Offshorecash.net

Here are basic tips on researching worthwhile offshore banking services:

- You can find web sites offering to help you get a private overseas 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. There is no need to utilise the many middleman websites you’ll find via a search engine. Most of these are *bogus*, even the slick-looking ones. More and more banks are offering offshore bank accounts direct. Just get a list of banks in the country you’re interested in, and go to their websites.

- Private overseas accounts are usually for high-net-worth individuals; you should have at least $100,000 to deposit. Then you’ll 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 the have no criminal associations. You’ll have to provide a notarised copy of your passport (if applying by post), one or two bankers references, and a copy of a utility bill from your current address.

- Applying By Mail? You get copies of identity documents stamped by a local notary public. A Notary is an impartial witness. A Notary Public is a public officer commissioned by the State to perform notarial acts. The notary is empowered to issue an apostille.

- Possible paperwork: In addition to the Application Forms: For each signatory (Corporate or Personal Account): Notarized copy of ID (Passport or Driver’s Licence); Original reference letter from a current banker, lawyer or chartered accountant; Original utility bill or similar showing the current address of the signatory.

- Corporate overseas bank account: The following may need to be notarized. You get these after your foreign company registration): Board Resolution; Certificate of Good Standing (if the company is more than one year old); Copy of the company’s Certificate of Incorporation; Copy of Bye-Laws and Articles of Incorporation; Subscribers Resignation; Copy of the Resolution for Appointment of Directors.

- You might want an overseas Swiss account in order to: Minimise your taxation; Simplify business administration; Asset protection; Estate planning; Financial anonymity; Tax-free investing|Minimise your taxation; Simplify business administration; Asset protection; Estate planning; Financial anonymity; Tax-free investing; Expand your business|Expand your business; Simplify business administration; Asset protection; Estate planning; Financial anonymity; Tax-free investing; Minimise your taxation|Expand your business; Minimise your taxation; Asset protection; Estate planning; Financial anonymity; Tax-free investing; Simplify business administration|Expand your business; Minimise your taxation; Simplify business administration; Estate planning; Financial anonymity; Tax-free investing; Asset protection|Expand your business; Minimise your taxation; Simplify business administration; Asset protection; Financial anonymity; Tax-free investing; Estate planning}.

- Offshore bank accounts are the same as your local bank-account; just in a different country.

- You can pay revenues from your overseas company into your overseas bank account, transfer funds into other accounts, such as a local bank account used to pay daily expenses and bills, or cover any expenses that you may still have in your home country.

- Another advantage of using an overseas bank is the protection of one’s assets and the administration of your estate. Many countries legal systems allow your assets to be litigated away and their governments are keen on fleecing people post-mortem.

- There are three reasons for setting up an overseas bank account. First, taxation is less on interest earned on deposits. Secondly, there will, or should be, no active onshore bank accounts in your own country to muddy your case for non-resident classification with your revenue body. And, third, an overseas bank account should be strictly confidential.

- My advice to you is to avoid overseas bank account websites which are light on data, especially about who, exactly, is offering the service. Who owns the site? Where is it based? Just who, exactly, are you dealing with?

- One of the advantages of an overseas bank account is that it provides access to politically and economically stable jurisdictions. People who are resident in areas where there is corruption within the banking system, or where there is a risk of expropriation, or where bank officers may become liable to the influence of or pressure from criminal gangs e.g. Eastern Europe.

- Once the foreign bank account is established, the client is issued a bank card, then after that he can utilise the card to withdraw cash and to pay for everyday expenses.There are free accounts offered as part of overseas commerce packages. Offshore account opening procedures only go through once the foreign service has established an IBC or an overseas trust for a client.

I hope these few beginner tips will be of some use to you in researching worthwhile offshore banking services.

Having an offshore bank account is one thing, using it is quite another matter.

Corporate Account When you have a corporate account the money belongs to the corporation not you personally. When the corporation is an anonymous bearer share Panama corporation your anonymity is further protected since establishing ownership of the corporation is about impossible so you would have to see who is recorded at the bank as the beneficial owner of the bank account and this requires you to convince a court in Panama to open up the bank records (something that is very rarely done) to reveal who the beneficial owner is. Even in the unlikely event a court did this this it would be of little value since the money still belongs to the corporation. So if you had a financial enemy pursuing you personally they would not be able to transfer a personal debt to the corporation very easily. They would need to show that you transferred funds to the corporation to make sure debtors could not recover the funds; it is called a fraudulent conveyance. The court cases pertaining to this are far from simple, they are expensive and time consuming and can take years to get heard in court. When wires are sent to an anonymous bearer share Panama Corporation no one knows who the owners of the corporation are, thus they do not know what natural persons are actually receiving the funds. When wiring funds into your Panama corporate bank account it is not revealing in terms of what the wire is for versus wiring money into a personal account. The Anonymous Panama Corporation adds in a nice thick layer of privacy protection.

ATM Cards – When you open a Panama bank account one can usually obtain an ATM card good for cash withdraws from ATM machines worldwide. These ATM cards will have your name on them and can be associated with the bank you are using. Some people obtain an ATM card from another unrelated financial institution. These cards typically have no name imprinted on them which right away adds to your privacy protection. These cards also do not leave a trail to your real bank. Money can be transferred to the ATM card by wire from your Panama or other bank account and then withdrawn as needed. Some people are fond of using these cards to cover corporate expenses like travel, entertainment and other business expenses. Usually the ATM card purchase requires a copy of a passport.

Visa and MasterCard Debit Cards Watch it here. This can be a real privacy violator. The USA recently got a lot of MasterCard records by a court order served on MasterCard in Miami. This could happen again. The more private way of doing this is to get a Visa or MasterCard debit card from another bank, not your Panama bank. You load the card by wiring funds onto the card from your Panama bank. This eliminates any ties the card has to your real bank account. The card should come from an issuing bank in a bank secrecy country. The way these programs work is Visa and MasterCard do not know who the actual card holder is no date of birth, no address, no tax id numbers etc. only the issuing bank has this information since they require a passport copy and a physical address to send the card to. So a subpoena to MasterCard or Visa would produce very little and since the bank is in a country with bank secrecy this avenue is going to be a long burdensome process that would be unlikely to be pursued and could only be pursued by a government in a criminal matter. You want to use a country where address verification is not set up on the debit cards or else use a mailing/billing address for the card in another country where you have a reliable mail drop box. This further protects your privacy and of course is a convenient way to guard against any potential identity theft associated with using the debit card in a restaurant, store, online etc.

Telephone Records If you need to telephone your offshore bank consider using an anonymous prepaid cell phone so there is no record of any calls to the bank on your phone bill. Private detectives in USA can readily get copies of phone bills. A sharp divorce or collection attorney will look for international calls to isolate an offshore bank.

Online Banking This is a great feature. Eliminate having statements sent to the house or office. Who knows who logs these statements being sent in the mail or even worse reads them, remember you could be a terrorist. Remember your ISP is a privacy nightmare. They are unregulated in general, unlicensed, and could be owned by felons, child molesters or whatever. These people can collect your entire internet transactions read them and save them forever. Rest assured all of the big ISP’s like MSN, AOL, ATT, COMCAST will save your log files for ever showing every website you ever went to, every file downloaded, every email sent and to whom, etc. Don’t assume they would require a court order to distribute this data, read your terms of service agreement and be prepared to be shocked. Now why should they know what online offshore bank you log into? So how do you stop it? You use an anonymous internet service provider. You log onto the internet then log onto their VPN which encrypts all your internet traffic going from your computer to their server and now your log files are basically encrypted and your ISP only has gibberish log files on you except he knows you connected to the anonymous internet provider but has no idea what you did or where you went. Make sure the anonymous internet provider does not save log files or only does so for a few days to track down hackers, spammers etc. Never bookmark your online bank. Save your passwords in an encrypted password folder. Use a hard drive cleaner like evidence eliminator to erase tracks, places visited, image files, cookies, downloads logs etc that windows saves. To protect from Trojans, attacks etc. use an anti-spy ware program like spyware doctor and Norton anti-virus. Do not trust one of them alone. If you get a keystroke logger or Trojan it can capture your passwords and they can rob your bank account online. Extra measures are an application based firewall so if a Trojan got in it would not be able to phone home without you giving the new application manual permission to connect to the internet and a wireless router that uses encryption. All of these steps should keep you safe if you keep them updated and turned on beats having someone get your passwords.

For more information, please visit:

http://www.panamalaw.org

email at: panamalegal@hush.com

Copyright (c) 2009 Capital Conservator

It’s common knowledge that almost all big companies and the wealthiest people in the world use offshore banking to supplement their expanding waistlines. No one wants to see their hard earned money being swindled away by an inept government but the problem comes when governments themselves reward these fat cats for failure.

The CEO’s and chairmen of huge corporate banks have knowingly used offshore subsidiaries to restructure their organizations to be more ‘tax efficient’. Then afterwards the majority had a second go at the cream by dripping tax free bonuses into various offshore bank accounts worldwide. Now that these banks have failed, taxpayers are being forced to pay even more to prop up ‘investment banks’ and banker’s bonuses which they never asked for in the first place.

Government crackdowns can come and go, jurisdictions will go in and out of favour, but one thing about offshore banking that is abundantly clear is that it’s not going away any time soon. The OECD may put pressure on Switzerland or the Cayman Islands, but this does not mean that they have shut down other emerging jurisdictions that are rising to take their place, or even those which no has heard of…yet.

Its time for the little guy to get his own back. Why fight a losing battle against big corporations with lower overheads and a tax-engineered offshore base that pays a fraction of the rate you pay? The fat cats don’t want you offshore because they don’t want an ‘exclusive’ privilege shared out among the hoi polloi.

The truth is, moving offshore is one of the things that can really ‘make or break’ a business, and its not limited to the old boys club. Many businesses, especially those catering to an online or international market, have legitimate and pressing reasons for moving offshore:

- The ability to send and receive large payments without getting bound up in red tape.

- The segregation of risk between different parts of a business or between business partners.

- Low or zero tax on employee salaries and purchases of new equipment or real estate.

- A business (e.g. online gambling) which is not legal in one country may be legally operated from another.

These advantages can often make the difference between a merely average business and an extremely profitable one. Are you ready to take this make or break step and catapult your enterprise into the big time?