Offshore bank accounts for Americans

Are isle of man offshore bank accounts safe from the IRS?  I thought I read somewhere that they started reporting to find cooperate with finding terrorists.  

If they are safe, what is a good bank ?

If by safe you meant, you do not have to report the infome generated on these accounts, the answer is NO. You do indeed have to report the income generated each year from the accounts held offshore. Unless of course by the nature of the accounts they might be exempt from US taxation , which is rare.

I understand that it is every US citizen's obligation to report all accounts.  The question is are they required to report accounts from US account  holders to the IRS?

I see.  The answer is NO.  They will not send reports of your interest, dividend etc to the IRS. In fact none of the Banks located outside of the US (UK, offshore or otherwise) send any reports to the IRS.

I hope this answers your question.

Helen