| Can offshore banking be your answer to
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| | Panama banking is they have no agreement
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| earning higher returns on your investment
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| | with the U.S. to share information about
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| funds and offsetting the rising cost of
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| | their customers.
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| living? Often the answer to that question
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| | Who would benefit from a bank account in
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| is, yes!
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| | a foreign country?
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| Do you know that the term 'offshore'
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| | - Those who wish to bank in multiple
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| originates from the Channel Islands
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| | currencies
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| (Jersey, Guernsey etc.)? They are off the
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| | - Those seeking international access to
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| coast of Great Britain and have a policy
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| | their money
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| of taxation that can be beneficial for
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| | - People who require greater flexibility
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| some.
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| | from their bank account
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| Today the term is sometimes used to refer
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| | - Those who would like to add an extra
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| to tax havens in general.
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| | layer of privacy to their financial
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| When you begin thinking about moving some
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| | dealings
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| of your investment money offshore you
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| | - Those who want maximum asset protection
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| will quickly learn that governments don't
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| | - Those who want investment opportunities
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| like you to have money in a place where
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| | not available domestically
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| they can't track the movement of every
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| | A number of countries have designed local
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| penny.
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| | laws to attract investment. No longer do
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| Agencies like the I.R.S. make big news
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| | you have to visit the country to open a
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| out of prosecuting a few companies or
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| | bank account. You may need an
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| individuals for hiding profits on foreign
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| | introduction to the bank before you can
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| investments and not paying taxes on those
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| | open an account, but there are legal
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| gains. Those few cases frighten many
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| | firms and agents that can do that for a
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| people so that they won't even consider
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| | fee. In addition you will be required to
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| opening an offshore bank account.
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| | submit certain paperwork, forms of
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| Let's set the record straight. There is
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| | verified ID and then deposit funds.
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| nothing illegal about moving your
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| | Good offshore banks make it easy for
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| investments offshore. Why should it be?
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| | customers to conduct all ongoing banking
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| It's your money. In a free society you
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| | activity through the internet, e-mail,
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| should be able to do what you want with
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| | mail, fax or telephone. Many banks offer
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| your money unhindered by your government.
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| | full credit and debit card services, so
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| Don't confuse offshore investing with tax
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| | you have easy and direct access to your
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| avoidance. As a citizen of the U.S.,
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| | funds at all times.
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| Canada or Great Britain you are required
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| | The U.S. Congress seems to think that
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| to report and pay taxes on all profits
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| | your money really belongs to the
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| and income no matter where it is earned.
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| | government and they want to know what you
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| There is nothing confusing about an
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| | are doing with your funds at all times.
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| offshore bank account. It is simply an
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| | You must complete an I.R.S. form "Report
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| account held in a bank that is located
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| | of Foreign Bank and Financial Accounts"
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| outside your country of residence.
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| | when you open an offshore account. That
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| In most cases you would choose a bank
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| | form (Treasury form 90.22-1) must be
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| that is located in a low tax jurisdiction
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| | completed and returned to the I.R.S. by
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| and offers certain financial and/or legal
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| | June 30th of each year you possess a
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| benefits to account holders. Panama is
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| | foreign account.
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| good example of a country that is
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| | A major benefit of moving money offshore
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| attracting foreign bank deposits.
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| | is that through your offshore bank or
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| They use the U.S. dollar as the national
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| | stock broker you can have access to some
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| currency, so there are no exchange costs
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| | very profitable investments that are not
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| for U.S. citizens. Because the U.S.
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| | available within the U.S.
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| managed the Canal for so many decades
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| | We now live in a global economy. Groups
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| there are many Panamanians who speak
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| | like can help you take advantage of it.
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| English. An even greater benefit of
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