Bowman Offshore Bank Transfers on Offshore bank accounts: 10 things you should know

Offshore bank accounts may sound great in theory, but make sure you’re aware of all the potential problems and pitfalls attached. The mere mention of the words “offshore bank account” is enough to conjure up thoughts of tax evasion, unreported income and a wide range of other dodgy dealings. The bad reputation of offshore accounts was further reinforced by the Panama Papers scandal of early 2016, which involved many high-profile world figures and led to the offshore accounts of 800 wealthy Australians coming under investigation by the Australian Taxation Office (ATO).