It is a proven fact that US citizens on the whole have a lot less money in offshore bank accounts as compared to citizens of many other countries in the world. For American corporation that are multinational, it is still rather easy to a bunch of offshore banking options, but for an individual it is still an uphill task, owing mostly to the tight grip of big brother IRS and the strict regulation that they have put in place and the implementation of the new Foreign Account Tax Compliance Act is just going to make things worse.
Even foreign banks are forced to sing to IRS’ tunes with virtually every bank on the planet being forced to sign some fort of an information sharing agreement with the government agency. Failing to do so often results in severe taxation in funds that are sourced and generated through the US.
The problem is so severe that many foreign offshore banking institutions have simply stopped taking applications from US citizens and would rather not deal with the American authorities, banks in Panama and Cayman Islands being at the forefront of this.
How then does an American citizen go about opening an offshore banking account? After all ensuring the safety of your savings is important.
Bahamas- the prime location for your offshore banking needs.
A couple of factors make Bahamas the ideal destination for Americans who want offshore banking. The first reason is the location of the islands. A hop, skip and jump will take you to the islands or more precisely, a 51 minute flight from Miami to Nassau. For people who want to ensure the safety of their funds in person, this is an ideal option. While most banks in Bahamas will offer the option of online banking as well as getting things done on the phone, it is at times good to be able to do it in person. The proximity of the islands to the US makes this a perfect location.
Besides the economy of the country is largely dependent on tourism from the US and as a result the country is very American friendly and the country as a whole has big ties with the US. This means that you will not have to deal with a completely different culture or struggle to understand a whole new language.
Bahamas on the whole is a developing nation with a rather stable economy where predictably, the tourism sector as well the offshore banking industry are the main earners for the country. Needless to say, the Bahamians take these things very seriously and strive to provide the most stable experience for the customer.
There are plenty of banks in Bahamas for you to choose from and a majority of them provide rather lucrative options for customers. Setting up accounts is easy and so is working with money, whether you are depositing or withdrawing funds. Given the ease and the variety of options, it is difficult to see an option better than banks in the Bahamas for US citizens to open offshore accounts in.
Even foreign banks are forced to sing to IRS’ tunes with virtually every bank on the planet being forced to sign some fort of an information sharing agreement with the government agency. Failing to do so often results in severe taxation in funds that are sourced and generated through the US.
The problem is so severe that many foreign offshore banking institutions have simply stopped taking applications from US citizens and would rather not deal with the American authorities, banks in Panama and Cayman Islands being at the forefront of this.
How then does an American citizen go about opening an offshore banking account? After all ensuring the safety of your savings is important.
Bahamas- the prime location for your offshore banking needs.
A couple of factors make Bahamas the ideal destination for Americans who want offshore banking. The first reason is the location of the islands. A hop, skip and jump will take you to the islands or more precisely, a 51 minute flight from Miami to Nassau. For people who want to ensure the safety of their funds in person, this is an ideal option. While most banks in Bahamas will offer the option of online banking as well as getting things done on the phone, it is at times good to be able to do it in person. The proximity of the islands to the US makes this a perfect location.
Besides the economy of the country is largely dependent on tourism from the US and as a result the country is very American friendly and the country as a whole has big ties with the US. This means that you will not have to deal with a completely different culture or struggle to understand a whole new language.
Bahamas on the whole is a developing nation with a rather stable economy where predictably, the tourism sector as well the offshore banking industry are the main earners for the country. Needless to say, the Bahamians take these things very seriously and strive to provide the most stable experience for the customer.
There are plenty of banks in Bahamas for you to choose from and a majority of them provide rather lucrative options for customers. Setting up accounts is easy and so is working with money, whether you are depositing or withdrawing funds. Given the ease and the variety of options, it is difficult to see an option better than banks in the Bahamas for US citizens to open offshore accounts in.
