| In response to questions we frequently
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| | legitimate!
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| receive about selecting the best offshore
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| | 3) Customer Care
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| bank we’ve decided to put together this
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| | In this day and age internet banking is
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| article to help you determine which
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| | all the rage - online transaction,
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| offshore banking provider is best for
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| | statements and account summaries add a
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| your needs.
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| | massive degree of flexibility and
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| Because the best offshore bank for me may
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| | simplicity to banking for us all - but at
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| not be the best for you because each
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| | the same time we all sometimes have a
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| financial service provider is as unique
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| | need to speak to a banking adviser and
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| as your own personal requirements for it,
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| | don’t wish our enquiry to be handled by
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| you should base your selection decision
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| | a telephone operator with no clue!
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| on the following five key points.
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| | The best offshore bank will offer you an
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| 1) The Offshore Haven
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| | account manager or access to a human
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| There are literally dozens of offshore
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| | being on the end of a phone or an email
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| havens all offering various degrees of
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| | and will also service your needs face to
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| privacy, security and tax efficiency yet
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| | face should the need arise for you to
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| some are far more stable or suitable than
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| | make a personal visit to the bank. In an
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| others.
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| | effort to streamline and cut costs many
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| You need to consider which offshore
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| | banks are dispensing with the ability to
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| jurisdictions can fulfil your own
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| | provide the ‘personal touch’ but we
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| personal requirements for an offshore
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| | all require a blend of the modern and old
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| centre. For example, if you reside in
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| | fashioned approach to customer care and a
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| Europe a European offshore jurisdiction
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| | good offshore banking provider should
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| may not suit your objectives for opening
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| | recognise and honour this.
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| an offshore bank account because of the
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| | 4) Pedigree and Stability
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| EU Savings Tax Directive 2005.
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| | This is the fundamental point on which
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| On the other hand a European offshore
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| | your decision should ultimately hinge -
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| haven may suit you down to the ground
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| | the offshore bank you choose has to have
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| because some like the Isle of Man have
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| | pedigree and stability, it has to have a
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| fantastic consumer protection schemes in
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| | good history, it needs to be well
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| place to protect the assets of an
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| | regulated, it has to have a stable parent
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| investor or account holder.
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| | company with solid and substantial
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| Think about why you want an offshore bank
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| | reserves. If you’re considering
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| account in the first place and this will
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| | opening an account with a single branch
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| immediately rule in or out certain
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| | offshore bank in Kazakhstan may I suggest
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| offshore havens around the world. This
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| | you look a little more closely at the
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| will narrow your shortlist down quite
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| | pedigree and stability of the bank for
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| substantially.
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| | the sake of your financial assets? If on
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| 2) Offshore Bank Secrecy
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| | the other hand you’re considering
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| Next you might like to think about the
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| | banking with HSBC International in Jersey
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| degree of secrecy you will be afforded by
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| | then I guess the amount of due diligence
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| your offshore bank. Offshore bank
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| | you should undertake on this point is far
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| records are not always as private as you
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| | less!
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| might think they are! Referring back to
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| | 5) Account Options
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| the EU Savings Tax Directive once again
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| | Finally you obviously have a specific
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| to illustrate this point, those with bank
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| | need for an offshore bank account whether
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| deposits in one country affected by the
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| | that is a requirement for an offshore
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| directive and who reside in another
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| | business account, an offshore personal
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| country affected by the directive can
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| | account, a credit card or medium to long
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| have complete disclosure of their bank
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| | term investment product - you need to
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| account deposits, interest earned and
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| | ensure that any offshore bank you
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| personal details passed between
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| | consider can fulfil your requirements.
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| countries.
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| | Once you have narrowed your selection of
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| Also worth bearing in mind is that some
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| | which offshore bank is the best offshore
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| offshore havens are frowned upon by the
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| | bank to just a few financial institutions
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| wider world because they operate slightly
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| | you should ask about which products and
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| outside the scope of the laws relating to
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| | accounts they have to fulfil your
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| anti money laundering. You’d be best
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| | requirements. You can then finalise your
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| advised to avoid these types of offshore
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| | selection based on which bank offers you
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| haven and the banks that only operate in
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| | exactly what you require.
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| such havens as some are far from
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