Bank Accounts Outside Your Country are Essential for Asset Protection
An overseas bank account can be a key tool to increase your financial privacy. Bank accounts in your home country have zero privacy. An overseas bank account isn’t the same as a traditional offshore bank account. Offshore bank accounts are bank accounts in tax havens. Overseas bank accounts are simply bank accounts in a jurisdiction outside your home country.
While bank accounts in the country where you live have no privacy, a foreigner opening an account in the same bank will have privacy from his own government and any other predators in his own country. That’s because governments are not interested in people from outside their jurisdiction. If they don’t live there, they won’t be taxpayers. They’re not easy candidates for a government shakedown.
No Automatic Access to Your Account by Your Government
Multiple departments of your own government can access your bank account information. You have no privacy at all banking in your home country. You’ll have no idea when a government bureaucrat has accessed your bank account information. No court order is necessary. Your bank records are there forever, detailing every financial transaction you’ve ever made. They exist for all to see. With an overseas bank account this is not the case.
Account Can’t be Frozen Without a Court Order in the Overseas Jurisdiction
Your local bank account can be frozen with minimal formalities in your home jurisdiction. For authorities to freeze an overseas bank account things are much more complicated. At the very least, they’d have to present their case to a court in the overseas jurisdiction. That’s if they were aware that the overseas bank account existed in the first place. Banking in a different location to where you live is a key part of flag theory.
Tax on Interest Won’t be Deducted at Source
Residents of some countries face tax on interest being deducted at souce and sent straight to the tax department. If the tax isn’t due you have t claim it back in a long and laborious process. You won’t have to deal with this on your overseas bank account. Such inconveniences only apply to people who live in the same jurisdiction as the bank.
You Won’t Be Prevented from Doing Business with Whoever you Choose
In certain jurisdictions there are restrictions placed on who you can do business with. In some jurisdictions it’s illegal to pay gambling firms and you’re blocked from sending your money there. It can be illegal in some places to trade crypto. People can even be banned from making donations to certain organizations the government doesn’t like. When you have an overseas bank account these restrictions won’t apply to you.
Account is Private from Spouses
When you have an overseas bank account it’s best not to receive any mail from the bank at your home address. Aske them to hold any mail or set up a maildrop in another location to receive your mail. This keeps your affairs secret from anyone you may not want to know about your overseas bank accounts. If you’re thinking of divorce at some time in the future and protecting your assets from attack on that front, it’s essential to keep your finances secret.
There are dozens of benefits to having an overseas bank account. But how do you go about opening a bank account overseas? It can be inconvenient to have to travel to some far-flung country simply to open a bank account.
That’s why I put together an offshore banks list of 10 accounts that you can open from home with minimal hassle. These are the best offshore bank accounts in multiple jurisdictions worldwide including the overseas banking havens of Switzerland and Singapore. For clients looking for non-CRS accounts there is a readymade solution there too. Offshore Banking Solutions comes as part of the BulletProof Asset Protection Package – Click Here to find out more.
Can I open an overseas bank account?
Yes, anyone can open an overseas bank account. You may have to report it to the tax authorities in your country.
Which countries allow foreigners to open bank accounts?
Most countries allow foreigners to open bank accounts In some cases you must be a resident or open the account in person.
Can I open an offshore bank account online?
Yes, it’s possible to open an offshore bank account online. In fact I put together a list of bank accounts you can easily open online. You can get it for free with BulletProof Asset Protection by clicking here.
Can anyone open an offshore bank account?
Yes, although some are subject to minimum opening balances.