Finance Articles

Opening an Offshore Banking Account

How to Open an off-shore account

Who can benefit from an off-shore account? -- All the rich fat cats have off-shore 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 tell you, "Why don't I drop in to bank while traveling?" Its a great idea, but off-shore financial institutions don't operate the same way as onshore financial institutions. off-shore financial institutions usually demand an introduction. They want to ensure they are not getting involved with a money launderer or terrorist. If a bank doesn't check your background I strongly encourage you to stay away. You hard earned dollars will get mixed in with drug dealers and terrorist money and some sad day you will get a letter explaining that your funds are frozen. The smaller financial institutions have easier requirements to get an off-shore account because they are hungry. Sadly it is also these same off-shore financial institutions (with less than 100 million under management) that end up going belly up. I know personally of a few people's retirement fund 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 thing doesn't happen in the larger financial institutions... But the larger financial institutions require an introduction.

The best strategy is to use an off-shore law firm. You will pay a little more in the beginning but you can rest easy in the knowledge that your hard earned dollars is protected in a trust worthy off-shore bank. Learn more regarding off-shore banking at offshorelegal.org

Doug Masters is a writer for the offshore banking, and asset protection sections of offshorelegal.org. He is also involved in several offshore forums.

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