Personal Finance Tips

The Maestro's profilePersonal Finance TipsPhotosBlogListsMore

Tools

Help

Blog

May 21

Offshore Banking For The Nervous

Getting An Offshore Bank Account Via The Internet

SUMMARY: Do's and don'ts (mainly don'ts) of getting an offshore bank account.

ARTICLE BODY follows:

There is no need to use the many middleman websites 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.

See the Google Open Directory here:

Banks_and_Institutions
and here:

Banks_and_Institutions/Regional

and the list at EscapeArtist.Com http://www.escapeartist.com/offshore3/banks.htm.

Opening an offshore bank account is like opening one in your high street; meet their criteria, and you're in. The only difference is you're not there in person.

The first thing is to find out whether they will accept citizens or residents of your country. For example, Swiss banks tend not to want US customers; they don't want the hassle from the IRS.

You will need to prove your identity, and the legal existence of your company, if you wish to open an account for it.

If applying by mail, DO NOT PART WITH ORIGINAL DOCUMENTS. Get copies notarised by a notary public. Originals can be used for fraud or identity theft. Or they can get lost.

Due diligence: Banks need to show they have checked who their customers are, and how they came by their money.

Passport - If you apply by post a notarised copy is needed;

Information about yourself - name, date of birth, address, phone number etc.

Origin of your deposits - documents showing how you earned them. If you sell a house, proof of the sale, a copy of the estate agent's listing, and so on;

Your economic background - documents showing how you earn your money ( bank statement, tax return, work contract, company documents);

Information about your deposits - how much you plan to deposit, and what you plan to do with the money once you've banked it.

If opening a company account, you send an apostilled copy of the certificate of incorporation to the bank providing your account, along with evidence of your identity, an application form, and any other documents they ask for.

If you want to get an offshore bank account, consider visiting the bank in person. If you can, travel to the country in question, and open a bank account there. You probably live near one tax haven at least. This especially applies if you are planning to deposit large sums; find out who you're dealing with!

NOTES:

1. Don't pay a middleman to open a bank account for you. See above.

2. Do not use services which offer bank accounts in Eastern European countries.

You are likely to be cheated, possibly by the bank itself. Avoid Latvia!

3. Do not give anyone Power Of Attorney.

You can kiss your money goodbye. You may have legitimate reasons for not wishing to broadcast what you're doing. The problem is: How can you obscure that you are the owner of the company, or bank account, without losing control of it? Don't get too clever, or too greedy.

4. Avoid web sites where:

They offer a range of dubious products - second passports, citizenships, anonymous debit cards;
You cannot pay via credit card - it's much harder to get refunds on banker's drafts, Western Union and e-Gold etc;
The business address is a P.O. Box, or a 'Suite';
The site is on a free web host;
The site is badly translated into English;
You have the sense you are dealing with Africans or Eastern Europeans;
The site has not been updated recently e.g. the Copyright reads 2001;
They've only been running for a few years;
They require you sign a confidentiality agreement, or you have the sense you are entering quasi-legal or illegal territory.

Bogus offshore banking sites can threaten to report you to your tax authority if you question their methods. It's an old con trick; get the mark involved in something illegal, then he can't go to the authorities.

Offshore bank accounts and company formations are just like their onshore equivalents; there's no big mystery about them. If you want a company formation, contact a local registration agent, who speaks English, in the country of registration. Then use another local agent to check what the first one's done.

Open your bank account yourself.

One last thing: don't think that because your bank account and company are offshore you can do business from/in your home country, and/or with fellow residents, and avoid taxes there.

You'll find plenty of websites that'll purport to help you, right up until the time you get a small brown envelope from your country's tax inspectors, inviting you in for a cosy chat.

3:48 AM | Permalink | Blog it | Entertainment

April 27

Loans UK - Basic Tips

How do you know that your UK personal loans lender is best or better than many? Does your lender charge extremely high fees? Are the other customers satisfied with their service? Are you getting the right kind of attention that you expected from them? Is there a lot of paperwork involved in the process? The answers to these questions help you to find the suitable lender that will tailor to your requirements.

Before deciding on your lender be sure that they have established means of communication. They should have a proper mailing address and customer service representatives should attend telephone calls. If you find that all your calls are answered by automated voice mails, move on. Be cautious of lenders that you find online. Although a website might claim to be a very reputable, well known agency who makes their clients very happy, this is not always the case.

You need to make sure that you choose a lender which truly is reputable. One way to find out is to try typing the business name into an internet search engine, to see what else comes up about them. If there is any negative information on the web, you should avoid them, no matter how tempting their offers.Documentation - you will need to be very cooperative with the lender staff even if they sound a little gruff in the assessment and questions. It's just a job to them. The lender personnel do not have any idea how brilliant you are otherwise.

Have ready with you all the documentation you would possibly need. This will save repeating yourself later on.

The larger companies have a better reputation and usually offer a better product. The downside is they are more likley to be impersonal; if you have a problem, you'll be dealing with a call centre, or a junior officer. You can't walk in and demand to see the boss.

Financial Advice Compare offers Financial Links Financial Tips Financial Advisors

9:04 PM | Permalink | Blog it

Guestbook

Thanks for visiting!

Add a comment

Profile

The Maestro

Custom list

Network

Blog

Offshore Banking For The Nervous

Loans UK - Basic Tips

Financial Advice Compare offers Financial Links Financial Tips Financial Advisors

Photos

Guestbook

Book list

Archives