to report offshored income
@92QWF2Z2yrs2Y
Depends on the situation for example people working on an oil rig should not be taxed
@8ZJCZG92yrs2Y
Yes, but only after taxation
Yes, but remove all tax loopholes
@8YT58752yrs2Y
yes, but it must be reported and their is a cap in how much money can be offshore.
@8WXTV6M2yrs2Y
No if it's to avoid tax.
@8WF3V9G3yrs3Y
Yes, but an effective solution must be in place to identify and seize illegal AND immoral movement of funds.
@DJPowell19843yrs3Y
Yes and set up legally to stop wealthy citizen abusing loophole and evade taxes.
The question will be asked via Liquid Democracy, if the answer is no, then we will automatically prevent people from saving money in offshore accounts and make it illegal.
@9GFFFVG6mos6MO
Yes, as long as they hold citizenship in the country of the bank they wish to invest their money in.
@9FJDTR37mos7MO
Yes citizens should be free to spend money
@9FD59SV7mos7MO
Lower our taxes to boost investment into the UK.
@9DCWFC28mos8MO
Yes if it is legal to do so.
@9D2Q5C89mos9MO
Yes, but loopholes should be closed and outgoing money should be taxed at 75% with incentives to keep large amounts in the country.
@9CJDV7Z10mos10MO
@9C96FHK11mos11MO
Yes but limit to 25% of total earnings
@9BSBP7V12mos12MO
Yes but only if they have heritage / citizenship of the country the bank account is in
I don’t understand this issue enough to have a view
Yes, but there strict regulations on the offshore bank accounts
@9BNG34512mos12MO
If the money is earned in the UK, it should be saved or invested in the UK. Otherwise it should be saved/invested in that country.
@9BNFFQC12mos12MO
yes but they should pay a tax to do so
@99YD7KL1yr1Y
only if the income is earned offshore
@99VVJ8C1yr1Y
As long as they pay taxes overseas then yes
@99M4MJS1yr1Y
If that "offshore bank account" is a bitcoin wallet, then sure. Goodness knows why anyone would trust a bank.
yes but each time money is transferred to an offshore account a tariff is payed
@99F89S61yr1Y
Yes, but corporations and business organizations should not be allowed to do so
@99C8FJ21yr1Y
Accountd is theme is important of Decrease and partd of the county fraud the taxes refunds and other exchange worth
@98WCVNW1yr1Y
Private citizens should declare, but ban companies from doing so
@974V27WConservative1yr1Y
Yes, many important affluent citizens save or invest their money in offshore bank accounts
@96Q9GXZ2yrs2Y
Yes, as long as it is reported and taxed appropriately
@96J75C32yrs2Y
Yes, but only if they are citizens or have close family in said offshore land
@davidjwbailey2yrs2Y
Yes, but only if they report ASSETS and INCOME and are taxed on a global basis
@96DXWZ72yrs2Y
Yes, as long as offshore income AND ASSETS are reported twice a year and taxed on a global basis
@966NDGWConservative2yrs2Y
British Nationals should be allowed to save and invest in offshore bank accounts, but only if they are based in a British Overseas Territory or any of the Crown Dependencies or The Crown's Realms.
@965TC6R2yrs2Y
No, and neither should corporations, business organisations, government officials or the monarchy. Loopholes are used too often to evade taxes, which is unfair and detrimental to the economy.
@964WNCY2yrs2Y
Yes for valid reasons, eg supporting family as long as it's reported and can't be used for tax loopholes
@94CPJJY2yrs2Y
no, and neither should corporations and business organisations, furthermore, too many wealthy citizens are abusing loopholes in offshore banking laws to evade taxes
@9422R3S2yrs2Y
Yes, but the government needs to stop allowing by law ALL tax evasion loopholes to be used at all by individuals or organisations.
@93T3S46Conservative2yrs2Y
Yea but this shouldn’t be a tax loophole
@93RJZSV2yrs2Y
Yes but only funds obtained outside the country should be allowed to be placed in it. Anything earned in the country stays in the country and should be subject to taxes.
@8TS4VFR3yrs3Y
No, corporations business organisations too wealthy citizens and abusing loopholes
@8TK3D3B3yrs3Y
Yes, if it is appropriately taxed as it would be if it were in the UK
It should be declared and capped.
@8TGSLX83yrs3Y
Only if they do not receive funding from the public (i.e. those who work in civil service, politicians, benefit recipients should not be allowed)
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