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Key offshore bank accounts are the stuff associated with legend. This article intends to debunk some of the myths about secret just offshore banking by setting out what is and isn’t possible.
1) It’s impossible to open up an offshore bank account without very first somehow identifying yourself. This means delivering a notarized copy of your financial institution account/passport details to the bank or even intermediary.
2) Most offshore banks will also require a guide from a bank at home.
3) If you open an offshore account in the name of your offshore company, you’ll still need to provide all the formation paperwork, and the name and address of the real person. No bank may let a faceless entity – http://www.Nuwireinvestor.com/results.aspx?searchwords=faceless%20entity open up an account without pinning it down to a real person.
So, just how is it Secret?
Well, the particular reasoning behind all this, is that if you open an offshore account the bank may let you have a ‘number’ rather than a name. This so called ‘numbered account’ allows you to send wire transfers without having third parties knowing who you are. A merchant account in the name of a company will do a similar thing, allowing you to send and receive payments almost anonymously, because the company name instead yours will show up on all of transactions.
The problem is, this doesn’t protect you from government inquiries. If for example a government authority suspects you of having an undeclared offshore account, that you are hiding money from your spouse or else engaged in funny business they can navigate to the country or bank in question and request your details. While some countries can reject the majority of these requests others are more pliant.
Switzerland and the Cayman Islands are two in particular that co-operate with US and EU authorities. Although both have strong bank secrecy laws and regulations on paper, these are not so closely adopted in practice. Swiss banks UBS and Credit Suisse have made headlines recently over IRS investigations into US held offshore accounts.
The the fact is, if you really want a secret account you may have to look further than ‘traditional’ taxes havens. That means jurisdictions without tax-information exchange agreements or other hyperlinks to high-tax countries.
Another choice is using an offshore bank account substitute – http://bordersalertandready.com/?s=account%20substitute&search=Search. This could be (for example) sending your funds to a trust company which in turn opens a bank account for you within their name. Although this is also not 100% foolproof, it does offer another level of privacy in the same way that an just offshore company – https://www.taxhavenforum.com/ will shield your identification.
Whichever option you choose to take, it pays to follow some ‘golden rules’ of privacy:
1) Limit the number of those who know about the offshore bank account to as few as is humanly possible.
2) Fund the account with a cheque or international wire transfer, rather than by wire from your home bank.
3) Never send funds directly home from the offshore account.
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