Home
>
Wealth Building
>
Five Straight Steps to Opening an Offshore Bank Account

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/
shelter/offshore_advice_se rvice/; shelteroffshore.com page to find out more.

In The News:

Fitness centers and workout studios are starting to establish policies that prohibit shooting phone videos to protect people's privacy.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents

Apple recently notified a small number of iPhone customers in 92 countries that their phones may be under attack by mercenary spyware.

An artificial intelligence-powered home security system can fire paintballs and tear gas at trespassers. The camera identifies human faces and animals.

Technology expert Kim Komando gives her tips and tricks on enhancing your user experience a smartphone and other devices you use everyday.

A new camera called NUCA uses artificial intelligence to create deepfake photos of subjects by stripping away clothing in close to real time.

The Kimberley Kube trail-ready camper has a compact but spacious design and combines luxury, functionality and ruggedness for a weekend getaway.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Emails instructing you to reset your password for an account may be legitimate, or they may be scams. Kurt "CyberGuy" Knutsson explains.

Northrop Grumman's Manta Ray uncrewed underwater vehicle aims to revolutionize undersea missions — it glides through the ocean without human assistance.

Learn how to work Google's calendar application to streamline and organize your daily tasks from technology expert Kim Komando.

If you do not want Facebook to have automatic access to your private photos, follow our tips to protect yourself. Kurt “CyberGuy" Knutsson shows you how.

Kurt “CyberGuy" Knutsson goes into detail about Apple’s recent iOS update that allows iPhone users to instantly translate spoken language simply by using the Action Button.

Safeguarding your digital life with a reliable physical backup isn't just a precaution, it's a necessity. Kurt “CyberGuy" Knutsson provides the essential backup checklist.

Kurt “CyberGuy" Knutsson reveals how a Redditor exposed false recycling claims at their apartment, highlighting a report that only 21% of U.S. recyclables are processed.

Kurt "CyberGuy" Knutsson offers a travel toolkit featuring five technology tools to help you with booking flights and hotels for your summer vacation.

The bubble behind the clock on your iPhone can appear in different colors. Kurt "CyberGuy" Knutsson explains what each of those colors mean.

Scammers are using the power of artificial intelligence to mimic voices of people and are using the fake voices to commit crimes, like kidnappings.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Tech guru Kurt "CyberGuy" Knutsson explains the science behind the Invisibility Shield, a 6-foot shield that makes people become invisible.

The International Olympic Committee on Friday announced plans to use AI in various Olympic aspects, including athlete identification, training and judging.

Tech guru Kurt "CyberGuy" Knutsson explains an easy trick to avoid squinting while working or surfing the web by zooming in on your personal computer.

Streaming giant Roku has recently been targeted by a pair of cyberattacks, and the company confirmed over a half million Roku accounts were compromised.

The Land Aircraft Carrier combines an all-terrain, six-wheeled vehicle with a two-seat aircraft, which features electric vertical takeoff and landing.

The European Union has sent TikTok a "request for information" on the video sharing platform's newest app, TikTok Lite, under the Digital Services Act, with the aim to clean up social media.

Five Straight Steps to Opening an Offshore Bank Account

Wealth Building