Reclaim Your Financial Privacy by Opening an Offshore Bank Account
With the rise of financial tyranny around the world more people want to know how to open offshore bank accounts. People want to find accounts that they can open online without leaving their home. It’s often inconvenient to travel to open offshore bank accounts so the preference for many is to open an account online with an offshore bank.
The problem is that banks in many jurisdictions won’t open offshore bank accounts online, either because of local regulations or greater perceived risk. All offshore banks are obliged to comply with KYC (Know Your Client) requirements. There are also strict global AML (anti money laundering) rules.
Open Offshore Bank Accounts for Financial Privacy
Greater financial privacy is one of the main reasons why people open offshore bank accounts. When you bank in your home country your bank details are available to even the lowliest bureaucrats in dozens of government departments. Furthermore money can be taken from your account without your permission to pay taxes and other items. Even when there is an error the money can be seized from your account.
If you get involved in a lawsuit or are a target of a government investigation your bank account at home can be arbitrarily frozen at the start of any legal process.
Open Offshore Bank Accounts to Avoid CRS
Financial privacy is declining around the world. Anti-privacy rules like FATCA and CRS have been introduced. More than 100 jurisdictions worldwide now participate in CRS (introduced by the tax-loving bureaucrats at the OECD) with more due to follow. Extra care must be taken to open offshore bank accounts in a non-CRS jurisdiction or use one of the many CRS loopholes to avoid CRS completely. Whatever you do you don’t want your offshore bank account information being passed to local tax officials. Even if you have nothing to hide, financial privacy should matter. Lowly bureaucrats should not be trawling through your bank information.
Where Can I Open Offshore Bank Accounts?
Any country outside the place you normally live can be considered offshore. Even an American banking in Canada or a Brit banking in France can have a greater degree of protection than those who do all their banking in their home jurisdiction. We definitely don’t recommend banking in either Canada or France but you get the idea.
Which are the best Jurisdictions to Open Offshore Bank Accounts?
There are dozens of good jurisdictions offering great options for banking nowadays. From old world jurisdictions like Switzerland to new banking havens like Singapore and even Serbia. You have many choices available. Your choice will depend on whether you are opening a corporate offshore bank account or a personal account. It will also depend on whether you have taken precautions to avoid CRS and if this is important to you. Bulletproof Asset Protection outlines how you can set up offshore structures to make your assets untouchable to anyone.
Will my Offshore Bank Accounts be Reported to my Home Country’s Tax Authorities?
If you live in a CRS jurisdiction and you bank in a CRS jurisdiction your information, including your bank balance will be sent once per year to your home country’s finance department. American’s face similar financial tyranny with FATCA.
CRS is easy to avoid. The rules are full of loopholes. But you must be proactive to reclaim your financial privacy. There are simple steps that you can take when you open offshore bank accounts that will ensure that your bank account information remains private. See Bulletproof Asset Protection for a step-by-step guide on how to do this or consult with us directly here.
10 of the Best Offshore Bank Accounts you can Open Online Right Now
Everyone wants to find a simple solution to open offshore bank accounts online with the minimal hassle. That’s why we have put together Offshore Banking Solutions. It’s a no-nonsense guide to 10 offshore bank accounts you can open right now. It offers bank accounts in some of the world’s top banking jurisdictions like Singapore and Switzerland. It also has accounts in the USA for non US residents that can be opened remotely. Other websites charge up to $1500 for this information. We offer it free to buyers of Bulletproof Asset Protection. You can buy it here for a limited time for just $149/€149.
How much money do you need to open an offshore account?
In some jurisdictions there’s no minimum opening balance. Others have minimums of more than $100k. The good news is it’s possible to open offshore bank account online free with no deposit.
Is it legal to have offshore bank account?
Yes, it’s legal to have an offshore bank account. In some countries it’s necessary to disclose it on your tax return.
Which is the best country to open offshore account?
That depends on your requirements such as the amount you want to deposit and the structure you have. If you plan on operating a business through an offshore account your requirements will be different from someone who wants to hold cash and manage assets offshore.
Which countries allow offshore bank accounts?
There are no restrictions on having offshore accounts in most countries.
How much does it cost to open an offshore bank account?
In many cases you can open a free offshore bank account, no deposit needed either. But is some cases with more complicated corporate structures there will be an account opening fee.
Are offshore accounts safe?
That depends on the bank and the jurisdiction. On the whole offshore banks are as safe as onshore banks. It’s important to do your due diligence before trusting your savings to any banks whether that’s onshore or offshore.
What are the best offshore bank accounts for US citizens?
US citizens are obliged to report offshore bank accounts on their tax returns. It will depend on individual needs but first class asset management jurisdictions like Switzerland and Singapore work well.