Have you ever joked about putting your money in a Swiss bank
account? Haven't we all, at one time or another, thought
about how wonderful it would be to stash our cash somewhere
outside the country?
Well, lots of North American entrepreneurs aren't just
joking about it, they're doing it. And in lots of other
offshore locations besides Switzerland, too.
Did you know that it's perfectly legal to put YOUR money
wherever you want? Traditionally, offshore bank accounts
have only been an option for the very wealthy or for large
multi-national corporations, but that's changing. There are
now some real advantages for any entrepreneur to consider
placing at least a portion of their hard-earned cash in
offshore bank accounts.
The first and most obvious reason to place your money
offshore is the substantial tax benefits. Many countries are
understandably proud of their 'tax haven' status and secrecy
provisions, and have developed numerous user-friendly
financial vehicles to help entrepreneurs from all over the
world safeguard their money. In many cases, you are invited
to invest your money rather than just 'park' it, resulting
in boosts to that country's economy - a welcome bonus for
the country, and a way for you to feel good about your
decision to take your money offshore.
Some offshore institutions even allow you to become a member
of an investment 'consortium' so that you have the ability,
as a 'partner,' to invest your income and take advantage of
international fund investments to 'grow' your money while
it's there.
There is a great deal of information and MIS-information
around about offshore accounts, so the following list is
just an outline of a few of the issues you'll need to
consider as you research whether or not offshore banking is
for you.
· Are the professional staff fluent in English? (You may
need to communicate, and this IS about your money, after
all!)
· Are there tax treaties with the US in place? (Read the
fine print.)
· What are the privacy or secrecy policies of the
institution you are considering? (Many of them are NOT
ALLOWED, by law, to share your information with, for
example, the government of your country).
· Does the institute provide credit cards or merchant
accounts? (Many foreign financial institutes do, and
include a debit card, as well).
· Does it require you to have an internationally
incorporated company in order to open an account?
· If so, does the institution provide 'shelf companies' to
choose from? (Quite often, you can simply sign some forms to
become the proud owner of a new, legal company, which
enables you to bank in that country).
· Are Internet-based transactions available? (You'll want
to be able to monitor your account online - to check the
current status of investments, transfer funds, or just
track your accumulating wealth)!
Yes, it is possible to do business in a SECURE global
environment - and enjoy the tax breaks, and perhaps even a
healthy return on your investment - all from the comfort of
your home in the good ol' U.S. of A.!
About the Author
Merrill Noreen has investigated offshore banking
options for Western entrepreneurs. Visit his website at
http://www.life-spring.com/caruba/caruba.html or email
carubagold@mail.com for more information.