April 19, 2014

Offshore Bank Account: No Longer Complicated

Posted on October 1, 2011 by in International News

Offshore Bank AccountIt used to be that opening an offshore bank account was complicated. You were often required to travel abroad to visit the bank in person, fill in countless of paperwork, and pay hefty fees. It’s not nearly as complicated today if you know where to look, you don’t even have to leave the country. This is one of the priorities of SovereignMan.com, to offer quality information on offshore banking.

SovereignMan.com is an online newsletter centered around protecting your privacy, structuring companies and trusts overseas, and creating self-reliance and freedom in your life.

Having an offshore bank account where you store a part of your assets is a way to diversify and not having all your eggs in one basket. This not only applies to not owning US-only stocks, but also to not having all your assets in US banks. There are countless of officials on both Federal and State level with the authority and power to freeze your bank accounts, no matter if they have evidence or are only acting on a “hunch”.

If you have some of your assets in a foreign bank account however, it’s not nearly as easy for US officials to get to your money. They will have to go through the government of another country to freeze your offshore account, but it’s more likely that they decide you’re not worth the trouble and instead go after an easier target, like your neighbor.

The first step to opening a bank account today is to choose a jurisdiction, and there are a couple of good alternatives like Hong Kong, Singapore, Schweiz and Austria. All of these have a strong banking history and while banking privacy is essentially non existent in todays banking world some of these jurisdictions still offer some degree of privacy.

Google ‘offshore bank account’ and you’ll find countless of companies that will offer to set up a foreign account for you. While that might be true, opening an account is just the first step. The second most important step is compliance. Just because you move your assets offshore doesn’t mean you don’t have to report it, if you don’t chances are you’ll end up behind bars.

SovereignMan.com offers quality information about offshore banking and puts emphasis on complying with all required regulations. It guides you to the best banking jurisdictions and the best offshore banks to open an account at.

To learn more about opening offshore bank accounts and protect your assets through international banking visit http://www.sovereignman.com/

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