Take Advantage of Offshore Banking

Offshore Banking Guide

For all intents and purposed this article called Offshore Banking Guide is merely a tool to be provide unbiased information on how best to choose the right product of offshore banking for an individual or a company.

The best offshore banks have a few things in common:

1. Solid Reputations 2. Financial Good-standing 3. Strong legislation supporting, privacy, secrecy and confidentially laws - Full suite of banking products, provided in a professional and efficient manner.

When choosing an offshore banking facility there are key fundamental factors to consider:

  • The 1ocation or Jurisdiction of the bank: the physical location and the jurisdiction banking history must be assessed before choosing an offshore bank. The actual physical location of the bank is not of concern, since most offshore banks are located remotely, but through technology all good banks have internet banking services which enables their clients to have 24 access to their accounts. The jurisdiction location does matter, and licensed offshore banks should be established and located in an offshore financial center where there is strong supporting legislation which protects the clients through monitoring and regulations of banks, and provide laws that ensure the privacy, confidentiality and secrecy of offshore investors. The best and most revered offshore banks have long history of political, economic and financial stability. Currency devaluations, recessions, and other economic disasters and political instability are not favorable conditions for offshore banking sector.
  • The reputation and financial soundness of the offshore banking establishment: this factor should impact any decision in offshore bank selection. A bank’s reputation will make or break it.
  • The suite of services and account type available: a wide enough range of services and products should be available. And here are a few features to look for in offshore banks, establishing security and reputation:

    • Creditworthiness, Reliability, Competence,. Accommodating, Efficient
    • High level quality customer care or
    • Easy and reliable 24 hour access or banking services

And beware of:

  • Account restrictions and limitation
  • Minimum or maximum balances
  • unfavorable Policies on opening, operating and closing accounts
  • unfavorable Fine print in agreements
  • Banks advertising too good to be true deals and arrangement, chances are they are not real.

The function of the offshore account should determine the best type of account suited, if for savings preserving saving, or to conduct international business, or for both.

The most difficult point in the process of establishing an offshore banks account is getting the bank to accept your application, and where in some countries the account can be set up in person, offshore banks are normally located in remote locations and the probability of getting the location may be slim, and here is where offshore service provider factors in. In most cases the process of establishing an offshore account personal or corporate is best done through an offshore service provider in the jurisdiction. This is an advantage as in many cases the offshore service provider has an established relationship with specific banks in which the application may be given more consideration or confidence. Lastly, it is often more easy to set up an offshore account as an individual, but your name will be on the account, if total anonymity is requested the use of other offshore vehicle such as an offshore international company (IBC)or an offshore trust would work very well in concealing the account holder, since the account will be held in the name of a company, but the account administrators have full control of the account and its affairs, without revealing the name of the beneficial owners of the company. This type of setup is synonymous with modern day anonymous banking.

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