European Bank Account?

[MarcBrown]

hi there,

i have a few questions and hope you guys can give me some advice:

- i'm a little scared of the dollar decline and was curious if it would make sense to open up a european bank account and move my earnings there before the dollar goes even further down?

- i'm making business internationally and some of my clients are from europe. now i'm not personally advertising my services there but i'm being represented by another company overseas. thus am i allowed to transfer the money made there to a bank account in europe without having to put it into my u.s. account? could i avoid taxing those european fee's? i really don't want to do anything illegal, that's why i'm asking.

thanks for your time & tips in advance

[loanstar]

its not a bad idea, and i don't think you'd be required to pay tax on them; think of all those rich people who open offshore bank accounts to avoid tax.
although you might be required to pay tax in the juristiction where the account is.

[Fred333]

Also I think there might be some transaction fees for the initial opening, but I could be wrong.

[SavedintheCity]

Be very careful with this sort of system.. . Although this is not legal advice and you should seek the counsel of a tax attorney, individuals who earn salaries or profits overseas must declare those salaries or profits on their taxes. While it is MUCH more complicated than this, please be aware that Europe (as I am sure you know) is not a fiscal paradise (meaning it is not the Cayman Islands or Liberia) where your money may be quasi-legally hidden from creditors and the tax man. The US has by FAR the most draconian taxing system when it comes to salaries earned abroad, but from what your post implies these may be fees/revenues earned abroad which are subject to repatriation of profits regs and subsequently, taxes if ever repatriated (transferred back to US).