|Wealth Building Information|
Five Straight Steps to Opening an Offshore Bank Account
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.
Step One - Understand The Advantages Of Banking Offshore
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.
Step Two - Pick Your Jurisdiction Carefully
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.
Step Three - Select Your Offshore Banking Provider
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.
Step Four - Choose The Right Bank Account
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.
Step Five - Opening The Bank Account
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.
Rhiannon Williamson is the publisher of ShelterOffshore.com - the online resource for offshore, expatriate and international investors.
For personalized investment and offshore advice, readers of Shelter Offshore benefit from the site's strategic alliance with deVere and Partners, the world's largest offshore financial advisory. Visit the http://www.shelteroffshore.com/index.php/
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news
Stoney taps director of Office of Community Wealth Building as third interim deputy in 20 months - Richmond.com
New Black Political Force Raises $3.5 Million, Prepares for Midterm Election Battles - Black Enterprise
How to go From Debt to Dreams? Expert Michael Burwell on Wealth Building for Millennials - Analyst of Finance
Top 10 Secrets of Getting Rich!
As many people have observed, "Success leaves clues." If you want to achieve extraordinary success in the coming year, study the experts, do what they do, and modify their techniques to suit your particular situation.
Early Retirement The Dream of the Working Classes
Everyone dreams of early retirement. The idea of no longer having to work at an early age is very attractive to some people and they dream and wish all day long about the day that they can afford to say, "Take this job and?" well, you know.
Super-charge Your Dream of Retiring Rich with the Roth 401K!
This retirement account is so new and unique that you may not have heard of it. For additional reasons, I describe in my home study course, corporate insiders may not want to offer it to corporate employees.
Start A Cashflow Club
The cashflow board games, Cashflow 101, Cashflow 202, and Cashflow For Kids, were designed by Robert Kiyosaki, best-selling author of the Rich Dad, Poor Dad book series.Robert is a fourth-generation Japanese-American who grew up in Hawaii in the 1950s.
Top 7 Lucrative Paper Businesses You Can Run
Why not run a lucrative paper business? Paper businesses do not require large investments of capital for expensive equipment, inventory, and buildings. Many paper businesses can be run from your own home.
Thieves Continue to Pull Off the Biggest Heist in History?Until Now!
Imagine being able to steal untold millions of dollars in plain view without getting caught. Impossible you say.
Wealth And Your Net Worth
Most people know it's important to keep and organize all of your vital financial information. But knowing you should and knowing how are two different things!Once you know the reasons for being very organized with your financial data (and keeping it all in a very safe place) I hope you will put organization on your net worth building to-do list (at or near the top).
What it Means to be Rich
Many people have a false understanding of what it actually means to be rich. If you were to ask a stranger what makes a person rich, he or she would say "A person is rich if they have a lot of money and can buy whatever they want!".
How to Have MORE Fun With YOUR Tax Refund in 2005
I counsel a LOT of people about money. I see the same mistakes being made over and over again.
The Hawk and the Mouse - Saving for Retirement
There once was a hawk, ferocious and swift. He was young and agile with many years of life to hunt the open ranch lands.
Residual Income - 3 Ideas for Long Term Profits
A residual income is one that comes in no matter what--even when you are not working (or can't work.) It's something all of us will someday want and possibly need.
7 Golden Rules to Financial Prosperity
Not Enough Money?I believe that most people haven't got enough money for everything they wish to have - the more you have the bigger your plans, and you have a feeling that you have less and less money.Whether you have lots of money or just so-so, you need to economize and take proper care of your money ie your income, expenditures, savings and investments.
Pay Yourself First - If the Only Thing You Did Was This, Youd be Rich
Bottom line. No exaggeration.
The 11 Best Money Saving Ideas of All Time - Part 4
At any time in history, no matter what the current state of the economy, no matter what the current trends, no matter what the unemployment rate is or where interest rates lurk, some money-saving ideas stay true.Some of you may have heard of these ideas before, others may be entirely new to you.
Offshore Strategies & Services
Offshore strategies may or may not be right for you. Moreover, there is a right way and a wrong way (legal and illegal) to execute offshore strategies.
Lesson 2 - The Commodity Of Kings!
What is "The Commodity of Kings""Power is simply "the ability to act." Since ancient times, power has been the commodity of kings.
Have You Ever Had That Feeling?
Have you ever had that feeling where you could not wait to go to sleep because you were so anxious about tomorrow? You were so excited and your heart was beating so fast that as much as you tried you could not go to sleep? So you just lay in bed imagining what you would do the next day. Imagine that you were thinking about what you would do with the money you've made that day and how much more you will make tomorrow.
How To Grow Your Mental Power and Let Your Brain Make You Rich
No one has complete control over their thoughts. But with practice, with deliberate attention, far more control can be achieved.
The Top 10 Steps to Extraordinary Personal Wealth
I recently came across startling figures about the average American's finances. Only 4% of us have significant savings when we hit age 65, and a majority of Americans have less than $1000 in savings.
Wealth Building Strategy
There are many of us who are working on our wealth creation strategy. Wether it be working another job, starting a small home based business or seriously building knowledge on the share and property markets, those that are serious are looking.
|home | site map|