History of Offshore Bank Accounts.
What is an offshore bank?
Offshore Banking Myths
What is bank account?
 

History of Offshore Bank Accounts.

It is an unfortunate fact that Europeans have always been subjected to relatively heavy tax burdens. This was as true on the British Isles as it was on the continent. Faced with the prospect of watching their hard earned assets and wealth diminish with every out-reach of the tax collector’s hand, they were ripe for a solution. And a solution came--the small, island nation state known as the Channel Islands convinced these frustrated depositors that deposits placed in its banks could be free from scrutiny and hence the heavy-handed taxation burden. The Euros were convinced--and soon this service thrived, with other small jurisdictions becoming savvy to this foreign capital-attracting status and they began to revamp their banking institutions, adopting sound, pragmatic banking rules and regulations that eased the potential concerns of investors and depositors. The Offshore bank was off to a running start!

And soon the term “Offshore banking” became synonymous with any smaller, haven jurisdiction that offered safe, secure, confidential banking with practical regulations. Soon the rest of the world was “in the know”, and began to look at these havens as viable solutions to their needs. Americans, Africans, Asians, etc., found these Offshore bank accounts quite useful for a myriad of reasons. Unlike their banks at home, these Offshore banks were not regularly subjected to political turmoil or economic strife, and were most welcome for their stability and asset protection benefits.

In the years since they have come into greater use and thus more visible, offshore banking accounts have been unfairly portrayed by the media and by the larger jurisdictions as the stomping grounds of the criminal underground--a veritable haven for their illicitly-obtained assets and funds, or the choice locales for their money-laundering schemes. Money-wise investors and depositors have long known that these prejudices could not be further from the truth. They know that offshore banks can be remarkably effective havens for assets and funds in need of safe, secure, confidential keeping. They know that these banks can safeguard their funds from the perils of civil, economic, or political strife in their home countries. Today, offshore banks continue to keep their end of the bargain and continue to provide a safe, confidential haven for those seeking to safeguard their assets and funds from the perils of undue regulation and taxation.

Many a discriminating depositor has benefited from the safe, confidential, and low taxation environment that an Offshore banking account has to offer. While it is important to assess your goals and discuss these with a competent, experienced agent before leaping into un-chartered waters, there are many unquestionable benefits provided by establishing an Offshore bank account. Their reputation among depositors and investors for providing a viable banking location featuring protection from liability and confidentiality is growing, and Offshore banks will continue with this hard-earned reputation for asset protection, tax reduction, and superb confidentiality of deposits.

What is an offshore bank?

The broad definition of an offshore bank is that of a bank that is located in a jurisdiction or country that is different from the jurisdiction or country that the depositor or investor resides in.

What is bank account?

A bank account is a monetary account with a banking institution recording the balance of money for a customer. Bank account may have a positive or credit balance where the bank holds money on behalf of the customer; or a negative or debit balance where the customer owes money to the bank. Broadly speaking, accounts opened with the purpose of holding credit balances are referred to as deposit accounts, whilst accounts opened with the purpose of holding debit balances are referred to as loan accounts. Some accounts are defined by their function rather than nature of the balance they hold. Bank accounts designed to process large numbers of transactions may offer credit and debit facilities and therefore do not sit easily with a polarised definition. These transactional accounts are called by different names in different countries: in the U.S. and Canada, they are checking accounts, in the UK current accounts.

Offshore Banking Myths

Offshore banking comes with a stigma, so many entrepreneurs and business professionals cringe at the mere mention that their money can be safely kept in an Offshore bank account. Images of fast, expensive boats, drug kingpins, and white suits come instantly to mind. This perception, of course, has not been helped by the proliferation of bad Hollywood movies, television shows, and negative portrayal in the press--they could not be further from the truth.

The fact is that offshore financial centers (OFC) or banks, also known as tax havens, exist mostly for the purpose of providing asset protection, asset growth, tax reduction, and excellent service for foreign individuals and corporations, large and small, around the world. While not as glamorous nor exotic as they are so often portrayed, offshore banking and financial centers can present real world solutions to many of the issues facing people looking for asset protection from pending lawsuits, extraordinary home tax burdens, or as a way to mitigate the ramifications of a local unstable government. To be sure, an offshore bank account can also provide asset protection from the ordinary perils of things such as divorce, poor market conditions, or extraneous litigation that is so often a marked consideration in the Western world.

Offshore Bank Accounts, Money Laundering, and Other Criminal Activity It would be a misstatement to state that no illicit funds find their way into Offshore bank accounts--but as we will soon see, that isn’t really saying much. In reality, those jurisdictions that the average lay person would least suspect to be guilty of this or other illegal banking activities have turned out to be the major money laundering and criminal enterprise-funding centers in the world. And the United States is chief among them, with an estimate half of all of the money laundered in the world laundered within its 50 states. This half translates to a conservatively-achieved estimate of $300 billion US.

Of course, the United States is not the only high-tax, or “large” jurisdiction that is home to this activity, with other countries such as the UK and Germany sharing in this dubious distinction.

So although the haven offshore banking jurisdictions are perceived to be the ideal locale for the financing of the criminal underworld, the reality is that the high-tax jurisdictions house the vast majority of these funds, with the low-taxation havens representing a much smaller percentage overall.

These type of facts, of course, are very rarely ever reported by news and print media, or by the jurisdictions that are frankly quite embarrassed by these astonishing figures.

Who can legally open and hold an offshore account? - Where should an offshore account be established? - Who can benefit by putting their money offshore? - Is it convenient to use offshore banks? - What are some of the general advantages of banking offshore? - Do I have to pay income tax on income I've earned offshore?

How do I open and access an offshore bank account? - Is there any restrictions regarding citizenship? - In which currencies can I open offshore account? - What is the minimum deposit required to open an offshore account? - What documents are required for the opening of a bank account? - How long does it take to open a bank account? - Who will control my bank account? - Is my bank account guaranteed when I pay your fee? - What happens, if a bank declines my account application?

Is offshore banking safe? - Am I guaranteed absolute privacy and confidentiality from an offshore bank? - Can I view my offshore accounts and investments online? - Can I get cards to access my money with an offshore account?

What is saving account? - What is deposit account? - What is current account? - What is numbered account? - What is bank secrecy? - What is private banking?

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