Your local bank is clearly not going to place a TV ad stating that you can get much better interest rates offshore. Foreign banks, without domestic banking licenses, cannot legally advertise locally. So how else would you know? They are not going to tell you that offshore banks are stronger than the bank in the street. The offshore banking can be useful in this case.
The strongest offshore banks
Switzerland, Germany, Australia, Singapore, Hong Kong and many other countries have many very strong, safe banks. Yours truly has the scoop, based on decades of experience, on which offshore banking centers open accounts for foreigners, offers growth investments, is financially resilient, has convenient services and is really pleasant to work with.
It’s your money: Get help
It is extremely important to have the guidance of someone with experience in setting up offshore accounts. Every bank can make itself look great. But only someone with experience and we have thousands of accounts set up offshore can tell you which really treats their depositors properly. After all, we are talking about your money here. Of course, it can cost a bit. It is probably a lot less than you think. But it is better than the devastating alternative to choose the wrong bank.
Offshore Bank Account Tips
Offshore bank account providers cannot legally advertise onshore. In addition, domestic banks are major political donors. So there is a combination of lack of information and outright misinformation offshore accounts. As a result, some people have a false impression that it is illegal it is definitely not the case. Some think it’s a way to evade taxes, but it isn’t. Some think criminals use it frequently this is extremely rare because a bank can lose its license to accept unclean returns.
The truth is, if you are from the US or the UK, for example, as long as you report your worldwide income, the government may care less. Remember that every year trillions of dollars flying back and forth across our borders. Your account is therefore unlikely to cause any ripple on the federal radar.
What are my options?
There are a number of great options available for someone looking for an offshore bank account. There are offshore banks that specialize in protecting assets from litigation. Other banks serve those who need large business transaction accounts. Others specialize in managing money for investors. There are also banks that sell cheap online stock trading for do-it-yourself traders. Some require minimal deposits, such as $ 2000 US. Others cater to wealthy individuals and require substantial deposits when opening a bank account of $ 250,000 US or more.
Some pay higher interest rates than domestic banks, due to lower cost structures. Other pay rates are similar to domestic markets. Some offshore jurisdictions, such as the Cook Islands, do not recognize foreign judgments. So, in combination with an offshore trust, they cater to people who are looking for protection of their assets.
When setting up foreign bank accounts, due diligence and know-your-customer regulations are universal. Those banking systems that allow foreign bank accounts are suspicious of accepting foreigners looking for tax evasion from their home country. They will also examine your application to ensure that your money source is legal. So if you want to open an offshore bank account, be prepared. They require that you fully reveal your identity and where your deposit comes from.