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Offshore Banking Business – How Do They Work?

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What do you do when the banking system in your native country is flawed? Or when the financial institutions in your home land cannot give you certain guarantees about the future of your money? Or if the government agencies in place are corrupt unstable organizations ready to go on a witch hunt at a whim?

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In all of such cases the answer to the problem lies with an offshore banking business.

What is an offshore bank?
An offshore bank is simply a bank that is focused towards accepting deposits only from foreign individuals and businesses. A good example of this is the countless banks in Bahamas, Belize, Panama, Cayman Islands, Mauritius and Switzerland that offer a great many financial advantages to the people and entities that choose to bank with them.

Very often the banks involved in the offshore banking business deal in multiple currencies that are not the currency of the location from which they operate. As these banks do not offer their services to the residents of the country they also do not fall under the monetary policy that governs the financial sector of the country, allowing them to offer many different financial advantages to their customers.

It must be said that there is a certain stigma attached to the offshore banking business and a majority of people just assume that they are solely used for illegal purposes but that is not true at all. The reality is that a vast majority of people who have an offshore banking account merely have that, as they want a stable environment for their money to be parked into. Others like the idea of lower taxation while pretty much everyone is attracted to the higher interest that they can generate on their savings when they are dealing with an offshore banking business.

People also mistakenly believe that you need to be super rich to open an offshore banking account. The truth is that anyone who wants to safeguard his or her cash is eligible to open a offshore account.

Secondary advantages of an offshore bank account
Plenty has been said about the tax that you can save, the interest that you can earn and the privacy that an offshore bank account provides you with. At the same time there are a whole lot of other advantages that you can enjoy with an offshore bank account.

Firstly, when you are banking in a jurisdiction where there is much more political and economical stability than your home country, then you are safeguarding the future of your heard earned cash. Just look at what happened in Zimbabwe in the 2008-09 where hyperinflation caused the currency to loose whatever value it had. They even had to print a currency note with an almost comical value of a 100 trillion Zimbabwe dollars and in 2009; the government completely stopped printing any new money.

This is what can happen in a politically corrupt scenario that sooner or later makes the economy unstable. The Zimbabweans who had money saved in offshore accounts in other currencies were able to retain their savings while unfortunate persons who held Zimbabwean dollars went from riches to rags.

Since an offshore account allows you to hold your money in other currencies like Euros and Dollars, this also provides you with a chance to invest in foreign currencies. This is something that will not be possible in your home country as governments usually put strict regulations on dealing in foreign currencies. It is only with an offshore banking account that you can enjoy this benefit.

Putting all of your money in a bank account in your native country is like putting all of your eggs in one basket. It is like a business that has only one client. This is nothing but a recipe for disaster. A government can freeze or confiscate your assets at any time for whatever reasons even without having to prove it in court. Even a layman can tell that holding all the money in one place in such a case is nothing but foolish.

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Opening an offshore bank account
The fact that opening such an account is an absolute easy process makes this an even more lucrative option. With some jurisdictions, you do not even need to go there in person to open an account. You merely fill a form, send them the documents they need and pay the fee.

Given the advantages such a venture offers, it would be beyond foolish to at least not consider it. Wouldn’t you say?
 

mia

New member
For example, I checked worldcore, curve, and the list goes on, they always say my country in not accepted at the moment.
 

mnschwarz

Offshore Agent
Entrepreneur
For example, I checked worldcore, curve, and the list goes on, they always say my country in not accepted at the moment.
Not sure you'll find many Cubans here to help specifically with that issue. You could approach a couple of bank introducers or offshore agents to see if they can help or point you in the right direction. Failing that, you could look at changing residency (unless it's citizenship they have an issue with).
 

negon

hannibal the cannibal
BANNED MEMBER
Hello I am from Cuba and every service I checked regected me. Could I create an offshore account on my name without traveling or I should stop trying??
yeas that would be the solution to your problem.
 

mia

New member
Thank you for answering me. I tried something like offshoreprotect.com but then I found a post saying it was a fraud, personally I found very untruthful a company that does not give me more details about what the bank will request me, knowing that may case is very complicated. Could you please recommend some bank introducers or offshore agents?

Changing citizenship is not so easy for me either. I know what I am asking is very specific and completely unusual, because my country is like a dinosaur living nowadays.
 

mnschwarz

Offshore Agent
Entrepreneur
Thank you for answering me. I tried something like offshoreprotect.com but then I found a post saying it was a fraud, personally I found very untruthful a company that does not give me more details about what the bank will request me, knowing that may case is very complicated. Could you please recommend some bank introducers or offshore agents?

Changing citizenship is not so easy for me either. I know what I am asking is very specific and completely unusual, because my country is like a dinosaur living nowadays.
@NickNack might be able to assist
 

Mariachi

New member
Regarding withdrawal of the forex money with leupay there is a free solution. Works for me and my broker (icmarkets)

Create a leupay account and validate it. Request a card for the wallet and fund it with a few dollars.
Deposit 10$ or so in your broker from that card.
Withdraw via credit card to that account and not by bank transfer.

You should be able to whithdraw all your money this way. If not, try icmarkets they allow you to do this.

Also they allow broker to broker balance transfer to fund your account. Take a look at this
 

Mariachi

New member
No idea on taxes... this is just the free way to withdraw the money.. as it is considered as a refund so no fees are involved. from there i am not able to help with tax
 

ceiling

New member
I went to a few banks around Europe all of them have same requirements which make them useless for me. I went through to AdvCash and WorldCore which I opened an account with for EUR transfers and bitcoin exchange. Works perfect for me. This is an more expensive solution but it works and is hassle free!

I'd be very interested to know more about your setup, Do you have a merchant account with worldcore? If so did they require any id to get setup
 
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