Gnereal speaking Offshore Banking Services, learn more...

[clemens]

Offshore banking is suitable for people who work abroad. When you are a person and work abroad you may still have responsibilities at home. For example, you may have commitment to pay bills. With an offshore account, you will be able to pay bills in your own currency. Usually, the bill payment is done through an online banking system that supports multiple currencies (multi currency account) like USD, Euro or other currencies. The online offshore banking account usually offers foreign currency exchange services at cheap rates so there is no problem when want to exchange from USD to Euro or British Pound (GBP).


Offshore banking offers the same types of services that are available in an onshore bank. Many offshore banks are registered and licensed banks which provide services in a protected financial environment. When you open an offshore bank account you will get anonymous numbered account depending on the bank. The secret number is like your ID card to hide your personal information.


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The deposits in the offshore bank account will not be subjected to tax. Offshore banks are usually situated in tax haven countries example Dominica. This means that the tax regulations in these countries are lenient. Offshore banks offer a much higher interest rates compared to your normal bank account at home. They are able to offer high interest rate because of the low operating cost. Offshore banks have low operating costs because it is situated in countries with loose taxation policies. Normally, offshore banks are located in financially stable countries. Smart investors will take into account the local economy of the jurisdiction when selecting an offshore bank account. Examples of countries that offer offshore banking include The Commonwealth of Dominica, and Panama.


Offshore banking is protected from expensive legislation. Offshore banks provide various types of investment opportunities for customers. They are usually linked to offshore companies, trusts and foundations. These offshore companies can provide advantages such as tax and asset protection to the foreign investors.


Offshore banking is quite popular among small businesses that operate international. If you want to apply for a private offshore bank account or corporate account, it is recommended that you hire a service (agent) that will manage the whole application process. In this way you can apply for the offshore bank account without any problem and is completed within a couple of day?s.


Offshore banks are situated in a remote region so it can be costly to visit it. With the help of global telecommunication, it has become convenient for the clients to have access to their accounts. Nowadays you can access your account through the online banking system so there is no need to visit the offshore bank like ten years ago. If you have any problem with your offshore bank account, you can contact the customer service representative by telephone or email 7/24.

 

[JohnLocke]

Offshore banking is suitable for people who work abroad. When you are a person and work abroad you may still have responsibilities at home. For example, you may have commitment to pay bills.

For an expat it may be even more of interest.

 

[pesto]

Offshore banking is protected from expensive legislation. Offshore banks provide various types of investment opportunities for customers. They are usually linked to offshore companies, trusts and foundations. These offshore companies can provide advantages such as tax and asset protection to the foreign investors.

Seems to be true. Most I know will choose a offshore bank because they want anonymity and privacy and they want to be sure to have their money protected where no creditors or other lenders are comming for it if things go wrong!

 

[clemens]

Many still think that offshore banking is cheap and even cheaper than their local bank, they are so wrong. If you are going for cheap banking you need go local not offshore!!

 

[JohnLocke]

Many still think that offshore banking is cheap and even cheaper than their local bank' date=' they are so wrong. If you are going for cheap banking you need go local not offshore!![/quote']
Indeed, we have many who think they can open an offshore bank account as an alternative to their local bank and safe fees, that's totally wrong and not possible. The offshore banks know why people want them and they have specialized in much that local banks are usually unable to do.

 

[thorsten]

Indeed, we have many who think they can open an offshore bank account as an alternative to their local bank and safe fees, that's totally wrong and not possible. The offshore banks know why people want them and they have specialized in much that local banks are usually unable to do.

Sounds interesting. How about to open bank accounts for Companies that a regulated in a one offshore jurisdiction but may require a license in an onshore jurisdiction. Will the onshore jurisdiction recognice this entity to be licensed and regulated where it is incorporated and open the bank account?

 

[jorge]

Sounds interesting. How about to open bank accounts for Companies that a regulated in a one offshore jurisdiction but may require a license in an onshore jurisdiction. Will the onshore jurisdiction recognice this entity to be licensed and regulated where it is incorporated and open the bank account?

You will get a hard time to get your account opened for such a setup. I have been trieing that for some time ago without luck. We got declined all the time.

 

[pontiacG8]

Many still think that offshore banking is cheap and even cheaper than their local bank' date=' they are so wrong. If you are going for cheap banking you need go local not offshore!![/quote']
Yes your right Clemens, I have a few business friends who are asking me if it is cheaper to bank offshore lol

 

[pontiacG8]

Sounds interesting. How about to open bank accounts for Companies that a regulated in a one offshore jurisdiction but may require a license in an onshore jurisdiction. Will the onshore jurisdiction recognice this entity to be licensed and regulated where it is incorporated and open the bank account?

It's not possible, the banks will ask you for a valid license are refuse to open it if it comes from some of the "shady" offshore jurisdictions like Costa Rica, NZ or Bahamas which are not recognized worldwide any longer.

 

[bothe]

Offshore banking is not cheaper but it can be more secure in regards to privacy and anonymity which are the main objects for me.

 

[happyjohn]

Offshore banking is not cheaper but it can be more secure in regards to privacy and anonymity which are the main objects for me.

If you look for cheap banking you don't want to go offshore you need to open an account with your local bank! Offshore banking is only for people who have money and need banking for wealth management or asset protection purpose.

 

[Cauddyensutty]

Offshore banking is protected from expensive legislation. Offshore banks provide various types of investment opportunities for customers.

How are they protected from that? I find it to be good to read this article.

 

[pesto]

How are they protected from that? I find it to be good to read this article.

Some banks are protected by location! Most are not protected, this is a term used most often in the past for offshore banks, however, things have changes since ever since. Today you need to look carefully at which offshore jurisdiction your bank is located to have any protection!

 

[myhand]

Most offshore banks will protect your privacy and anonymity at a certain level but don't relay on that check the jurisdictions laws for information exchange agreements.

 

[ProtectAssets]

Seems to be true. Most I know will choose a offshore bank because they want anonymity and privacy and they want to be sure to have their money protected where no creditors or other lenders are comming for it if things go wrong!

An offshore bank account alone doesn't give you that much protection if a creditor finds out you are hiding your money somewhere. Because a local judge can still throw you in jail if you don't pay a creditor after a court order. And because of the Automatic Exchange of Information treaty being implemented soon, your account will automatically be reported to the government of some countries. In other words, no longer anonymous. But if everything is owned by a trust, which is also set up in the right way, you can do that completely legally, and no one can really take anything from you.

 

[ImKing]

An offshore bank account alone doesn't give you that much protection if a creditor finds out you are hiding your money somewhere. Because a local judge can still throw you in jail if you don't pay a creditor after a court order. And because of the Automatic Exchange of Information treaty being implemented soon, your account will automatically be reported to the government of some countries. In other words, no longer anonymous. But if everything is owned by a trust, which is also set up in the right way, you can do that completely legally, and no one can really take anything from you.

That's actually very good information, I was thinking about how to use a Trust for anonymity and creditor protection. You are an inspiration for me uter:

 

[ImKing]

Can you tell me how fast it is possible to open real offshore bank account? What is the country and what are the costs if possible? Also it would be nice if the banks fees are low and I can have internet banking and debit card for the account so I can take money out in my money machine here in my town.

 

[flofi]

Can you tell me how fast it is possible to open real offshore bank account? What is the country and what are the costs if possible? Also it would be nice if the banks fees are low and I can have internet banking and debit card for the account so I can take money out in my money machine here in my town.

It doesn't need to take that long, i varies from 2 - 3 days to 1 or 2 weeks depending on which bank you are going to open the account with and what business model you presentate to them.

 

[DeMajor]

Sounds interesting. How about to open bank accounts for Companies that a regulated in a one offshore jurisdiction but may require a license in an onshore jurisdiction. Will the onshore jurisdiction recognice this entity to be licensed and regulated where it is incorporated and open the bank account?

That's an interesting question. If so it will make my task to establish my business much easier.

 

[JohnLocke]

Most often there will be no problems as such if a valid license is in place. The only time we have seen that there are problems with a license is in the Gambling industry where Costa Rica (so called license) isn't accepted. The same goes for financial service license from CR they are also not recognized to be valid in most countries worldwide!