03-18-2025, 06:43 PM
RAMd®d wrote:
If one withdraws it from all US financial businesses and stuffs in under their pillow, no taxes, right?
Could one do the same in a Cayman Islands account, earn no interest, and not declare it, or declare it and not pay taxes, and be legal?
You can certainly open an account that pays no interest but you can't just not report the account legally. You'd need to file a FBAR with the IRS if you have more than $10k in total in other countries. That stands for Foreign Bank and Financial Accounts.
https://www.irs.gov/newsroom/how-to-repo...l-accounts