1. Hi Guest: Welcome to TRIBE, Toronto's largest and longest running online community. If you'd like to post here, or reply to existing posts on TRIBE, you first have to register on the forum. You can register with your facebook ID or with an email address. Join us!

Offshore Bank Accounts

Discussion in 'TRIBE Main Forum' started by Bumbaclat, Mar 19, 2002.

  1. Bumbaclat

    Bumbaclat TRIBE Member

    Can anybody tell me any postive/negative experiences you've had with offshore bank accounts? A few of my friends maintain Bahama's bank accounts. I've been advised that Cook Island is much better. Also, what legal problems can one reasonably expect?

    Bumbaclat
     
  2. SlipperyPete

    SlipperyPete TRIBE Member

    I couldn't tell you anything about that customer's secret, illegal bank account.

    ...crap...I shouldn't have said he was a customer

    ....double crap...i certainly shouldn't have said anything about it being illegal!

    ....it's too hot today
     
  3. Bumbaclat

    Bumbaclat TRIBE Member

    are you "on the pot"? :p

    Bumbaclat
     
  4. SlipperyPete

    SlipperyPete TRIBE Member

    if "on the pot" means "know nothing about offshore bank accounts" then yes, yes I am
     
  5. mingster

    mingster TRIBE Member

    Bumba, are you in trouble with the law again? ;)
     
  6. Bumbaclat

    Bumbaclat TRIBE Member

    I am shocked that you would even think something like that of me. I am the picture of innocence and good intentoins. I make nuns look like badboys. :cool:

    Bumbaclat
     
  7. Karim

    Karim TRIBE Member

    There are lots of great places to go to in terms of secret banking.

    Latvia is great

    of course, the Bahama's

    and Lebanon

    What all these nations offer is a Visa Debit card that goes straight to your account. The benefits of this, is that you can spend your money in good ole' Canada, anonymously.

    I think Latvian and Lebanese banks allow you to open accounts with just a number, so your name wouldn't even be involved, which insures privacy.

    Problem with secure banking these days is the increased pressure on these nations from the USA to open their books to investigators.

    Switzerland, the Gem of private banking, might crack to these pressures anytime (or already has).

    Cypriot banking used to be the best, till Slobodan Milosovich's accounts were exposed and people saw how easy it was to crack that government to open their books.

    In canada, you can bank under $5000 secretly, in a non-interest barring account.

    Hope this helps.

    :) <---- Wants a visa debit card
    Karim
     
  8. Bumbaclat

    Bumbaclat TRIBE Member

    yes, that's what my friends have.

    Bumbaclat
     
  9. Bumbaclat

    Bumbaclat TRIBE Member

  10. SneakyPete

    SneakyPete TRIBE Member

    Why are you looking for an offshore account? I don't know much about it but from I know they're only useful if you want to avoid taxes from capital gains (either as a company or private investor) or if you have some lawsuits against you and you want to protect your assets. It's a hassel to start an account if there isn't a lot at stake; some places require a large initial deposit and there are a lot of paper work and such involved, which may cost a lot.

    All things aside, some good places are the Bahamas and the Cayman Islands. When you're choosing a place one thing you should look at is the political stability of the country among other things. Someone mentioned Lebonon, their laws maybe a good destination for an offshore account, but based on the political instability in that area I wouldn't put my money there. The Caymans is a one of the best places for an offshor account. There's a reason why they have the 4th most banks in the world. ;)

    Pete
     
  11. Bumbaclat

    Bumbaclat TRIBE Member

    the money is being earned offshore in the manner mentioned above.

    Bumbaclat
     
  12. Bumbaclat

    Bumbaclat TRIBE Member

    *bump* for you 9-5ers.....

    Bumbaclat
     
  13. Boo

    Boo TRIBE Member

    Jersey... in the channel islands. Technically a province of England but very liberal tax laws is another consideration. I worked there for a summer its just rich ppl from england...good clubs too when you have to make a personal visit :)
     
  14. AdRiaN

    AdRiaN TRIBE Member

    Well ...

    I think there's an ATM on Toronto Island ... does that qualify as "offshore" banking? :)
     

Share This Page