Guide to Opening an Offshore Savings Account for the First Time

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Offshore banks are banks that
class="cap">When we     are located in a country other
hear the words "offshore        than your own. The reason why
savings account," the first thing     people choose offshore banks is
we think of is movies where the       because of the stability and the
blackmailer tells the blackmailed     privacy that they offer. A person
that they have to wire transfer       can spend this money when they
so much money into an offshore        want to, but many individuals
account. Then again, a bank           choose not to do so. An offshore
robber may hack into the bank’s       savings account is the choice of
mainframe and wire transfer the       many individuals who wish to
money into an untraceable             increase their savings. It just
offshore account so that he can       seems so much easier to spend
live high and mighty on a yacht       money when it is in a local bank,
for the rest of his life. No          but it seems harder to spend when
matter what scenario comes to         it is in an offshore account.

mind, we automatically perceive

There is also the fact that an
an offshore account to be             individual can receive better
something for criminals, making       interest returns and a lower tax
it an evil type of banking.           burden. You are also able to have
The truth is that having an           access to your assets no matter
offshore savings account is not       where you are in the world. You
at all evil. Just because you are     don’t have to be at the mercy of
thinking about getting one            a local bank.

doesn’t mean that others will

How to open the account

perceive you to be a criminal. A

Anyone can legally open an
little mysterious? Yes. But not a     offshore savings account in many
character out of a James Bond         countries around the world. Just
movie.

know that there are a number of

The offshore bank

countries that may limit the

amount of privacy allowed with        can then complete the application
these accounts. Amongst those         form. Once the form is complete,
countries are Switzerland, the        you have to provide proof of your
UK, France, Germany, Cayman           identity. This is usually done
Islands, Austria, Belgium,            via e-mail or fax. The bank is
Greece, Monaco, and many more.        then able to open the account and
Basically, the countries involved     it is active once it is funded.
in what is called the EU Savings      This can usually be done by wire
Tax Directive 2005 can share          transferring money into the
information about anyone earning      account or writing a check to the
income from their offshore            bank from another account.

savings account in an EU state,

Easy and convenient

but they must also reside in an

Once the account is funded,
EU state. The United States is        you can then take charge of your
not included in this, although        account via telephone, fax, or
the U.S. has been known to track      even the internet. Having a bank
down offshore accounts used in        that allows you internet access
tax evasion.

to your account is probably one

As for opening the account, it     you definitely want to have since
is quite easy. The internet           it allows you to take charge of
serves as a great tool in finding     your account very easily. Just
a viable offshore bank. You can       don’t forget to pay your
choose a bank in the country you      taxes.

desire by seeking out the             About the
different banks and doing             Authorcomparisons regarding any fees        id="authorbio"
and the types of interest returns     class="membersnoticewhite">Establ
they provide. Once you decide and     ished offshore investment firms
you have read their terms and         provides conditions very carefully, you        href="http://www.lom.com/offshore

-bank-account-vs-offshore-brokera     ualifying Recognized Overseas
ge-account">offshore bank             Pension Scheme to those that
accounts, offshore mutual         qualify.