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I am more familiar with American tax law than Norwegian but I have huge doubts it’s illegal to have money offshore. Having money in more than one country is a p
by eksu 9y ago
I am more familiar with American tax law than Norwegian but I have huge doubts it’s illegal to have money offshore. Having money in more than one country is a pretty good hedge. When the Greek banks shut down and imposed atm restrictions, only Greeks with foreign bank accounts were able to access their money for example.
I’m searching but if you find anything on what constitutes ‘hiding’ in Norwegian tax law as it relates to offshore accounts it would be much appreciated.
I have a feeling ‘hiding’ is another one of those spirit of the law / unwritten societal rules sort of thing in this context.
- kennywinker 9y agoHaving money offshore is ok. Hiding money offshore is not. I'm not a tax accountant, but my lay understanding is that's the letter of US tax law
- eksu 9y agoYes, I think you have it correct for the US. The US is also very unique in which it’s the only country that expects you to pay taxes on money earned overseas as well.
- pedrocr 9y agoNone of these people are earning money in Panama. They're moving their money there and not declaring it. There's nothing US specific about that being illegal.