You can find internet sites offering to help you get a private offshore 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.
Private offshore accounts are usually for high-net-worth individuals; you should have at least $100,000 to deposit. Then you will 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 they have no criminal associations.
You will have to provide a notarised copy of your passport, one or two bankers references, and a copy of a utility bill from your current address.
Simplicity of operation may be even more important than lower taxes. Different countries obviously have different banking and tax laws, and there may be great differences between them. Keep this in mind when looking at suitable private offshore account options.
Private offshore accounts: very handy these days, as reduced tax liability, general asset protection, operation simplicity, and other features make this an attractive choice for the businessman with disposable cash. They are designed to allow holders to put money away for a rainy day, invest in products not available in their home country, avoid taxation, and keep some of their money safe from eager lawyers and disgruntled ex-spouses.
Almost all offshore banks can provide wire transfers, issuing bank drafts, cheque clearance, bonds, certificates of deposit, and mutual funds.
Many favour private asset holding and investment accounts over those used for commercial businesses. If you need convenient access to funds, look for a bank that issues credit or debit cards that can be used abroad i.e. in your country of residence.
People who can benefit from offshore tax havens are either living and working overseas, travelling abroad regularly or have business dealings in more than one country. They offer a centralised location via which you can manage international transactions easily.
It gives instant access to account information, banking and transactions in multiple currencies at reduced rates. Offshore tax havens with a good banking infrastructure offer those living in an unstable country the chance to protect their financial assets.
The idea of asking about offshore tax havens makes one feel as if one doing something mysterious or even slightly illicit.
Offshore tax havens are not reserved for the rich and famous (or infamous) to salt away their money, but rather for any businessman throughout the world to conduct his banking business.
Unfortunately, many people are of the opinion that these are not necessarily safe because they are not their home country. This simply is not true. Some offshore tax havens have banks that are safer and larger than the ones in your home country.
Most people have an account in the name of an offshore company. Offshore company providers can also offer basic phone, fax, mail, email and forwarding services, including clients’ invoicing and correspondence management.