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