| Opening an offshore account online is the easiest and | | | | groups. |
| most-cost effective way of getting your funds from A | | | | 1) Sites that offer to open an offshore bank accounts |
| to B. Having said that, there are many pitfalls | | | | in foreign tax havens for a fee. Many of these will |
| associated with this kind of search. It's not only your | | | | promise to open bank accounts in jurisdictions where |
| money that you are entrusting to a website you found | | | | there is high demand for offshore accounts yet short |
| off Google - you might also get drawn into an action | | | | supply such as the US and Switzerland. Not all of |
| that is plain illegal. Even if banks are regulated, the | | | | these groups are scams - many will save you a whole |
| internet is not, so ready yourself to plough through a lot | | | | lot of time and effort in preparing the correct |
| of junk, middlemen and websites that are out there | | | | documentation. But you do run the risk that the guy |
| purely to scam you before you find the perfect | | | | who offers you a professional "introduction" will take |
| offshore account. | | | | your $1000 and run off into cyberspace. |
| Here are some golden rules to follow to make sure | | | | 2) Real offshore banks. How do you know they are |
| you don't fall pray to internet schemes. | | | | real? Do they have their formation documents online? |
| 1) Get a phone or fax number. One of the easiest | | | | Don't be fooled by websites that say they are licensed |
| ways to flag a scam website is one that has little or | | | | by a fictitious country; if the website says it gets a |
| no contact information. | | | | banking license from Seeland, think how likely this could |
| 2) Most offshore banks will have well-laid out websites | | | | be...? |
| with plenty of information. Often they have documents | | | | 3) Treasury- type accounts. These guys will open an |
| available to download such as application forms, due | | | | account for you in the name of their trust or financial |
| diligence requirements, and government issued | | | | company. Make sure the website has a record of its |
| credentials. | | | | license and check the country where it comes from. |
| 3) Don't trust an organization that asks for no due | | | | Even "legitimate" sounding companies can turn out to |
| diligence to open an offshore bank account. All | | | | be fake when they are owned by a trust which, on |
| offshore banks need this to cover their end, and at | | | | investigation, doesn't exist. While trust accounts can |
| least a recent utility bill and scanned notarized/apostilled | | | | offer you better privacy than the other options, "trust" |
| copy of your passport are standard minimum | | | | is the operative word here. The treasury company will |
| requirements. | | | | be signatories on the accounts rather than you |
| Look for clues as to what the organization behind the | | | | personally - so make sure the one you choose has a |
| website ACTUALLY does, and consider whether it fits | | | | bit of history, or even better look for 3rd party reviews |
| your requirements. In my experience, "Offshore | | | | to ensure they are legitimate. |
| banking" websites can be broken down into 3 main | | | | Good luck! |