Nowadays, banking offshore is not only simple, but often necessary. Because of the thousands of pages of under analyzed and over enforced laws that have been enacted in the U.S. in the past few years, banking within the borders of the U.S. is rapidly become less of a private matter. The implications of this are staggering as anyone having even a cursory knowledge of the USA PATRIOT Act and other similar laws knows. Here are some examples:

The government now has access to any and all of your financial information, account balances, transactions, purchases etc..

The Internal Revenue Service is becoming even more severe in the enforcement of income tax laws and are in the process of auditing innocent people for an every growing list of minor, so-called “infractions”.

Taxes that are being collected are used for purposes a great many people disagree with, which is, in a true democracy, wrong!

Fortunately, throughout the world there are still places that will give banking privacy to law-abiding, business oriented and money producing people, away from the government’s prying. Because of today’s high-speed communications as well as the internet, it is quite simple to set up an offshore bank account and do banking from anywhere in the world.

You should consider only countries having superior banking secrecy laws along with fairly solid political economic and political systems. These include many of those in the Caribbean and Latin America (such as Panama and Costa Rica), and several of the developing Eastern European countries such as Latvia.

However, there are some points to consider before opening a bank account in a foreign country. The first is to make sure that all information provided is thoroughly reviewed, while the second is to consult your lawyer or financial/tax advisor about any issues and questions you may have. When considering a foreign account, be sure that you know the answers to the following questions:

· How is my privacy protected?

· Will I be able to get a numbered account?

· How will I be able to make payments and withdrawals?

· Are there any fees to register and keep my account in good standing?

· What are the rates of interest paid on the account?

· Does the bank provide an international debit/ATM card?

· Are there any limits to daily withdrawals?

· What type of identification is needed to set up the account?

The majority of International Banks as well as many firms will quickly and easily guide you through the process of setting up an offshore account. Many will also provide you with access to your money anywhere in the world, at any time of the day. And most offshore bank will have answers available to any or all of your questions on their websites, via email or phone calls.

Always ensure that the country you are planning to set up your bank account in has STRONG privacy laws. Better still, make sure that they are able to assist you either by phone, web, or email in the language you speak.

If you would like more information regarding asset protection, trusts, family limited partnerships or the subject of this article please call or email our office.