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.

---

What Do You Mean By Diversity?

The word 'diversity' is a unique one. It can represent... Read More

Turn That Fixed Rate Mortgage Into A Goldmine

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

A New Economic Policy

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

8 Tips for Keeping More of Your Hard Earned Money

Masters degree not required...just a little common sense, a $5.00... Read More

Dont Leave Your Financial Success To Chance

Recently I was reading a book called The Millionaire Mind.... Read More

Steps to Financial Freedom

Financial freedom is the power to do what you will... Read More

Money Myths Of The Poor

From tender age, we were exposed to myths about money... Read More

The Truth About Setting Up A Wealth-Pump Business: The Passive Income Myth Exposed

In theory the idea of generating additional (and passive) business... Read More

Why You Need To Buy and Sell Gold Coins (Part 4)

Top Investment PerformanceThroughout history, many coin collections have produced substantial... Read More

How I made $122,000 and lost $132,000 - A lesson in Assets vs Liabilities

This is a true story from my own experience that... Read More

New Year Resolutions to a Better Financial Future

There could not be a better time to mull over... Read More

Personal Finance Rules to Building Wealth

Key 1 Pay your self firstkey 2 Saving is not... Read More

WARNING: The Biggest Lie About Social Security

Like I said, If you are poor and on social... Read More

16 Mantras for Building Financial Wealth

Everyone wants to be wealthy, but most of us do... Read More

Wealth Building Tips: Manage Your Money

As someone who loves to shop, enjoys holidays and owns... Read More

Offshore Strategies & Services

Offshore strategies may or may not be right for you.... Read More

The PDQ? Factor

It's the beginning of a brand new year: a time... Read More

Finding Financial Freedom

Do you ever get this in your email box: Find... Read More

Wealth Management, Wealth Protection, and Tax Planning

U.S. Supreme Justice Louis D. Brandeis"I live in Alexandria Virginia.... Read More

Who Else Is Tired of Life Punching Them in the Face?

Remember the bloodied face of Randall "Tex" Cobb?He was a... Read More

Warren Buffet: Wisdom from the Worlds Richest Investor

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

Start A Cashflow Club

The cashflow board games, Cashflow 101, Cashflow 202, and Cashflow... Read More

You?re Eating Your Retirement Money

Ever think about how eating all those fast food meals... Read More

Do You Want To Save Money Easily?

Living on credit is fashionable. Indulging oneself is fashionable. Saving... Read More

Wealth - 10 Basic Steps to Achieving It

Everyone wants to be wealthy. Only a few actually achieve... Read More

How To Be the Ultimate American Consumer

Feel like a lemming lately? Ready to follow the crowd... Read More

Super-charge Your Dream of Retiring Rich with the Roth 401K!

This retirement account is so new and unique that you... Read More

Investors - What Separates the Good Traders from the Bad Traders?

There are many forms of investing online. While I can... Read More

Tax Strategy - Theres More to Building Wealth than Clipping Coupons

We talked recently about the wealth formula:Spend less than you... Read More

Uncle Sams Snake Oild

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

WARNING: The Biggest Lie About Compound Interest

Have you wondered why financial experts only tell you certain... Read More

How To Get Paid Instantly Via Stormpay? Try Online Rewards Programs

E-currency is very popular on the Internet today. People use... Read More

How to Save Money for Retirement

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