| Suggest to the average American that he or | | | | strategy. For the careful and conscientious |
| she might benefit by owning a foreign bank | | | | investor, it is one of the most pragmatic |
| account and you'll more than likely get a | | | | ways of expanding the realm of financial |
| questioning look and a response such as, "Why | | | | opportunity, because it is one of the most |
| on Earth would I want to do that?" | | | | creative ways of diversifying assets. |
| | | | |
| Americans, you see, tend to have an extremely | | | | Since offshore banks don't operate within the |
| parochial attitude when it comes to their | | | | United States (hence their name), accounts |
| money and they also tend to have an almost | | | | held in them are rarely subject to our state |
| unnatural suspicion of foreign banking | | | | and federal laws and regulations. Offshore |
| activities. After all, the media have exposed | | | | banks can also offer a wide range of services |
| them to an unending series of foreign banking | | | | well beyond the legal ability of domestic |
| tales involving political shenanigans, | | | | banks. Through aggressive use of these |
| financial fiascoes and criminal capers. | | | | services, investors can increase their |
| | | | profits, reduce their tax burdens and raise |
| Yet, the simple fact is, most Americans could | | | | capital at lower interest rates all without |
| benefit by owning a foreign bank account. | | | | the restrictive maze of red tap often |
| Already, foreign banking or, as it is more | | | | encountered in the United States. There are |
| popularly known today, "offshore banking" | | | | approximately 45 jurisdictions around the |
| has become an important tool for thousands of | | | | world that bill themselves as offshore |
| legitimate and highly successful businesses | | | | financial centers or banking havens. Many of |
| and individuals. And in today's high tech | | | | these centers are remote, lack adequate |
| computerized satellite communications world | | | | support facilities or have flaws in their |
| it is easier than one could ever have | | | | banking or tax laws that could affect your |
| believed. | | | | privacy or your rate of investment return. |
| | | | That does not necessarily mean you should |
| Who would have believed even 5 years ago that | | | | avoid banks in these jurisdictions when |
| standard simple transactions as talking to an | | | | shopping for a location for your foreign bank |
| American Express agent that the person | | | | account. |
| demanding a cheque stub number could be half | | | | |
| way around the world in India speaking better | | | | However, it does mean that you should |
| English than most Americans? To top it off | | | | exercise additional caution, making sure the |
| this person was probably born in a low tech | | | | bank is well managed and offers the services, |
| mud hut and 15 years ago did not even have | | | | experience and security you are seeking. As a |
| access to electricity and running water. In | | | | means of increasing your wealth by |
| practice, a foreign bank account gives the | | | | diversifying your investments, minimizing |
| prudent investor the opportunity to | | | | your tax load and increasing your investment |
| synchronize the benefits of various banking | | | | profit you should seriously look at obtaining |
| activities and blend them into a unique | | | | one or more offshore bank accounts. |
| profit-making and tax-saving financial | | | | |