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Why You Need to Open an Offshore Bank Account

JohnLocke

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If I was presented by a question like do you want to open an offshore bank account? I?d say yes and grasp the chance right away. I mean, it?s an offshore bank account. It has lots of services that better than the local banking system. Like anonymous account, wire transfer through the countries. Of course it will be costly, but I figure it will be really worth every penny.


Some Points to Remember


I?ve heard about offshore bank account many times. Well, I admit, my sources are mostly movies. And I guess they?re not pictured right. I mean, in those movies, it?s always the bad guy who has an offshore bank account. In the story, he?s extremely rich from drug smuggling or whatever. So he uses an offshore bank account to manage his wealth.


Wait up before you could have any weird idea. Do remember that using an offshore bank service is perfectly legal. Seriously, those bad guys are really smart for choosing an offshore bank account instead of using the local one. The upkeep cost isn?t a matter to them, because they value the service and secrecy more.


[video=youtube;6-TOqzPWfZ8]

What you see in the Video above is defiantly not what you should do, learn more on this forum before you proceed with the account opening anywhere!!


Well, aside of normal transaction like the ones done by local bank services. Offshore banking also offers extra amenities that pretty nifty for us. Things like anonymity for our account and the chance of having lower tax rate. It depends on the country you choose to have an offshore account though.


More Reasons on Why


Having an offshore bank account doesn?t mean you?re open to an accusation of money laundering. But it?s simply a swift idea to manage your wealth. In case you need to go abroad often. It?s really great to have an offshore bank account. You can access your account anywhere and anytime you want. Includes transfer to a bank account in another country.


In this time and age, online transfer is already a common thing. But compared to having an offshore bank account, an online account can be quite a hassle. Because you are still need to convert the currency in your bank account to the online currency and then convert it again when you?re doing the transfer. With an offshore account, you can cut the process and it?ll be just like normal transfer between banks. And yes, it?s more time efficient too. This is good if you have customer abroad and in need to do some transfers every once in a while. Or in times when you're still traveling but have some urgent business matter to attend. You don?t have to worry about getting the first return flight or do an international call to control your business at home.


The cost to start an offshore bank account is definitely high, as well as the upkeep cost. Even though the tax rate is almost invisible, but you sure need a lot of money before you can start one. Anyway, I heard that less than 1% of wealthy people in the world have an offshore bank account. So if you open one now, you?ll be in the same group as Bill Gates and co.
 
Sure no problem with the banks there, just you have to visit them and make huge deposits in order to get an account opened.
 
Top Offshore Banking - Is it the investment place for you?


With the recent changes to the legislation in the Bahamas making it possible for them to allow the formation of private trust companies, you may be considering moving your funds offshore. This article attempts to describe the various options for offshore banking and investments


Amendments have recently been made to legislation in the Bahamas to allow for the formation of Private Trust Companies. This is a demonstration of the government?s commitment to the delivery of superior financial services to all clients.


The government is in talks with stockholders including International Trust Companies and Banks, The Bahamas Financial Services Board and other financial institutions. Recently a seminar was held to discuss the review and use of legislation as it pertains to Private Trust Companies.


Private Trust Companies are formed for the purpose of acting as trustees of single trusts. The majority of the world?s wealth is held by private individuals and their families. Private Wealth Management is about the preservation of that wealth. Private Wealth Management for families involves the creation of programs to generate wealth, control the transfer of wealth from one generation to the next and protect wealth from predators. These services are normally geared towards individuals with a high net worth.


Most international banks offer a special rate of interest to wealthier private depositors and call it private banking. Minimums have dropped to under $10,000 in many cases. Many institutions are catering for the client with $20,000 to invest in the hope that they will have $200,000 or $2 million to invest in the future.


A top offshore banking investment or private offshore investment normally means investment management offered on a personal level to the company or individual with disposable wealth exceeding $100,000. You should take care when you are thinking of opening a private bank account. You need to be sure that it is the sort of bank that you would like to do business with. Offshore banking is not the same as private banking. You need to know the difference. Find out what banks hope to gain from your investment before you open any type of account.


Private banking does not necessarily indicate investment. Banks like to lend money to wealthy people. If you deposit money with a private bank that is not accompanied by borrowing or lending you are not likely to be charged a fee. In the majority of cases these banks will be hoping for more involvement from wealthy depositors in the future.


Wealthy individuals are normally bombarded by offers from many different banks wanting them to deposit their money with their institution. Your residential status will normally affect whether you choose an offshore banking investment or a conventional banking investment. If you plan to reside in a high tax area or plan to do so in the future then you will probably strive to make an investment with an offshore bank.


Before you become involved with a bank you should try and find out everything about it. You will be able to choose the right bank for your specific needs after you have looked into what each bank can offer you.
 
Swiss has been known to hold accounts for large investors worldwide. Also they are known as transit country for large billion euro sums for the furtune 500 companies.
 
Private Trust Companies are formed for the purpose of acting as trustees of single trusts. The majority of the world?s wealth is held by private individuals and their families. Private Wealth Management is about the preservation of that wealth. Private Wealth Management for families involves the creation of programs to generate wealth, control the transfer of wealth from one generation to the next and protect wealth from predators. These services are normally geared towards individuals with a high net worth.
If you have lot of Money in your account it may be a good idea to let a Trust / Trustee managed your funds, this is only applicable if you don't have everyday transactions but only a few of them during a year. They typically charge a fee or percentage on each transaction they do.


The benefit is that you can stay almost 100% anonymous with your offshore banking.
 
If you have lot of Money in your account it may be a good idea to let a Trust / Trustee managed your funds, this is only applicable if you don't have everyday transactions but only a few of them during a year. They typically charge a fee or percentage on each transaction they do.


The benefit is that you can stay almost 100% anonymous with your offshore banking.
Can you define what a lot of money in the account means? I would like to look into a Trust / Foundation setup any time soon as I have figured out the costs and requirements to setup one or two entities.
 
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Can you define what a lot of money in the account means? I would like to look into a Trust / Foundation setup any time soon as I have figured out the costs and requirements to setup one or two entities.
Lot of money is above 20k EURO if you have less in monthly profits forget about large offshore company, trust, fund and foundation setups, they will eat up your profits and not be necessary!
 
Some Points to Remember
I?ve heard about offshore bank account many times. Well, I admit, my sources are mostly movies. And I guess they?re not pictured right. I mean, in those movies, it?s always the bad guy who has an offshore bank account. In the story, he?s extremely rich from drug smuggling or whatever. So he uses an offshore bank account to manage his wealth.
Wealth management are one of the major reasons for why people setup offshore companies and trusts/foundations.
 
Well, aside of normal transaction like the ones done by local bank services. Offshore banking also offers extra amenities that pretty nifty for us. Things like anonymity for our account and the chance of having lower tax rate. It depends on the country you choose to have an offshore account though.
It pin points thing a little when speaking wealth management and hiding money from authorities.
 
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Some countries you can't get a regular bank account there it comes handy with an off shore bank account opened by a bank that accept foreign customers.
 
A top offshore banking investment or private offshore investment normally means investment management offered on a personal level to the company or individual with disposable wealth exceeding $100,000. You should take care when you are thinking of opening a private bank account. You need to be sure that it is the sort of bank that you would like to do business with. Offshore banking is not the same as private banking. You need to know the difference. Find out what banks hope to gain from your investment before you open any type of account.
Well noted, with that sort of money you want to have at least 3 or 4 different offshore banks in different jurisdictions. Spread your risk is common sense in this situation.
 
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Many of our clients hold 2,3 and even 7 offshore account with 7 different banks and countries. That's normal procedure for thus who are making lot's and lot's of money.
 

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