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Title: Five Straight Steps to Opening an Offshore Bank Account
Author: Rhiannon Williamson
Article:
Despite what you may have read or heard, anyone is free to open
an offshore bank account nowadays! In fact, banking offshore has
been used successfully for tax reduction and asset protection by
both individuals and worldwide organisations for decades.
And opening an offshore bank account in this day and age
couldn't be simpler either! Here are five straightforward steps
to take towards opening an offshore bank account.
<b>Step One - Understand The Advantages Of Banking Offshore</b>
There is no point in opening a bank account offshore if it is
going to be of no use to you! So you need to understand some of
the general advantages of banking offshore.
Depending on an individual account holder's personal
circumstances it's possible to reduce tax liability, increase
wealth potential and maximise privacy with the use of an
offshore bank account.
Further advantages for an expatriate or internationally focused
individual are the flexibility, ease of access and global reach
that an offshore bank account may provide.
Other general benefits may include asset protection, estate
planning, better interest rates and the chance to exploit active
business interests overseas.
At this point it's essential to point out that each individual's
circumstances are unique and a person should seek personalised
professional advice before venturing into the offshore world.
This article does not constitute direct personal advice.
<b>Step Two - Pick Your Jurisdiction Carefully</b>
There are so many offshore banking providers offering a wide
variety of account type and they are located in low to no tax
jurisdictions worldwide so how do you choose which country to
bank in? Again, depending on an account holder's personal
circumstances certain offshore jurisdictions will present
themselves as being more favourable.
Jurisdictions range in quality from highly regulated,
politically and economically stable centres like the Isle of
Man, Jersey and Guernsey to high risk jurisdictions that few
would recommend!
Remember that an offshore centre that is suitable for an
American expatriate might not be so suitable for an English
international investor! Consider your circumstances, your
country of residence, country of domicile and any reporting
restrictions placed upon you. Further examine the reporting
requirements of any jurisdiction that you're interested in.
<b>Step Three - Select Your Offshore Banking Provider</b>
Do your due diligence carefully and find out who's the financial
security behind a particular bank. Research the bank's history
in terms of its stability and security. This research is mainly
applicable to those thinking considering banking with a lesser
known offshore provider.
Clearly if you're thinking about opening an offshore bank
account with HSBC then your research needn't necessarily be so
intense!
You need to make sure that you're comfortable with your chosen
bank's attitude towards you, its customer, and if you're
considering online banking be sure that your connection to the
bank will be secure.
Much of this essential information can be found online.
<b>Step Four - Choose The Right Bank Account</b>
With so many providers vying for customer attention there are
more account types on offer now than at any other time before.
Each account structure claims to offer something the others
don't, but remember that the more bells and whistles you add to
an account structure, the more expensive the charges for running
and marinating such a structure will be! And who will bear the
brunt of these costs? Most likely you - the customer!
So, think carefully about exactly why it is you need an offshore
bank account and what are the features of that account that are
essential to you. Do not be tempted to add to this list any
unnecessary complexity.
Stay in touch with your immediate money management requirements;
do not be tempted to deviate!
Then work through what's on offer and pick the account type that
best suits your needs.
<b>Step Five - Opening The Bank Account</b>
Nowadays you neither have to visit the offshore jurisdiction in
which you wish to bank, nor do you have to travel to the country
for the continuance of your banking activity and account
maintenance.
Depending on the jurisdiction you favour, the provider and
account type you have selected you will be required to submit
certain paperwork, forms of verified ID and deposit funds.
The majority of legitimate offshore banking organisations will
also allow customers to conduct all ongoing banking activity via
the internet, e-mail, post, fax or telephone.
With many providers now offering full credit and debit card
services as well you will also have easy and direct access to
your funds at all times.
About the author:
Rhiannon Williamson publishes <a target="_new"
href="http://www.shelteroffshore.com/">ShelterOffshore.com</a>
for offshore & expatriate investors Readers of ShelterOffshore
benefit from the site's alliance with deVere and Partners
offshore financial advisory. Visit the <a target="_new" href="
http://www.shelteroffshore.com/index.php/shelter/offshore_advice_
service/">deVere and Partners</a> page to find out more
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