Bowman Offshore Bank Transfers: Want to Put Money in an Offshore Account? Here's What You Need to Know

Stashing money in a Swiss bank account sounds like something best left to corrupt corporations and villains in espionage novels. "In the movies, it's always portrayed as a shady thing," says Scott Sargent, an attorney with legal firm Baker Donelson in Birmingham, Alabama. However, the reality is there isn't anything illegal about banking in a foreign country. What's more, there are many good reasons why someone would want to put money into an offshore account, including added convenience while traveling and a broader diversification of assets. Still, there's always the risk of currency devaluations – and the IRS has additional reporting requirements for money in foreign accounts.