| You can find internet sites offering to help | | | | investment accounts over those used for |
| you get a private offshore account, but | | | | commercial businesses. If you need convenient |
| choose carefully; some have established | | | | access to funds, look for a bank that issues |
| 'real-world' businesses behind them, and some | | | | credit or debit cards that can be used abroad |
| are no more than a few web pages and a couple | | | | i.e. in your country of residence. People who |
| of guys in a back room. Private offshore | | | | can benefit from offshore tax havens are |
| accounts are usually for high-net-worth | | | | either living and working overseas, |
| individuals; you should have at least | | | | travelling abroad regularly or have business |
| $100,000 to deposit. Then you will be | | | | dealings in more than one country. They offer |
| welcomed with open arms, after the necessary | | | | a centralised location via which you can |
| due-diligence has been carried out. Due | | | | manage international transactions easily. It |
| diligence means the responsibility to check | | | | gives instant access to account information, |
| that an entity is who they claim to be, and | | | | banking and transactions in multiple |
| that they have no criminal associations. You | | | | currencies at reduced rates. Offshore tax |
| will have to provide a notarised copy of your | | | | havens with a good banking infrastructure |
| passport, one or two bankers references, and | | | | offer those living in an unstable country the |
| a copy of a utility bill from your current | | | | chance to protect their financial assets. The |
| address. Simplicity of operation may be even | | | | idea of asking about offshore tax havens |
| more important than lower taxes. Different | | | | makes one feel as if one doing something |
| countries obviously have different banking | | | | mysterious or even slightly illicit. Offshore |
| and tax laws, and there may be great | | | | tax havens are not reserved for the rich and |
| differences between them. Keep this in mind | | | | famous (or infamous) to salt away their |
| when looking at suitable private offshore | | | | money, but rather for any businessman |
| account options. Private offshore accounts: | | | | throughout the world to conduct his banking |
| very handy these days, as reduced tax | | | | business. Unfortunately, many people are of |
| liability, general asset protection, | | | | the opinion that these are not necessarily |
| operation simplicity, and other features make | | | | safe because they are not their home country. |
| this an attractive choice for the businessman | | | | This simply is not true. Some offshore tax |
| with disposable cash. They are designed to | | | | havens have banks that are safer and larger |
| allow holders to put money away for a rainy | | | | than the ones in your home country. Most |
| day, invest in products not available in | | | | people have an account in the name of an |
| their home country, avoid taxation, and keep | | | | offshore company. Offshore company providers |
| some of their money safe from eager lawyers | | | | can also offer basic phone, fax, mail, email |
| and disgruntled ex-spouses. Almost all | | | | and forwarding services, including clients' |
| offshore banks can provide wire transfers, | | | | invoicing and correspondence management. |
| issuing bank drafts, cheque clearance, bonds, | | | | |
| certificates of deposit, and mutual funds. | | | | T. O' Donnell is a licenced credit broker |
| Many favour private asset holding and | | | | based in London, UK. |