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Offshore Banking – Weekly Round-Up

Since the financial meltdown on Wall Street started in 2007, economic experts started to predict the dire consequences these would entail on the economy. True enough, the world’s largest economy bowed under pressure. Banking giants such as Citigroup Inc, Bank of America, and JPMorgan Chase all had to be bailed out. The real cost to the taxpayer is not being felt now, but it will in the future.

This week’s roundup has something to do with opening an offshore bank account. Fortunately or unfortunately, American perspective seems to be getting wider due to the economic crisis. Previously, everyone thought that their banks and their currency were safe.  Seems that they are not so sure now. As a result, bloggers are talking about how opening an offshore account will help individuals both as business and as personal investors.

Amy @ Ofiz uploaded a blog post titled “The Benefits of Having an Offshore Bank Account for Business Purposes“. It essentially talked about how businessmen, especially those who travel a lot, can access their funds easier if they have an account in another country. Further, Amy also discussed about how an offshore account can be opened.

The blog Wealth Building Empire recently had an interesting article named “Hide Money Offshore with an Offshore Bank Account and Offshore Debit Card“. At first glance, the blog post seems suspect. Is it teaching its readers to engage in money laundering? But upon closer inspection, it actually does nothing of the sort. Its author is merely recognizing the fact that bank accounts can be frozen in many parts of the world. And there is nothing a depositor can do about it unless he looks offshore.

There’s also a little-known WordPress blog called the My Panama Lawyer that provides a lot of detailed guidelines about offshore banking. In a post titled “How to Open an Offshore Bank Account“, the author details the process in 6 easy-to-follow steps. Everything from choosing a country to the permitted amount you can deposit is outlined in this blog post.

As the economy remains uncertain, a lot of people are also becoming hesitant in keeping all their money at home. And indeed, they are wondering if they should keep their money in dollars.

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Category: Banking, Personal Finance

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2 Responses

  1. Usually many people think that offshore banking is illegal and associated with crime and terrorism-financing. This is common misunderstanding with offshore banking.
    In reality offshore banking perfectly legal. What can be illegal is tax evasion that an individual may do with offshore account.
    Offshore banking services are provided by licensed financial institutions and in many cases by institutions with international reputation.

  2. offshore says:

    Is it legal for me to have – offshore companies explained here?, and bank accounts? How to start? Can I move my existing business offshore


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