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