How to Open an Offshore Account
You don't have to be James Bond to use an offshore banking account.
Having an offshore bank account can provide huge tax and asset protection benefits, not to mention the sex appeal of having a secret offshore bank account. Borrowing from the James Bond spy appeal, you can use an offshore bank account to get more than dollars. But how do you open an offshore bank 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 just drop in to bank while I'm traveling?" Its a noble thought, but off-shore banking institutions don't work the same way as onshore banking institutions. off-shore banking institutions usually require you to be introduced. They want to make sure they are not getting involved with a money launderer or terrorist. If a bank doesn't do it's due diligence I strongly recommend you keep away. You hard earned dollars will get mixed in with drug dealers and terrorist money and some horrible day you will wake up to find your money frozen. The smaller banking institutions have easier requirements to get an offshore account because they are hungry. Sadly it is also these same off-shore banking institutions (with less than 100 million under management) that end up going under. I know personally of a few people's retirement fund wiped out who invested in a bank that went under (Do a search for Bank Crozier - had a few friends who lost big time!) This type of disaster just doesn't happen in the bigger banking institutions... But the bigger 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.
About the Author/Author Bio
Doug Masters is a author for the offshore banking, and asset protection areas of offshorelegal.org.
By Expert Author: Doug Smarteras
Article Source: http://www.articlesphere.com/
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