Offshore Debit Cards
Similar to an offshore credit card, debit cards are used to access your offshore funds anywhere in the world. Debit cards also carry similar privileges as offshore credit cards, such as protection against theft, and travel insurance.
The way that debit cards differ is that they are directly linked to your bank account, and one withdraws money direct from their account with the debit card.
Another popular offshore option, the prepaid card can stand-alone, be paid for up front, and are not necessarily linked to an offshore account.
While some prefer offshore debit cards, others find the prepaid credit card a better solution.
US citizens may be required by law to declare all offshore debit cards and offshore credit cards. Using an offshore card to withdraw untaxed offshore funds is breaking the law.
Privacy can be greatly enhanced by using an offshore company, account and card. A corporate or un-embossed card is much harder to trace back to you that one with your name on it.
In addition, a company card, under specific conditions can be legally used to purchase equipment, expenses or employee salaries for your offshore corporation.
Are Offshore Credit Cards Legal?
5 years ago