Which Offshore Bank Account?

The main factors to consider when choosing the right offshore bank account to suit your money management needs.

So you want an offshore bank account?

Well, no real problem there then - after all, there are about a million banks and investment institutions offering offshore accounts!

But with such a wide array of bank accounts available all offering a plethora of offshore services, how on earth are you supposed to pick which option suits you best?

This guide should lead you through the main options that you need to consider.

And Shelter Offshore can suggest the following for further information: -

Tax Havens: How to Bank, Invest and Do Business - Offshore and Tax Free

Hoyt L. Barber

Until now, the financial benefits of offshore tax havens were reserved for a privileged few wealthy enough to afford high-priced tax and investment counselors.

“Tax Haven” is a complete how-to-guide that shows how to take full legal advantage of these havens for developing business opportunities and avoiding excessive taxation and regulation. The book includes guidance for banking and investing offshore; running a business or financial services firm there; forming offshore trusts; and buying property.

Click here to order a copy directly from Amazon!

This will open a new browser window - if you have a pop up blocker you will need to hold down the control key and then click the link!

Step One - you need to choose the right offshore bank! 

No, I know, even that isn’t as easy as it sounds! 

Have you noticed how many banks there are advertising their various accounts on the internet? 

No? 

Have a look - go on - it’s daunting isn’t it?

Basically the problem isn’t likely to get any easier with time either as more and more account types and variations on the theme are becoming available from more and more institutions year on year. 

Each back is vying for your business and attention. 

So, how do you sort the wheat from the chaff and make sure that you select the best establishment for your money management needs?

Firstly, select your jurisdiction carefully, and pay particular attention to the local regulatory rules and regulations that govern the jurisdiction.  After all, you need to be sure that any investment you make within an offshore centre is going to be secure.

When you have a particular location in mind consider doing a little research into which financial and banking big brand international names are located within your favoured offshore centre.  Though this is not an exact science, chances are the jurisdiction is considered secure and legitimate if the larger international banks have offices there.

Now you’ve narrowed down your “location, location, location” options you will need to decide which institution is worthy of your business!

Do your research and find out who exactly is the money and security behind a particular bank and see if you can learn a little about the bank’s history in terms of its stability, security and customer/staff turnover - this due diligence is particularly applicable to those thinking about investing with a lesser known offshore bank. 

Obviously if you’re considering opening an HSBC offshore bank account your research needn’t necessarily be so intense!

Make sure you are happy with the bank’s general attitude towards its customers - there is nothing worse than ringing up for a balance inquiry and speaking to some stroppy employee who couldn’t give a damn about you! 

And also, if you’re considering online banking make sure your connection to the bank is secure - further details about a bank’s security methods can usually be found on their website.

Finally, if we can be of assistance, don’t hesitate to let us know, when it comes to offshore banking and investing we have great resources at our disposal for your benefit. 

Let us know what you’re looking for if you don’t find the information already on the site - chances are we can supply you easily with the information you’re after.

Step Two - So you have a favoured offshore jurisdiction in mind and one or two institutions that you think would suit your money management needs...what’s next?

You need to determine the most suitable account for your requirements.

The key here is to always stay in touch with your immediate money management requirements.

Many offshore bank accounts these days come with more bells and whistles than you could imagine!  And chances are these features aren’t free!  So which features of an account are essential to you today, and which features can you really do without?

Often the ability to access and manage an account remotely - either via the internet, telephone or fax machine - is an essential requirement.  More often than not nowadays, those interested in opening an account will open one outside of their country of residence.  If this is true for you, consider how you would like to be able to manage your account and make sure that option is available to you from your chosen bank.

If a plain vanilla deposit and easy access account is all you really need, then make that your goal.

If on the other hand you would like to save and invest through your favoured offshore institution consider the more sophisticated packages of banking facilities on offer from the institutions in your favoured jurisdiction.  Money management techniques, interest rates, multi currency options, investment funds on offer - all of these points and more will be of importance to you - don’t accept less than the best.

Ultimately, when it comes to your money, you are the buyer and the buyer is in the driving seat. 

Accept nothing less than the very best.  The banks and offshore financial centres are seeking your investment and commitment; they have to offer you the features and security you desire in return for your commitment.

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