Some Ideas On Assessing Offshore Banking

- You can find web sites offering to help you get a private overseas 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 utilise the many middleman websites you'll 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 websites.

- Private overseas accounts are usually for high-net-worth individuals; you should have at least $100,000 to deposit. Then you'll 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 associations. You'll have to provide a notarised copy of your passport (if applying by post), 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 Account): Notarized copy of ID (Passport or Driver's Licence); Original reference letter from a current banker, lawyer or chartered accountant; Original utility bill or similar showing the current address of the signatory.

- Corporate overseas bank account: The following may need to be notarized. You get these after your foreign company registration): Board Resolution; Certificate of Good Standing (if the company is more than one year old); Copy of the company's Certificate of Incorporation; Copy of Bye-Laws and Articles of Incorporation; Subscribers Resignation; Copy of the Resolution for Appointment of Directors.

- You might want an overseas Swiss account in order to: Minimise your taxation; Simplify business administration; Asset protection; Estate planning; Financial anonymity; Tax-free investing|Minimise 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; Minimise your taxation|Expand your business; Minimise your taxation; Asset protection; Estate planning; Financial anonymity; Tax-free investing; Simplify business administration|Expand your business; Minimise your taxation; Simplify business administration; Estate planning; Financial anonymity; Tax-free investing; Asset protection|Expand your business; Minimise your taxation; Simplify business administration; Asset protection; Financial anonymity; Tax-free investing; Estate planning}.

- Offshore bank accounts are the same as your local bank-account; just in a different country.

- You can pay revenues from your overseas company into your overseas bank account, transfer funds into other accounts, such as a local bank account used to pay daily expenses and bills, or cover any expenses that you may still have in your home country.

- Another advantage of using an overseas 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 an overseas bank account. First, taxation is less on interest earned on deposits. Secondly, there will, or should be, no active onshore bank accounts in your own country to muddy your case for non-resident classification with your revenue body. And, third, an overseas bank account should be strictly confidential.

- My advice to you is to avoid overseas bank account websites 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 an overseas bank account 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 account is established, the client is issued a bank card, then after that he can utilise the card to withdraw cash and to pay for everyday expenses.There are free accounts offered as part of overseas commerce packages. Offshore account opening procedures only go through once the foreign service has established an IBC or an overseas trust for a client.

I hope these few beginner tips will be of some use to you in researching worthwhile offshore banking services.

About the Author:

Jim O' Rahilly writes for offshore banking accounts and remortgages UK web sites in London, UK.

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