Since when you're having an offshore bank account and WHY?

[aplusbangla]

hello,
we always talk about methods to use offshore banks but I'm sure everyone here is doing it for a reason, we are from different countries so we have different reasons going to offshore banks, if you already have an account, since when? and how things going for you so far?

thnx in advance.

 

[mnschwarz]

Opened my first offshore bank about 5 years ago. I use or have used several personal and corporate banks in different jurisdictions since then. Every bank is different. Some have been great. Some have been a royal pain in the a*s....

 

[aplusbangla]

Opened my first offshore bank about 5 years ago. I use or have used several personal and corporate banks in different jurisdictions since then. Every bank is different. Some have been great. Some have been a royal pain in the a*s....

which one do you have the best experience with and which is the worst ever!
and why you went to offshore banking.
thnx for commenting.

 

[mnschwarz]

Different banks for different reasons. Singapore is one I like. It's a strong stable jurisdiction but requires a visit and has high minimum balances. For ease of use the account in Colombia can't be beat. Still has the old school service. I have a dedicated account manager who I simply email with instructions to transfer funds and so forth. Got a personal account in Isle of Man which is good for simplicity. Multi-currency with low minimum balances. You really have to work out what is most important to you and find a bank that meets your criteria. I'm looking at Afrasia Bank in Mauritius at the moment but I've been told they aren't accepting new applications currently.

Worst experiences I had was probably Mexico and Panama. Local banks in Thailand were also particularly painful. These places haven't yet grasped the notion of an international lifestyle. They require a person to physically walk in to a branch to perform many tasks.

I went offshore because my life is offshore. I work and invest all around the world and I'm rarely in any one country for very long. Even if that isn't the case for you though, it's wise to have at least a little offshore. If everything is in one place, you aren't diversified. You have no backup should a government or legal action brought against you freeze your assets, if a bank becomes insolvent or the jurisdiction has an economic collapse for example.

 

[negon]

I have hold an offshore bank account since 2005 that's my first account, today I have many anyway the first few accounts I opened have been going under the radar and never got reported they have been opened by personal visit in some of the more exotic places in the world with small banks which don't take on people from the street.

Todays offshore banks sucks compared to the past! EMI account provider start to suck too because they have to comply to International laws and regulations, so one will have to find other ways to keep their money safe from the Tax Man!

 

[Wenoff]

Different banks for different reasons. Singapore is one I like. It's a strong stable jurisdiction but requires a visit and has high minimum balances. For ease of use the account in Colombia can't be beat. Still has the old school service. I have a dedicated account manager who I simply email with instructions to transfer funds and so forth. Got a personal account in Isle of Man which is good for simplicity. Multi-currency with low minimum balances. You really have to work out what is most important to you and find a bank that meets your criteria. I'm looking at Afrasia Bank in Mauritius at the moment but I've been told they aren't accepting new applications currently.

Worst experiences I had was probably Mexico and Panama. Local banks in Thailand were also particularly painful. These places haven't yet grasped the notion of an international lifestyle. They require a person to physically walk in to a branch to perform many tasks.

I went offshore because my life is offshore. I work and invest all around the world and I'm rarely in any one country for very long. Even if that isn't the case for you though, it's wise to have at least a little offshore. If everything is in one place, you aren't diversified. You have no backup should a government or legal action brought against you freeze your assets, if a bank becomes insolvent or the jurisdiction has an economic collapse for example.

Which ish the bank in Isle of Man do you have a personal account?

 

[mnschwarz]

@Wenoff I tried messaging you but it says I'm not allowed. Shoot me a message if you're still interested and I'll reply.

 

[Milky Moon]

If you are a non American, a US bank account is the best offshore account you can get.

 

[Wenoff]

@Wenoff I tried messaging you but it says I'm not allowed. Shoot me a message if you're still interested and I'll reply.

I can not send messages

@Wenoff I tried messaging you but it says I'm not allowed. Shoot me a message if you're still interested and I'll reply.

I am still interesed but i cann't send PM.

 

[mnschwarz]

If you are a non American, a US bank account is the best offshore account you can get.

@Milky Moon what's your reason for this? And how would one go about doing this without being in the states? When I tried in the past I couldn't as I had no SSN or local address.

 

[Milky Moon]

Remote opening is not possible. So you have to get a ticket and do a walkin.

I openend a Wells Fargo current account in 45 minutes, with only a passport, a credit card of a well known European bank and a US prepaid simcard (needed for the online activation).

There is no TIN registered in my account ...

I’m an international citizen in the United Stat... | Wells Fargo Customer Community

Bank of America also opens accounts with non-US addresses, as does Sun.
For Chase you need a mail-forwarder address (they only sent cards domestically).

TD Bank procedure:
Can a foreigner (non US or Canadian citizen) open and operate a TD ba… - TD Helps | TD Bank

 

[aplusbangla]

If you are a non American, a US bank account is the best offshore account you can get.

can you tell me why?

 

[Milky Moon]

can you tell me why?

No AEoI.

 

[thegazelle]

I agree - USA is great for account opening for non-Americans but it does require personal visit.

Quickly, here is why the USA is a great jurisdiction for non-Americans:

They have FATCA but that is other countries reporting on Americans. They don't have anything in reverse (they are not part of CRS and with congress and senate and white house being controlled by Republicans, this won't change any time soon). So in a way, the USA is kind of being hypocritical by expecting other countries to report American foreign accounts, but will not report the citizens of other countries...

However, there are two instances where, while you may not be reported, the banks will supply paperwork to the IRS: 1. if you have a personal interest bearing account that nets interest of $10.00 or more every year. 2. My mind draws a blank on the other criteria right now since it is middle of the night here...when I remember, I will update this post.

That being said, just because the banks provide IRS with that info, doesn't mean it will be exchanged. Right now there is no mechanism to force information exchange...

USA also has many stable, long standing banks with access to one of the world's strongest markets.

 

[Milky Moon]

Ensure you have a non-interest bearing account and 1) will not happen. Unfortunately the exchange losses suck (EUR-USD 1,00-1,45)