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.sheltero ffshore.com/index.php/
shelter/offshore_advice_service/
; deVere and Partners offshore advice service page to find out more.

In The News:


Warren Buffett's Best Wealth-Building Advice for You
Motley Fool
However, some of his best advice is found in the pages of his annual shareholder letters, which are always filled with amazing words of wisdom. His 2012 letter in particular contained what I would consider his best wealth-building advice, as he ...

and more »

The Best Wealth-Building Strategy You've Never Heard Of
Investing Daily
If you had put $10,000 into large cap stocks in 1975, you'd be sitting on $327,000 today. That's not bad. But the same $10,000 invested in small caps would have ballooned to an incredible $885,500—or 175% more than the large cap gains … and a ...


Building wealth easier than you think
Tribune-Review
The other thing that people who have wealth did was control their spending. No ones like to have a budget, but many people do not realize where their money goes. If you are running short all of the time, carry a notebook for two weeks and write down ...

and more »

Self-Directed IRAs – A New Trend In Retirement Wealth Building
Greater Wilmington Business Journal
In this article, I'd like to discuss some of the core differences between self-directed IRAs and traditional IRAs, and explore some of the ways a self-directed IRA can be used as a powerful investment tool. But before we delve into this topic, let me ...

and more »

USEA Releases Free Personal Finance E-Book On "Building Wealth"
PRunderground
US Equity Advantage® (USEA) has published a new e-book, “Building Wealth: Smart Saving and Debt Management Strategies.” It is available for free on the company's website at www.usequityadvantage.com/financial-education/e-books. Building Wealth is ...


Cityhold Buys Hamburg Atlantic Haus Building
Sovereign Wealth Fund Institute
Stockholm-based Cityhold Property AB has acquired a Hamburg office property in the city's Harbour Business District. Hamburg is the second largest city in Germany. Built in 2007, the Atlantic Haus office stands 88 meters tall. Atlantic Haus is ...


One way to keep kids from feeling entitled: Hide the wealth
Washington Post
“A lot of families are torn,” says Gregory Popera, a private wealth adviser with Merrill Lynch. “They want their children to experience the success that they experienced by building their own wealth and have the same work ethic they have.” Fagan, who ...


Celebrity Rankings Based on Real Estate and Wealth
allkpop
Veteran singer Rain owns a building worth 8.54 billion won (roughly 8.3 million USD) and a building worth 3.41 billion won (roughly 3.3 million USD) in Cheongdamdong and Shinsadong respectively. The buildings in his possession come out to a total of ...


The Wealth-Builder Model
ValueWalk
Success in building long-term wealth is largely determined by the simple idea of compounding, or earning as much as you can for as long as you can. For example, if you start with $1 million and earn 9.7% per year (the stock market average) for 20 years ...


Wealth in Canada, globally on the rise
Courier Islander
There are a number of pretty common-sense strategies people can use to help them build wealth such as starting to save early, automating your savings through automatic payroll deduction plans so you don't have the money to spend, maximizing your RRSP ...

and more »
Google News

Why Get Rich When You Can Be Wealthy?

"Any fool can rich, the wise get wealthy." Chris WidenerGetting... Read More

Financial Freedom, Is It Only A Dream or Just Steps Away?

Almost all of us go to work everyday and do... Read More

Living Trusts: Do They Protect Your Assets From Creditors?

A surprising number of readers want to know "Can a... Read More

Prosperity

An ellipsis to your success is hidden in the word... Read More

7 Power Habits that Build Financial Independence

Financial independence is having the freedom to support yourself through... Read More

Could a Roth IRA be Better Than a 401(k)?

Very few people whom I know are familiar with the... Read More

A New Economic Policy

Anyone knows that material wealth is measured in goods: apples,... Read More

Can You Be Rich? Part 1

What does becoming rich mean to you? Is it early... Read More

3 Steps To Increasing Your Income

Most accountants, financial planners and wealth-building experts agree that there... Read More

Turn That Fixed Rate Mortgage Into A Goldmine

When you purchased your home, you most likely got a... Read More

Investment Techniques For Creating Passive Income

There are many wealth creation strategies and investment techniques available... Read More

Uncle Sams Snake Oild

Uncle Sam and his band of merry-men, better known as... Read More

The 9 Critical Steps To Success In Demolishing Your Money Worries For Good!

Articles on 'How to make money' come a dime-a-dozen. How... Read More

Jobless? You Stand To Be Rich!

This is a true story about a homeless man from... Read More

Does the Moon Have Covers?

Recently, one late winter night, my four-year old son and... Read More

Business After The Iraqi War

The rewarding of high compensation packages to top executives who... Read More

What Are Your Beliefs About Money and Wealth?

What is your attitude towards having wealth? Do you believe... Read More

Warren Buffet: Wisdom from the Worlds Richest Investor

In light of the dominant mindset overshadowing the market these... Read More

Don?t Work for Your Money, Make it Work for You!

Well, the New Year is around the corner and so... Read More

Discover the Secrets and Possible Solutions To Money Problems

It is sometimes pitful how many projects are never born... Read More

How to Save Money for Retirement

Saving money for retirement can be easy or difficult depending... Read More

Have You Ever Had That Feeling?

Have you ever had that feeling where you could not... Read More

A Completely New Way To Get Rich Rapidly

This new way is catching on around the world. People... Read More

Principles to Ensure a Fantastic Financial Finish

Most people want to get to the end of their... Read More

3 Simple Ways to Generate Cash Flow

This article focuses on generating cash as a full time... Read More