I’m not from the US and I’ve always seen in movies offshore accounts and they are always tied to bad people hiding money or sth. What exactly are offshore accounts and are they illegal? Why is it alwayd tied with criminals and stuff
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As I understand it, it’s mainly to prevent people’s acquisition of wealth from being taxed according to US law. Depending on how wealthy one is, they are in a particular tax bracket. When they hide money offshore, it prevents that money from being taxed they way it’s legally supposed to be.
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