cryptohunter
Active member
- PPF Points
- 2,738
Yes, there are risks associated with holding funds in an offshore bank account, including:
- Political and economic instability in the country where the offshore bank is located
- Regulations and compliance requirements that may change suddenly or be more stringent than in the account holder's country of residence
- Lack of deposit insurance in some countries
- Difficulty in accessing funds in the event of bank failure or liquidation
- Potential for exposure to fraud or theft
- Potential for exposure to money laundering or other illegal activities
- Difficulty in resolving disputes or resolving legal issues
- Potential for increased scrutiny by tax authorities.