opening offshore bank account

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looking
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Joined: Thu Mar 01, 2007 6:14 pm
Location: morgan hill ,ca

opening offshore bank account

Post by looking »

opening offshore bank account legally.

hello all

just wondering to see if one can open offshore bank account legally ( file IRS,notify ) )for protect from scammer.hacker,identity theft ,privacy,creditor ,safety,law suit, and peace of mind.
such places as cayman island, bahama,belize,philippines.thailand so on, and other foreign country.

any one has some experience to share with it

best wishes.
technovelist
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Re: opening offshore bank account

Post by technovelist »

In theory, theory and practice are identical. In practice, they often differ.
TravelerMSY
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Re: opening offshore bank account

Post by TravelerMSY »

Sure, if you can find an offshore bank that will accept you as a customer. The U.S. has placed draconian reporting requirements on foreign banks who give accounts to US citizens, therefore many banks refuse to accept US customers.

Fwiw, I wouldn't rely on any of the countries you mention as superior to just banking at home.
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Steelersfan
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Re: opening offshore bank account

Post by Steelersfan »

If I were putting money in an offshore account (I'm not and not going to) I'd want to know:

Do they have the equivalent of our FDIC deposit insurance that's backed by the government of the country?

Are they a public company and issue periodic financial statements I can see and that are certified by an auditing firm I can research and find?

Are there any bank policies or government regulations that might go into effect if the bank or the country falls on bad times that would prohibit me transferring my funds out on a timely basis.
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LadyGeek
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Re: opening offshore bank account

Post by LadyGeek »

This thread is now in the Investing - Theory, News & General forum (general banking question).

Please stay factual. Opinions of the law or government reporting process (regardless of the country) are off-topic.
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Stonebr
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Re: opening offshore bank account

Post by Stonebr »

Why the dinky little countries with a history of money laundering? I would think that you are guaranteeing an annual tax audit for the rest of your life.

Why not Canada?
"have more than thou showest, | speak less than thou knowest" -- The Fool in King Lear
ralph124cf
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Re: opening offshore bank account

Post by ralph124cf »

Many US banks have foreign branches (branches may not be the correct word), and many foreign banks have US branches. I have a domestic account at HSBC in the US, and I also have an account at a Hong Kong branch in HKG dollars. Yes there is some annoying paperwork involved, but it was convenient when I was traveling there for work. I know that Citibank has branches in many countries. I do believe that you would have to travel physically to the foreign country to set up the account.

Ralph
Tanelorn
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Re: opening offshore bank account

Post by Tanelorn »

I'm not sure why you think a foreign bank account would be any safer from scams or hackers, and it's likely less well insured. If you're worried about the other things, why not bury a few good bars in the yard? That seems a lot safer than most of what you're considering. If you're afraid of the US government, there are foreign custodians who will happily let you pay to store your gold abroad.
Louis Winthorpe III
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Re: opening offshore bank account

Post by Louis Winthorpe III »

looking wrote:opening offshore bank account legally.

hello all

just wondering to see if one can open offshore bank account legally ( file IRS,notify ) )for protect from scammer.hacker,identity theft ,privacy,creditor ,safety,law suit, and peace of mind.
such places as cayman island, bahama,belize,philippines.thailand so on, and other foreign country.

any one has some experience to share with it

best wishes.
I question whether your premise is correct. Why wouldn't a bank account in a foreign country be just as easy to hack, scam, be accessed by creditors, etc? If you can access the money, your creditors can. And hiding assets from creditors would probably violate a court order (I'm just guessing here).
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LadyGeek
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Re: opening offshore bank account

Post by LadyGeek »

The OP is looking for protection from creditors, which is a totally different animal. Take a look in the wiki: Asset protection

For specific questions on asset protection, start a thread in the Personal Finance (Not Investing) forum.
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
lazyday
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Re: opening offshore bank account

Post by lazyday »

For protection from identity theft and scams, look into paper I bonds. You can get up to $5000 per year by overpaying US taxes.

There have been separate threads on protection from creditors, and lady geek posted a wiki page. Depending where you live and your asset level, there might be protection in owning a house, or in certain retirement accounts.

There are separate threads on electronic security. Look into two factor authentication for your email, bank, and broker. Vanguard offers a voice password. My opinion is that a Chromebook or Chromebox is an easy way to increase security compared to most other computers. They are cheap enough that you might even buy one to exclusively use with your bank and broker.

Depending on your concerns, in other threads some people have talked about owning real assets. Houses, land, jewelry, gold coins. If you have trusted family overseas, property might be kept in their name and location.
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