How to Open an Off-Shore Account
You don't {{{have|need}}} to be {{{James Bond|a 007 spy }}} to use an {{{offshore|off-shore}}} {{{bank|banking|}}} account.
How to Open an off-shore account
Who can benefit from an off-shore account? -- All the rich fat cats have off-shore accounts to hide away their money. They invest in off-shore tax havens where their money grows unimpeded by governments and taxes. Can the little guy catch a break? It used to be that if you didn't have more than $100,000 to invest their was no point in setting up an off-shore banking strategy. Times have changed.
Your intuition might tell you, "Why don't I just stop at a bank while I’m on vacation?" Its a smart idea, but off-shore banking institutions don't operate the same way as onshore banking institutions. off-shore banking institutions usually require you to be introduced. They want to ensure they are not getting involved with a criminal. If a bank doesn't do it's due diligence I strongly encourage you to stay away. You hard earned dollars will get mixed in with drug dealers and terrorist money and some horrible day you will get a letter explaining that your funds are frozen. The smaller banking institutions have easier requirements to get an offshore account because they are hungry. Sadly it is also these same off-shore banking institutions (with less than 100 million in managed assets) that end up going bankrupt. I know personally of a few people's money wiped out who invested in a bank that went bankrupt (Look up Bank Crozier - had a few friends who Lost their savings!) This type of disaster just doesn't happen in the larger banking institutions... But the larger banking institutions will need you to be introduced.
The best strategy is to use an off-shore law firm. It will cost a little more in the beginning but you can relax knowing your hard earned dollars is protected in a large off-shore bank. Find out more regarding off-shore banking at offshorelegal.org
About the Author
Doug Masters is a writer for the offshore banking, and asset protection sections of offshorelegal.org. He participates in several offshore forums
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