Offshore Bank Accounts


Where should the offshore bank account be opened?

First of all, it should be determined if the country, where Your offshore bank account will be located, has any information exchange agreements, mutual legal assistance treaties or any similar official agreements with Your own country? If yes - avoid it. The legal and practical aspects of bank secrecy should also be clearly determined: what penalties does the law prescribe for the person who would illegally divulge bank information? Are these rules strictly enforced, or just the opposite? The quality of work ethics in the bank must be considered. There are countries with good legal and regulatory environment, but with poor work ethics. In such jurisdictions, You can just expect delays, mistakes and attitude problems.

Finally, what are the services available in the particular bank, and what are the costs? In this regard, huge variations are possible. Is the bank in Your time zone? Does the staff speak Your language? Can You travel to your bank, if necessary, on short notice and will You need a visa to enter that country?