Top 9 Offshore Bank Account Considerations

Document Sample
Top 9 Offshore Bank Account Considerations Powered By Docstoc
					One of the misnomers about an offshore bank account is that it is only for the very
wealthy. An offshore corporation plus offshore bank account is more economical than
one might think. An offshore bank account is an account that you open in a country or
jurisdiction outside your own. Thus opening an offshore bank account is a good place
to begin on the freedom road and such an offshore banking relationship can provide
the foundation of what follows. The most obvious legitimate reason for opening an
offshore bank account is the cash-flow advantage of getting interest on deposits paid
gross, without the withholding tax usually imposed on non-resident bank accounts.
One of the numerous benefits of opening an Offshore Bank Account is that they are
often situated within tax havens, which means that the individual pays less tax.

Offshore Bank Account

Most offshore bank accounts come with a cash card that can be used to withdraw
funds anywhere in the world. Offshore Bank Accounts the Ultimate Protection
Seeking to protect you money in an offshore bank account once someone has laid a
claim to your assets just won't happen, its already too late. An additional benefit of an
offshore bank account is that if you are not willing to leave a high tax nation you can
benefit by moving money to a tax free secure and private haven. Asset security and
privacy is what the offshore bank accounts and the financial world are designed to

Opening an Offshore Account

To actually open an overseas bank account, you must firstly do some research - which
country and which bank will be most suitable for your needs. Although you may not
need any of these things; opening an offshore account can be as straightforward as
just having a checking or savings account. Most people who open an overseas bank
account want to enjoy the significant tax breaks that this will give them. A passport, a
driving license, and a untilty bill are all you need to open an offshore account.


Offshore privacy can no longer be taken for granted. Having a offshore bank account
may be something you can explore in regard to banking privacy, being insulated from
predatory lawsuits, building your assets and to legally avoid excessive taxation. This
is a popular choice for people who are very particular about their privacy and
anonymity. For maximum privacy and asset protection, however, the best advice is
this: Establish an offshore corporation to own your offshore bank account. The
Anonymous Panama Corporation adds in a nice thick layer of privacy protection.
Right now, a secure, private bank account is reserved for your personal use in
countries with some of the strongest bank privacy laws on earth.

An offshore account is an excellent way to diversify investments and take advantage
of global tax savings. Sure you have to report your earnings in most places and pay
taxes, but you can still open up an offshore bank account for greater investment
possibilities, protection from domestic lawyers who might want to sue you for your
life savings and for greater financial privacy. And, you must report any interest
payments or dividends you have received from any offshore investments made using
that account. You can have instant access to the world's best investment opportunities,
including currencies and precious metals without concern about your home nation's
legal restrictions.


The proper way to open an offshore bank account is through an experienced law firm
offering offshore legal services. As a matter of principle the rights to privacy can be
suspended when a criminal investigation is underway. Don't rely on banking secrecy
being upheld if you are engaging in illegal activites. Some countries like Panama are
more tolerant than others.


Typically a tax free haven is offered by countries that have little or no means of
exporting goods and services to offset the imbalance they would otherwise have in
terms of their overall currency exchange. You may want to consider other services the
bank offers, such as different types of accounts, credit cards and safety deposit boxes.
There are advantages either way here - a larger bank may offer greater security and
more services, but with higher fees. Many offshore banks offer a full range of private
banking services, but have certain terms and conditions that need to be met by their
clients. An offshore corporation combined with the quality banking and commercial
services found in Panama consistently meet the needs of diverse types of clients.


If you're in regular receipt of international transactions it can make sense to establish
an offshore company structure in a jurisdiction like the Seychelles where no tax is
levied on income generated outside the jurisdiction and where such a company is not
required to fill out annual financial or activity reports. Such a company can then open
and hold an account which can be used for international personal OR business
transactions. If you're moving overseas you have a number of choices available to you
- you can let your current bank know and they may change your account type to be an
international account. You can then use this account to pay bills back home and
conduct international transactions.

The way these programs work is Visa and MasterCard do not know who the actual
card holder is - no date of birth, no address, no tax id numbers etc. So a subpoena to
MasterCard or Visa would produce very little and since the bank is in a country with
bank secrecy this avenue is going to be a long burdensome process that would be
unlikely to be pursued and could only be pursued by a government in a criminal
matter. The more private way of doing this is to get a Visa or MasterCard debit card
from another bank, not your Panama bank.

Bank ATM Debit Card

Some people obtain an ATM card from another unrelated financial institution. These
cards typically have no name imprinted on them which right away adds to your
privacy protection. These cards also do not leave a trail to your real bank. Money can
be transferred to the ATM card by wire from your Panama or other bank account and
then withdrawn as needed. Some people are fond of using these cards to cover
corporate expenses like travel, entertainment and other business expenses. Usually the
ATM card purchase requires a copy of a passport.

Offshore banking has many advantages, some of which include the access to
politically and economically stable jurisdictions, and the lower cost and higher
interest rate. You can use a foreign bank account as an integral tool in an aggressive,
two-pronged offshore wealth strategy. In other words, an offshore private bank
account is not just a place for safekeeping cash. You might think it is a bit odd at first
to open an offshore account when away on holiday but if you are going to that
destination anyway on holiday it makes something nice to do one day.

Shared By: