Offshore Visa Account

Offshore credit cards give the holder convenient, direct access to his offshore bank account.

In the past, the time and expense involved in issuing offshore bank wires, and offshore bank transfers meant retrieving smaller sums of money from a depositors offshore bank account was difficult.  If the offshore account holder wanted to draw money on his or her account, they would be forced to pay a  large percentage of their withdrawal in fees, or be forced to move more money.

Unfortunatey, moving large sums of money to and from offshore tax havens attracts exactly the kind of attention that most are trying to avoid when placing their money offshore.

So, the “solution” became offshore credit cards . 

However, offshore credit cards are not without their own challenges and problems.  They have become so popular among those looking to skirt the law that the US Internal Revenue Service (IRS) has gone to the trouble of creating special directives for dealing with US citizens who have offshore credit cards.

In summary, it says that having or using an offshore credit card is NOT illegal.  The problem becomes, expectedly, if and when US citizen’s attempt to use the card to illegally evade taxes.