Opening an Off-Shore Bank Account

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 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 will cost more in the beginning but you can rest easy in the knowledge that your hard earned dollars is protected in a stable off-shore bank.

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Doug Masters is a writer for the atfshore banking, and asset protection areas at atfshorelegal.org.

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