Opening an Off-Shore Bank Account
By: Doug Smarteras
How to Open an off-shore bank account
You don't have to be James Bond to use an offshore banking account.
An off-shore bank account can provide substantial tax and asset protection advantages, not to mention the sex appeal of a secret offshore bank account. stealing from the James Bond spy appeal, you can use an off-shore bank account to gain more than money. But how do you open an off-shore bank account?
Who can benefit from an off-shore bank account? -- All the rich fat cats have off-shore bank accounts to hide away their money. They invest in off-shore tax havens where their money grows unimpeded by governments and taxes. Can the little guy catch a break? It used to be that if you didn't have more than $100,000 to invest their was no point in setting up an off-shore banking strategy. Times have changed.
Your intuition might say to you, "Why don't I drop in to bank while I'm traveling?" Its a smart idea, but off-shore banking institutions don't operate the same way as onshore banking institutions. off-shore banking institutions usually demand you to be introduced. They want to make sure they are not getting involved with a criminal.
If a bank doesn't do it's due diligence I recommend you stay away. You money will get mixed in with drug dealers and terrorist money and one sad day you will get a letter explaining that your funds are frozen. The smaller banking institutions have easier requirements to get an off-shore account because they are hungry. Sadly it is also these same off-shore banking institutions (with less than 100 million in managed assets) that end up going under.
I know personally of a few people's nest egg wiped out who invested in a bank that went under (Research Bank Crozier - had a few friends who Lost their savings!) This type of disaster won't happen with the larger banking institutions... But the larger banking institutions will need you to be introduced.
The best plan is to use an off-shore law firm. It might cost a little more in the beginning but you can rest easy knowing your money is protected in a trust worthy off-shore bank.
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