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We frequently hear about offshore bank accounts in the news or in the movies because those trying to hide money for criminal reasons usually utilize these accounts so that they are not caught up in their shenanigans. However, that is not all an offshore bank account is about. In fact, having an offshore bank account means saving tax dollars and some may have other reasons behind it. Just because someone has a bank account outside of the country doesn’t mean they are a robber or a member of the mob.

Nevertheless, there are some legal implications and some things that must be kept in mind. One of those things is the fact that it is not legal for a United States citizen to open an offshore bank account. Sure, you may be protecting your money from creditors or from high taxes, but you could get yourself into trouble. This is how some become convicted of tax evasion, but it is very possible that the long arm of the law will not reach your offshore account.

Another risk is the fact that your money doesn’t have the protection of the government. Your money is subject to the laws of the country that it is in. This means that a coup or some accounting scheme could occur that would cause you to lose all of your money. That is when you must ask yourself which country you want to open your offshore account in. Should you choose Switzerland, Bermuda, the Bahamas, or the Caymans? This can certainly be a difficult decision.

Best countries

First of all, you don’t have to be wealthy to have an offshore bank account. Second of all, you do not have to be present to open it and you do not have to visit the bank at any time during the life of the account. For example:

- If you open an account in Switzerland, you can do it via e-mail or in person if you are in the country. Swiss bank accounts are quite secret and that is why so many choose them. They operate much like American banks and keep certain private matters such as divorce private. Switzerland does not change their laws under American pressure like some other countries do.

- Opening an offshore account in Bermuda doesn’t require you to be present at the bank. The account can actually be opened by mail, along with proof of identity. Many of their banks are known for serving clients all over the world and this has made offshore banking in Bermuda quite popular.

- The Bahamas are also known for their secrecy due to their privacy laws. This makes offshore banking in the Bahamas a huge business. They are also compliant with international laws with attractive incentives for their bankers.

- The Caymans are also one of the best because of the similarity to a U.S. bank account. Then there is the possibility of keeping your identity a secret. The Caymans do not encourage tax evasion, but they do not report deposits in the accounts or interest gained from those deposits.

Being safe

Offshore banks do not report your income to the IRS like U.S. banks do, so they use an honor system. This means that it is up to you to report your income, but changing laws and other factors can cause issues if you do not comply with the laws of your own country. However, offshore accounts keep matters private and keep others from learning of your affairs. That is why such accounts are so popular amongst people all over the world.

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Do you have a rental property that is currently not occupied? This loss of rental income may affect benefits you are receiving through Working for Family Tax Credits (WFTC), but how it impacts assistance is not always clear-cut.

Working for Family Tax Credits

Family assistance or WFTC is based on how many children are in your family, the amount of income for your household, and how many hours are worked each week. Generally speaking, a family of five with an income less than $105,000 will qualify for this entitlement.

Rental Losses and WFTC

So the question is: Are rental losses eligible to be deducted from your income for the purposes of qualifying for WFTC benefits? The answer depends on your specific situation.

If you own a Loss Attributing Qualifying Company (LAQC) through which the rental property is managed, then no, rental losses do not affect your household income levels. Whilst it does affect the amount of taxes you owe, the loss cannot be subtracted from your income for the purposes of WFTC entitlement.

On the other side of the coin, if you are the personal owner of the rental property in question, then you can, indeed, subtract a loss of rent from your annual household income. The amount of your WFTC benefits will increase as rental income decreases.

One more issue that arises is whether or not you own a business. If the rental property is part of your personal business and it experiences a loss, then this does not affect your income as far as WFTC support.

How Does the IRD Define a Business?

Does your rental property qualify as a personal business? The answer seems to be in the numbers; one rental does not a business make but two or more, even outside of an LAQC structure, will probably be viewed as a commercial enterprise. In the former case, rental loss can be deducted from household income; in the latter case not so.

Whilst it is impossible to determine exactly what rationale was used to create this policy, it is doubtful the government wished to eliminate depreciation deductions on rental properties as a determination of WFTC benefits. If so, rentals would not be taken into consideration at all. Instead, the IRD seems to be discouraging entrepreneurs with investment real estate from qualifying for the family entitlement.

What is perhaps the most confusing policy is that child support assessments are based on losses from an LAQC. Of course, these are two different policies, yet the similarities beg the question of why the rules vary in each instance.

Is it best to manage rental properties personally or through an LAQC if you are seeking WFTC benefits? There are other factors to take into consideration, such as whether the risk involved in personal investment is greater than the Family Assistance support. Tax liability, payroll concerns, and debt structure are additional issues.

Clearly, the structuring of your rental properties in regards to WFTC benefits is dependent on many factors. The rewards of one must be weighed against the negative impact of the other.

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