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Opening An Offshore Banking Account |
By:
Doug Smarteras |
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Opening an Offshore Banking Account
by Doug Smarteras
How to Open an off-shore bank account
You don't have to be a spy to take advantage of an offshore bank account.
Having an offshore account can provide substantial tax and asset protection benefits, not to mention the sex appeal of a secret offshore bank account. taking from the James Bond spy appeal, you can use an offshore account to get more than dollars. But how do you start an offshore account?
Who can benefit from an off-shore bank account? -- All the wealthy tycoons 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 stop at a bank while I'm traveling?" Its a great idea, but off-shore banks don't work the same way as on-shore banks. off-shore banks usually demand an introduction. They want to ensure they are not getting involved with a criminal. If a bank doesn't do it's due diligence I strongly recommend you stay away. You money will get mixed in with drug dealers and terrorist money and one horrible day you will wake up to find your funds frozen. The smaller banks have easier requirements to get an off-shore account because they are need to build a client base quickly. Sadly it is also these same off-shore banks (with less than 100 million under management) that end up going belly up. I know personally of a few people's money lost who invested in a bank that went belly up (Do a search for Bank Crozier - had a couple friends who Lost their savings!) This type of disaster doesn't happen in the larger banks... But the larger banks require an introduction.
The best plan is to use an off-shore lawyer. It will cost a little more in the beginning but you can relax knowing your money is protected in a stable off-shore bank.
Doug Masters is a writer for the atfshore banking, and asset protection areas at atfshorelegal.org. Don't reprint this exact article. Instead, reprint a free unique content version of this same article.
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Article Source: http://www.statssheet.com/articles/article55151.html |
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