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