Im going to try and answer all questions asked here. One thing Im not going to do is get in to heavy details about specifics for obvious reasons - but if you think and read - and get creative - there are many solutions to what you are trying to accomplish:
1. The need for an offshore bank is to get around the UIGEA and to move money freely. This is totally legal for an American, and there is no jurisdiction of any law about moving money to and from an offshore bank to a sportsbook. THIS IS NOT TO EVADE TAXES. You still have to pay all taxes.
2. There are literally hundreds of options for a safe offshore bank. Dont you think banks are safe in Europe? There are lots of banks in the caribbean and central america that are very safe too. How about canada?
3. Pinnacle does not allow americans. If you have a foreign bank account, a foreign address, and a proxy you are no longer american. I will leave it to you to connect the dots here, it is very easy.
4. I mention -102 as an average. At MB, it is almost daily you lay this. But factor in you being able to choose from lets say 10 books, and at one of those books you will be saving 8 cents from vegas.
5. Guys like MWC live in vegas, know vegas, and I would take what they say about the details of vegas betting more than what I say. I dont think you could get down 5k on a soccer game. You might be able to run around to 10 SB's and get it down, riding the line at each place - but once again I think you have defeated the purpose by now. Even if vegas had high limits on every sport, I dont see the advantage. Personal opinion, and I have asked many times and nobody has been able to really tell me specifics on why that is not correct.
6. Top 5 offshore books are different for everyone. There is a pool of about 10 or so that within that 10 different players get different things out of each. Pinnacle and MB are necessary for any players. Then you have the greek, betjamaica, WSEX, bookmaker, and several others depending on what type of bets you make, how much you betm, and some other factors. Just stay away from the known bad ones and you will be fine.
7. If you get an offshore bank account, you are required to check a box on your tax forms that says you have one. Most things you read online will be about setting up "anonymous" trusts, corporations, and bank accounts. That is not what I am talking about here. I am talking about opening an account that is totally legal, declared, and one you plan on paying taxes from if you win. This is what makes it legal - if you try to set up something anonymous to hide income - you are on your own. Once you find a bank, just call it directly. These banks dont necessarily advertise, but just find the biggest bank in the country of your choosing and call them and ask them if they take americans. Most caribbean banks will take americans and open your account via fedex.
You can move money from your offshore bank account to your domestic bank account online very easily. Forget ATM cards for your offshore, that will just make you look fishy (to the IRS), just bring everything in via wire transfer and there is a paper trail. Look - lots of people have a second home or work in the caribbean, central america, europe, or canada - and they have a bank account there. There is nothing wrong with having a bank account in a country you like to visit. It is legal and allowed. Lots of perfectly normal people do this. But lots of people looking to evade taxes also do this - so my best advice is to be totally transparent and do all the right things (pay taxes, dont use atms) and you are totally following the law and could never have an issue.
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