Offshore Bank Accounts

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

 

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

 

are you "on the pot"?

Bumbaclat

 

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

 

Bumba, are you in trouble with the law again?

 

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.

Bumbaclat

 

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

 

yes, that's what my friends have.

Bumbaclat

 

*bump*

 

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

 

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

Bumbaclat

 

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

Bumbaclat

 

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

 

Well ...

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