| Contrary to what most offshore service
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| | After finding a suitable jurisdiction,
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| providers will tell you, opening an
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| | you can start looking at individual banks
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| offshore bank account is not the path to
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| | and what they require and offer to new
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| instant wealth and riches, although it
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| | account holders. I would initially
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| might get you there a little quicker. In
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| | caution you to stay away from any small
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| this article I will attempt to set out
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| | boutique style banks as it can be
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| the advantages and disadvantages of
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| | difficult to know if the bank you are
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| opening and maintaining an offshore
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| | signing up with actually exists. Without
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| banking facility and how you can use this
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| | significant research a legitimate looking
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| vehicle to enhance and protect your
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| | bank website can actually turn out to be
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| personal wealth.
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| | fraudulent. Start by looking at major of
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| Initiallly, you will need to sit down and
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| | known banking names in that country. Most
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| determine exactly why you require an
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| | offshore banks maintain a web presence
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| offshore banking facility. Many people
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| | and the use of the internet can speed up
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| are attracted by the lure of having a
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| | the process of finding a bank. Any
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| secret offshore numbered account or
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| | legitimate bank will provide a verifiable
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| merely want to have an impressive
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| | address and client contact phone number,
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| facility to pander to their own ego's. If
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| | any sites that do not maintain valid
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| you fit into the above criteria I
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| | contact details are most assuredly
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| sincerely suggest that you seek your
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| | fraudulent.
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| gratification elsewhere as you will be
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| | Once you have viewed and selected some
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| eventually left with an empty pocket and
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| | suitable institutions then take the time
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| account.
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| | to either email or ring them and ask the
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| Generally, most people seek to hide or
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| | following questions:
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| protect their assets through the use off
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| | * What are their ID Requirements
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| an offshore account or they may simply be
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| | * What is the minimum opening balance
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| using it to not repatriate profits back
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| | * Do they provide Internet Banking
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| to their home country. These are all
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| | * Do they require professional references
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| valid applications and when structured
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| | (bank references etc)
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| correctly can maintain a veil of secrecy
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| | * Ask for a schedule of Fees
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| over your banking operations. It is
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| | The above minimum will give you a good
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| advisable that whichever need your
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| | feel for whether the bank is honest and
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| offshore presence fulfills that you
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| | legitimate. Any institution which does
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| determine if the cost of maintaining an
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| | NOT require identification to open an
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| account is offset by your need.
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| | account will most defanitely be a scam.
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| As a prospective account holder you need
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| | Generally, they will require you to
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| to clearly understand that opening and
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| | provide a notarized copy of your passport
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| maintaining an account is neither cheap
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| | and proof of a current address, for
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| nor easy. The fees will vary from bank to
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| | instance a utility bill. Some banks may
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| bank but generally speaking you will find
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| | require a reference letter from a
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| the relative fees to be more exhorbitant
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| | lawyer,accountant, or current bank who
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| than your home jurisdiction. Try not to
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| | are familiar with your affairs. The
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| be deterred by any difference between
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| | minimum account balance will vary from
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| bank's fees as in the offshore market you
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| | bank to bank and can range from a meagre
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| really do get what you pay for and if you
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| | $500 USD up to $50,0000. Again this is
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| have followed my prior advice and
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| | something that will need to be researched
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| quantified a strategy then the long term
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| | to fit your individual need.
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| cost will be minimal.
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| | TIP: Always choose a bank with good
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| Finding and Selecting an Offshore Bank
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| | internet and phone banking, you cant just
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| The search for an appropriate offshore
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| | walk into a branch when you need to.
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| facility can be long winded and confusing
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| | After submitting an application to your
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| without a little assistance.There are
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| | choosen bank along with your
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| many different types of banking
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| | identification and proof of address you
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| institutions but for the purposes of this
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| | should be set up and working within two
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| article we shall only consider the retail
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| | weeks. It is paramount that if you are to
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| offshore bank. Retail offshore banks are
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| | maintain your account secrecy that you do
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| generally those that cater to smaller
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| | not advise nor tell anyone of the
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| accounts for individuals rather than
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| | account. It is also advisable that you do
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| corporations and this is the perfect
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| | not receive the bank statements at your
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| vehicle for your first account.
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| | home as a few errant statements laying
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| When selecting a bank you first need to
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| | around is the smoking gun that the IRS
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| consider which jurisdiction(country) is
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| | needs to nail you. This is where internet
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| most appropriate for your needs. Firstly,
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| | banking is paramount and its really
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| you will need to determine if your
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| | advisable to only receive your account
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| country of residence has any information
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| | statements online.
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| sharing treaties with a prospective
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| | You will find that ultimately offshore
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| jurisdiction. As you can imagine, the
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| | banks are extremely easy to deal with and
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| last thing you need is your bank of
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| | provide an excellent range of privacy
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| choice giving up all your account details
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| | related services. Which bank or
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| and transactions to your home countries
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| | jurisdiction you choose is ultimately
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| Tax Department. You can generally obtain
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| | governed by your personal needs and risk
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| information on the tax treaties and
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| | assessment. I hope that this article has
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| relevant country details by accessing
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| | been a good primer on what is required to
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| various expat websites and viewing the
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| | step into the offshore banking world.
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| country profiles.
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|
