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The following are beginner ideas on perusing legitimate offshore banking accounts: - You can find internet sites offering to help you get a private offshore account, but choose carefully; some have established 'real-world' businesses behind them, and some are no more than a few web-pages and a couple of guys in a back room. There is no need to utilize the many middleman web sites you will find via a search engine. Most of these are *bogus*, even the slick-looking ones. More and more banks are offering offshore bank-accounts direct. Just get a list of banks in the country you're interested in, and go to their web sites. - Private offshore a/cs are usually for high-net-worth individuals; you should have at least $100,000 to deposit. Then you will be welcomed with open arms, after the necessary due-diligence has been carried out. - Due diligence means the responsibility to check that an entity is who they claim to be, and that the have no criminal affiliation. You will have to provide a notarised copy of your passport (if applying by mail), one or two bankers references, and a copy of a utility bill from your current address. - Applying By Mail? You get copies of identity documents stamped by a local notary public. A Notary is an impartial witness. A Notary Public is a public officer commissioned by the State to perform notarial acts. The notary is empowered to issue an apostille. - Possible paperwork: In addition to the Application Forms: For each signatory (Corporate or Personal A/c): Notarised copy of ID (Passport or Driver's Licence); Original reference letter from a current banker, solicitor or chartered accountant; Original utility bill or similar showing the current address of the signatory. - Corporate offshore bank a/c: The following may need to be notarized. You get these after your foreign company formation): Board Resolution; Copy of the company's Certificate of Incorporation; Certificate of Good Standing (if the company is more than one year old); Subscribers Resignation; Copy of Bye-Laws and Articles of Incorporation; Copy of the Resolution for Appointment of Directors. - You might want a foreign Swiss a/c in order to: Expand your business; Minimize your taxation; Simplify business administration; Asset protection; Estate planning; Financial anonymity; Tax-free investing Minimize your taxation; Simplify business administration; Asset protection; Estate planning; Financial anonymity; Tax-free investing; Expand your business Expand your business; Simplify business administration; Asset protection; Estate planning; Financial anonymity; Tax-free investing; Minimize your taxation Expand your business; Minimize your taxation; Asset protection; Estate planning; Financial anonymity; Tax-free investing; Simplify business administration Expand your business; Minimize your taxation; Simplify business administration; Estate planning; Financial anonymity; Tax-free investing; Asset protection Expand your business; Minimize your taxation; Simplify business administration; Asset protection; Financial anonymity; Tax-free investing; Estate planning}. - Non-resident bank a/cs are the same as your local bank-account; just in a different country. - You can pay revenues from your offshore company into your offshore bank a/c, transfer funds into other a/cs, such as a local bank a/c used to pay daily expenses and bills, or cover any outgoings that you may still have in your home country. - Another advantage of using a foreign bank is the protection of one's assets and the administration of your estate. Many countries legal systems allow your assets to be litigated away and their governments are keen on fleecing people post-mortem. - There are three reasons for setting up a foreign bank a/c. First, taxation is less on interest earned on deposits. Secondly, there will, or should be, no active onshore bank a/cs in your own country to muddy your case for non-resident classification with your revenue body. And, third, a foreign bank a/c should be strictly confidential. - My advice to you is to avoid offshore bank a/c web sites which are light on data, especially about who, exactly, is offering the service. Who owns the site? Where is it based? Just who, exactly, are you dealing with? - One of the advantages of a foreign bank a/c is that it provides access to politically and economically stable jurisdictions. People who are resident in areas where there is corruption within the banking system, or where there is a risk of expropriation, or where bank officers may become liable to the influence of or pressure from criminal gangs e.g. Eastern Europe. - Once the foreign bank a/c is established, the client is issued a bank card, then after that he can utilize the card to withdraw cash and to pay for everyday expenses.There are free a/cs offered as part of offshore commerce packages. Non-resident a/c opening procedures only go through once the foreign service has established an IBC or a foreign trust for a client. I hope these few handy ideas will be of some use to you in perusing legitimate offshore banking accounts. Jimmy O' Rahilly writes for offshore banking service and remortgage UK internet sites in London, UK.
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