Offshore Private Banking Without Hassles
Many people, who earn a lot of money and want to avoid paying taxes on that earned money, opt for offshore private banking. The question is not, “how many want to get access to offshore banking?” The actual question is “how to get this opportunity without any hassles?”
Well, it is not impossible to get this opportunity. The requirement for such a facility is good research. To start with, you should know a bank which provides such offshore banking facility with out any hassles or any background check. Also, an offshore bank without the facility of debit card and credit card is incomplete. So, in order to make it useful it is important to get debit card and credit card facility along with the bank account. One needs to check weather actually this bank you are interested in will keep your profile and transaction’s details secret or will give away the information to Unites States of America? As per the regulations in US, the citizen of United States need to disclose the offshore private banks they have with more than or equal to 000 as balance. This disclosure needs to be made within the financial year to US Treasury. This is done by filling up of the form names Form TD F90. 22 – 1. In case a person fails to report or disclose the same and is caught by the authorities then legal action can be taken against him. This legal action involves a hefty fine of $ 500, 000 and 5 years in prison. This form can be easily taken from the website: http://www.irs.gov
So, before you actually get in to opening an offshore private bank, check few things. Is this bank in to a lot of background check? Are they asking a lot of questions related to your US bank account? Well, do not open your account in such a bank. If you really want an anonymous offshore bank account then there is a way out. You can also get a debit card with this way. Let us look at the steps involved in this:
1. Identify the country where there is less political influence and less rigid rules and regulation.
2. After identifying such a country, choose the bank where you want to do offshore private banking.
3. Create a company in this country. This company needs to be a limited company.
4. Identify a local citizen of the same country who can be trustworthy. After that, make him the sole shareholder of your company. He should be appointed as the director.
5. Now, open the bank account and make this man as the nominee of the bank account.
This way, you can ensure that extra layer of secrecy given to this account as the nominee is the citizen of the same country. In this manner, this man will also get a debit card and credit card aligned with the newly made bank account. You can now enjoy all benefits of offshore private banking.
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