ePassporte / Virtual Visa

Oct 16, 2004 1 Replies

A few of my US clients(I'm a web programmer) have the option of paying me by ePassporte instead of wire or cheque. Epassporte is like a virtual visa, similar to pay pal, except you can have an actual VISA card that lets you withdraw cash from ATM's.



So, If I take this option I'm slighlty unsure of the tax implications?. I mean, it's almost like an offshore account with a credit card. Would it be unwise to assume that I could have a few clients by me via ePassporte and then I could simply withdraw cash and (cough) avoid income tax on those amounts?


How you choose to receive your money makes absolutely no difference to your tax liability.

If the offshore account pays interest, it won't deduct tax at source, so you have to declare this separately.

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