How to Open an off-shoreaccount Who can benefit from an off-shoreaccount? -- All the wealthy tycoons have off-shoreaccounts to hide away their money.
They invest in off-shore tax havens where their money grows unimpeded by governments and taxes.
Can the little guy catch a break?It used to be that if you didn't have more than $100,000 to invest their was no point in setting up an off-shore banking strategy.
Times have changed.
Your intuition might say to you, "Why don't I just drop in to bank while I'm on vacation?"Its a great idea, but off-shore banking institutions don't operate the same way as onshore banking institutions.
off-shore banking institutions usually require an introduction.
They want to ensure they are not getting involved with a money launderer or terrorist.
If a bank doesn't do it's due diligence I strongly encourage you to keep away.
Your hard earned dollars will get mixed in with drug dealers and terrorist money and one terrible day you will wake up to find your money frozen.
The smaller banking institutions have easier requirements to get anaccount because they are hungry.
Sadly it is also these same off-shore banking institutions (with less than 100 million under management) that end up going belly up.
I know personally of a few people's life savings lost who invested in a bank that went belly up (Look up Bank Crozier - had a few friends who lost big time!)This type of disaster just doesn't happen in the larger banking institutions...
But the larger banking institutions require an introduction.
The best plan is to use an off-shore lawyer.
You will paymore in the beginning but you can relax in the knowledge that your hard earned dollars is protected in a stable off-shore bank.