| If you are looking for a way to keep your | | | | your account, plan on depositing at least |
| money safe, keep your transactions private | | | | $10,000. |
| and lower your tax burden, you may be | | | | |
| considering opening an offshore bank account. | | | | The Internet has made managing your offshore |
| An offshore bank account can be a good idea | | | | bank account easier than ever, but even with |
| for some people, but there are some things | | | | secure websites and excellent security, it is |
| you should know before you set up your | | | | still possible for someone to hack into your |
| account. | | | | system or to gather your personal information |
| | | | through a phishing scam. |
| Unlike what you see in the movie's, offshore | | | | |
| bank accounts are not illegal on their own. | | | | If your account information is compromised, |
| If, however, you set up an offshore bank | | | | you could lose your entire investment and |
| account for an illegal reason, like tax | | | | there would be little you could do to get |
| evasion or money laundering, you could still | | | | your money back. To minimize this risk, never |
| be in a lot of legal hot water if you get | | | | access your account with a wireless |
| caught. Even if your offshore bank account | | | | connection, especially in a public place. |
| was set up for illegal purposes, your money | | | | Stick to accessing your account at home with |
| could still be protected, depending on the | | | | a protected wired network. Never respond to |
| laws of the country where you have an | | | | an email from your bank asking for your |
| offshore bank account. | | | | password or other account information. |
| | | | Reputable banks will never ask for account |
| For all of the benefits in having an offshore | | | | information in an email. |
| bank account, there are some risks involved. | | | | |
| If you keep you money in a U.S. based bank | | | | If you have decided that an offshore bank |
| account, your account is protected by the | | | | account is for you, do your research and |
| FDIC. Offshore banks offer no such | | | | select a location with laws that are the most |
| guarantees. If your offshore bank account is | | | | favorable for your situation. You can move |
| in a country that is hit by a natural | | | | your money fro country to country, but each |
| disaster, strife or civil war, your money | | | | time you move your money, you take a risk |
| could vanish and you would have no recourse | | | | that you account information will be |
| to recover your money. | | | | compromised and your money will be lost. |
| | | | |
| Even though you don't have to be a | | | | An offshore bank account provides many |
| millionaire to have an offshore bank account, | | | | benefits, but before you open your account, |
| you should have enough cash to deposit to | | | | you should carefully weight the benefits |
| make your time and trouble worthwhile. There | | | | versus the costs and risks involved. If you |
| is no one minimum amount for an offshore bank | | | | decide to open an account take steps to |
| account. Different banks have different | | | | protect yourself to minimize the risk. |
| rules, but if you want to get the most out of | | | | |