How to Use An Offshore Bank Account for Asset Protection
Having an offshore bank account is one thing, using it is quite another matter.
Corporate Account When you have a corporate account the money belongs to the corporation not you personally. When the corporation is an anonymous bearer share Panama corporation your anonymity is further protected since establishing ownership of the corporation is about impossible so you would have to see who is recorded at the bank as the beneficial owner of the bank account and this requires you to convince a court in Panama to open up the bank records (something that is very rarely done) to reveal who the beneficial owner is. Even in the unlikely event a court did this this it would be of little value since the money still belongs to the corporation. So if you had a financial enemy pursuing you personally they would not be able to transfer a personal debt to the corporation very easily. They would need to show that you transferred funds to the corporation to make sure debtors could not recover the funds; it is called a fraudulent conveyance. The court cases pertaining to this are far from simple, they are expensive and time consuming and can take years to get heard in court. When wires are sent to an anonymous bearer share Panama Corporation no one knows who the owners of the corporation are, thus they do not know what natural persons are actually receiving the funds. When wiring funds into your Panama corporate bank account it is not revealing in terms of what the wire is for versus wiring money into a personal account. The Anonymous Panama Corporation adds in a nice thick layer of privacy protection.
ATM Cards – When you open a Panama bank account one can usually obtain an ATM card good for cash withdraws from ATM machines worldwide. These ATM cards will have your name on them and can be associated with the bank you are using. Some people obtain an ATM card from another unrelated financial institution. These cards typically have no name imprinted on them which right away adds to your privacy protection. These cards also do not leave a trail to your real bank. Money can be transferred to the ATM card by wire from your Panama or other bank account and then withdrawn as needed. Some people are fond of using these cards to cover corporate expenses like travel, entertainment and other business expenses. Usually the ATM card purchase requires a copy of a passport.
Visa and MasterCard Debit Cards Watch it here. This can be a real privacy violator. The USA recently got a lot of MasterCard records by a court order served on MasterCard in Miami. This could happen again. The more private way of doing this is to get a Visa or MasterCard debit card from another bank, not your Panama bank. You load the card by wiring funds onto the card from your Panama bank. This eliminates any ties the card has to your real bank account. The card should come from an issuing bank in a bank secrecy country. The way these programs work is Visa and MasterCard do not know who the actual card holder is no date of birth, no address, no tax id numbers etc. only the issuing bank has this information since they require a passport copy and a physical address to send the card to. So a subpoena to MasterCard or Visa would produce very little and since the bank is in a country with bank secrecy this avenue is going to be a long burdensome process that would be unlikely to be pursued and could only be pursued by a government in a criminal matter. You want to use a country where address verification is not set up on the debit cards or else use a mailing/billing address for the card in another country where you have a reliable mail drop box. This further protects your privacy and of course is a convenient way to guard against any potential identity theft associated with using the debit card in a restaurant, store, online etc.
Telephone Records If you need to telephone your offshore bank consider using an anonymous prepaid cell phone so there is no record of any calls to the bank on your phone bill. Private detectives in USA can readily get copies of phone bills. A sharp divorce or collection attorney will look for international calls to isolate an offshore bank.
Online Banking This is a great feature. Eliminate having statements sent to the house or office. Who knows who logs these statements being sent in the mail or even worse reads them, remember you could be a terrorist. Remember your ISP is a privacy nightmare. They are unregulated in general, unlicensed, and could be owned by felons, child molesters or whatever. These people can collect your entire internet transactions read them and save them forever. Rest assured all of the big ISP’s like MSN, AOL, ATT, COMCAST will save your log files for ever showing every website you ever went to, every file downloaded, every email sent and to whom, etc. Don’t assume they would require a court order to distribute this data, read your terms of service agreement and be prepared to be shocked. Now why should they know what online offshore bank you log into? So how do you stop it? You use an anonymous internet service provider. You log onto the internet then log onto their VPN which encrypts all your internet traffic going from your computer to their server and now your log files are basically encrypted and your ISP only has gibberish log files on you except he knows you connected to the anonymous internet provider but has no idea what you did or where you went. Make sure the anonymous internet provider does not save log files or only does so for a few days to track down hackers, spammers etc. Never bookmark your online bank. Save your passwords in an encrypted password folder. Use a hard drive cleaner like evidence eliminator to erase tracks, places visited, image files, cookies, downloads logs etc that windows saves. To protect from Trojans, attacks etc. use an anti-spy ware program like spyware doctor and Norton anti-virus. Do not trust one of them alone. If you get a keystroke logger or Trojan it can capture your passwords and they can rob your bank account online. Extra measures are an application based firewall so if a Trojan got in it would not be able to phone home without you giving the new application manual permission to connect to the internet and a wireless router that uses encryption. All of these steps should keep you safe if you keep them updated and turned on beats having someone get your passwords.
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The author is a researcher, with years of experience in finances and real estate.
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