It used to be that only the rich and famous or infamous could have or needed an offshore bank account. In this account they stashed away their millions and billions.
In that bygone time, before ATM’s and all the fancy electronic and computerized gadgets we have today, dealing with your offshore account meant that you would send the bank instructions via letter. Then the fax machine arrived to speed things up a bit, but still, many of the elite would travel once a year or so to “visit their money” in whatever sunny paradise it might be stashed.
This was the day of numbered Swiss bank accounts, Austrian Sparbuchs, and other remnants of an era when privacy was a right and if anything was disclosed by an unscrupulous offshore banker for ANY reason, that was a scandal. Even the Nazis were able to hide their ill gotten gain in various places, and Switzerland told the allies to go you know where about the idea of lifting bank secrecy.
Unfortunately, today, we live in a world where EVERYONE thinks they should know everything about you. If it isn’t your blood sucking ex spouse, then it is a gold digger of some sort who might take a dive on the sidewalk in front of your home.
And the truth is, these gold diggers and their shyster lawyers know EXACTLY WHO YOU ARE AND HOW MUCH YOU HAVE because of the tremendous LACK of financial privacy today.
Years ago, I went to a nothing down business seminar. The snoops had just gotten started back then, and some people even in the good ol’ USA could still manage to keep their financial affairs private. In fact, they could even pay for what they were buying with briefcases full of money so that their affairs REMAINED private. No one would say a word, because cash was the BEST way to get paid and the money laundering and other ridiculous laws of today whose only purpose is to rob you of your own money hadn’t been passed yet.
You didn’t have to worry about the regime criminals stealing your money just because you “had too much cash, so you must be a drug dealer,” or other such nonsense. Back then, they knew that money was just money, and the possession of it was not automatically a crime or “suspicious” activity.
How our world has been turned upside down by criminal politicians who don’t give a hoot about you, but whose only chore is to separate you from your hard earned money. It used to be that after you paid “your” taxes on the money, it was yours, but that is no longer the case, sad to say.
So now, in this evil and rotten world we live in, created by socialist dreamers who should be thrown in the slammer for theft at least, the ordinary citizen now feels it is to their benefit to open an offshore bank account to try and protect the little savings that they have from the predators back home.
But offshore banking isn’t what it used to be, by any means. Gone are the numbered Swiss bank accounts. Gone are the Austrian Sparbuchs. Gone is the genteel way in which banking used to be done. Now, you need to come with a letter of reference from your present banker, perhaps a personal or professional reference or two, perhaps a financial statement and a statement as to where your income is derived and how much you make from doing what.
They need a passport copy along with a driver’s license. They need this and they need that. And if you sneeze wrong they will either not open your account or might just freeze the one you have. And, if you commit the sin of depositing TOO MUCH MONEY, well, your account might be frozen for six months of “due diligence.”
OH, did I mention that in most places you CANNOT open your account with that briefcase full of cash you are boarding that plane with? That is, IF the cash isn’t seized on the way out of your home country as a “suspicious activity.”
So forget cash. Yes, there are some ways still to do the cash thing, but I am sure that the socialists will have that loophole closed in a jiffy. You see, the real aim of the regime criminals is to confiscate all “excess wealth” in private hands so that the “poor and downtrodden” will “get their fair share” under the latest UN human rights charter. I think the word for this used to be communism and I thought they lost out years ago, but it seems to me they have snuck back in somehow….
Of course, maybe you could still do what some of the old PT books say and sew diamonds into the lining of your jacket, and if you can sell them for a fair price or they aren’t confiscated, maybe you could convert those to cash on the other end, but then you would be depositing cash again…..
Don’t even consider trying to buy a cashier’s check for over $10,000.00 anymore without being asked all kinds of ridiculous questions about what you are doing with your own money. What nerve, darning to take your own money out of your own account! What has the world come to?
And if the smart aleck kid behind the counter doesn’t like your looks, or doesn’t like your attitude towards his or her questions, then they will simply treat you to a Suspicious Activity Report for daring to take out your own money and not being nice to the half whit idiot “serving” you. And they MUST NOT tell you that they are filling out this report or they might go to jail themselves.
This leaves us with the trusty old wire transfer [forget about buying $20K in traveler’s checks]. Of course, now, both the sending and receiving bank have to know your identity and that identity is open for anyone in between to look at. And if you are thinking of sending the wire to a “pass through” account as WG Hill tells you to do – well, bank’s don’t like that anymore, so you better keep the money in the receiving account for at least 6 months.
One of the few loopholes left in the system is at your fingertips, though. These are the good old e-currencies such as Pecunix, Goldmoney, and Liberty Reserve. There are some others, but these are the major companies out there right now.
What you can do is buy some e-currencies. Or you can set up a business that accepts them in payment [one of the best strategies]. When you are ready to cash in these e-currencies, if it is a larger amount, it is a good idea to use a passthrough service located offshore. We can provide just such a service through our sister company, GlobalFinancialSecurity.com.
With our system, you can deposit the e-currency directly into your Global Financial Security account for credit, thus leaving behind no paper trail after that. From there, you can wire it or have a check written.
In other words, in today’s world of privacy invasion, you have to be one step ahead of the monitors. Yesterday’s cloak and dagger strategies don’t work too well, and could even get you in trouble today. But there will always be ways for determined people to protect themselves.
The criminals at the IRS are now going on illegal fishing expeditions. They have forced Visa and MasterCard to give up the account numbers of the offshore cards being issued in targeted jurisdictions [and the list grows every day].
Because of bank secrecy, the banks cannot reveal the names of the actual card holders [yet]. But what these thugs do is go to merchants where you might have used one of these cards and force the merchant to produce the charge slip, which by law he has to keep for an ungodly long period of time. They then try to match that charge slip with a real live person. So you should NEVER use your offshore debit card at anything but an ATM in your home country, as stated earlier.
You need to be especially wary using the debit card attached to your “offshore motherlode account,” which is why OffshorEarnings will soon be offering an offshore debit card you can fund with e-currencies, including Global Financial Security.
Of course, the reality of the situation is that the IRS can only afford to go after the big fish, so if you are a small fry you will probably never get that dreaded phone call, letter, or knock on the door from the Gestapo. And they only have the resources to go after a limited amount of the big fish too. So don’t panic just yet.
With the growing use of smart card technology may come the ability to circumvent a lot of these problems one day, but in the meantime, we have to be smart about how we use our resources and where we put them.
Latvia has come and gone as a good jurisdiction.
Costa Rica is not the place to be anymore either. Panama is good, but you have to go in person to open the account and you had better have your letters of reference handy.
Forget about the Bahamas, The Cayman Islands, or any other British dependency, for that matter. Most of them are caving in to the UK government’s rabidly socialist demands. Maybe some will hold out, but if they do, it is too early to tell.
Luxembourg is still holding in there, even though it is an EU member. But little Luxembourg and to a lesser extent Austria use the threat of their vetoes to put a monkey wrench in the socialist/communist welfare state freak’s plans. But, if the EU is ever restructured to eliminate the individual member’s veto, watch out! Luxembourg could fall in a moment.
Switzerland for US citizens has more holes in its banking secrecy than Swiss cheese but if you don’t live in the US or the EU, it is still viable. Swiss annuities can also be a good bet still.
Andorra is still great if you are wealthy and can manage a personal introduction to one of the banks.
Vanuatu is still fine for the moment, as is Nauru. [Basically, any country on the FATF or OECD blacklists is good to look at].
Israel is worth a look, and if the Mideast calms down they plan to build an offshore services sector.
Cypress might be a place to look, but things are changing there too.
Hong Kong is still holding on, but barely.
Then, there are out of the way, low profile places like Guatemala and Nicaragua and Fiji and a few others.
St. Vincent is still OK, but it is British. Dominica and Antigua might also be fine for now. Grenada is OK if you don’t mind the recent scandals [do NOT use Bank Crozier as they are probably a US government front along with the US government shill David Marchant].
Beware of Montenegro, as they are revoking all offshore bank charters in exchange for a bribe from the Evil Empire. This includes the Andros Parabanks, which no longer have legal authority. They were operating through a “correspondent” bank account with Parex bank, but even Parex has frozen their account. We have heard of depositers of Euro Security Bank not being able to make a withdrawal for the last 2 months while the lawsuits fly…… and this “bank” is one of the largest of the Andros group. So beware!
You can be sure that as old tax havens disappear, new ones will come to the fore. Some are already beginning to pop up, and in some countries, recent laws passed to comply with OECD demands may not stand the test of constitutionality.
So, be very careful when opening an offshore bank account.
If you have any questions about a bank you wish to open an account with, feel free to ask us if we have any bad news on them. And if you have had a bad experience, please let us know so that we can inform other members before they also lose money.
To see what jurisdictions we can still recommend you open an account in, please see our price list as it shows several good choices still accessible by everyone, including US citizens. But you better act fast while you still can!