Offshore Bank Accounts
bank accounts is as simple as doing a basic search on the Internet.
Currently, offshore bank accounts exist in a large number of different companies. The majority of these offshore banks still exist in island countries; however,
there are a number of exceptions. Two such examples include
Switzerland and Luxembourg. These land locked countries are not truly offshore; however, they do provide
you with some of the best benefits of other offshore banks.
When trying to
determine which offshore bank to choose, you must consider a number of different
1. What level of privacy do I need? Although many offshore banks offer a high degree of customer privacy regarding
their accounts, some offshore banks go a step or two further. Since
everyone’s situation is different, you will need to decide for yourself how much privacy you will
2. Stability of the offshore bank’s country. Since your funds will not be insured as they would be by the government in the
event the bank collapsed, you need to do some due diligence here to see how stable the bank’s home country is
and decide what level of risk you are willing to live with. If the
country has seen political upheaval in the last 20 years or it is feared there may be some coming within the
next 5 to 10 years, you may want to opt for another country that has a longer track record of
stability. On the other hand, you may be ok with a little more
instability, especially if it will allow you the chance to get higher interest rate
3. Offshore banks disclosure rules. One benefit of finding offshore bank accounts is to take advantage of the
potential tax shelter. Many offshore banks do not disclose interest
income to governments and leave this issue for you. Some countries
offer benefits in this area allowing you the chance to either avoid paying taxes on the interest income or
delaying the payment of these taxes to a later point in time. For
some, this present value of money gives them added benefits.
for finding offshore bank accounts include Panama and Singapore for better returns and higher security. However, Switzerland and Cayman Islands have been historically known as
offshore banking areas that have a great deal of stability.
Regardless of which offshore bank you choose, finding offshore bank accounts is as simple as deciding what you
want beforehand and finding a bank to match it.