Overseas Bank Account

Lithium.

Lithium.

New member
Dec 22, 2010
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I'm looking to open an overseas bank account (Personal). I've already got my main bank account here in the U.K, but because of the online moniez, I wouldn't want to put all my eggs in one basket, and I've heard that it's much more secure and safer to have it offshore in another bank account. So what country and which bank is the best to open offshore?

I've heard Swiss, Latvian, etc accounts are very secure, what kind of details/documents are needed to open one from the U.K?

I can't really travel to that country in person to open it, so Online or Mail would be best.

Some tittayz for your effort:

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IF you are paying taxes in UK and live there...what for ? Latvian bank account safer than UK one ? Are you joking ? Swiss - maybe.

What is unsecure in your current situation ? since it's your main issue or so.
If you don't trust banks, just leave it under your bed:)
 
Unless you're doing it for tax benefits I don't see the point.
When you say more secure, I doubt that - your bank would be backed by the Government so you're fine, unless you're concerned about the exchange rate - if that's the case just open some foreign currency accounts at your bank in other currencies you feel are more stable. GBP is very weak right now.

Likewise if you're spending a lot on advertising and want better credit card perks (cashback etc, no foreign currency fees) - in which case for USD billing, US Bank credit cards have the best cash back. Amex Plum or HSBC Premier.

Personally, I wouldn't bank in Switzerland anymore with the US privacy issues - Caymen Islands would be a good choice with something like 48/52 of the biggest banks have a branch there. Or Hong Kong. Either could be done via Correspondence.

Again, in your personal name you're just gonna have to bring the money back to pay tax on so imo it's not worth it.

Unless of course you form a company and work out another tax scheme.
Issues arise when it comes to withdrawing the money though, and unless you lose your tax residency you'll just have to pay for it when you bring it back into the country.
Offshore Company Incorporation - wwincorp
 
I asked the same question when I first joined WF and no one was able to help. It seems like it's a taboo subject or something. The way I look at it is either people are doing it but too scared to share how they are doing it, or they aren't doing it all.

From what I've read online, it seems relatively simple to do too. Most banks in the Caribbean would do it over the phone with you! Just a matter of sending them over a few documents. They'll ship your debit + credit card directly to your door! However the smart thing to do is to contact a local lawyer who is into this stuff, and get him to do all the stuff for you. It's important to have someone that represents you locally in case something happens.
 
avatar33 said:
I asked the same question when I first joined WF and no one was able to help. It seems like it's a taboo subject or something. The way I look at it is either people are doing it but too scared to share how they are doing it, or they aren't doing it all.

From what I've read online, it seems relatively simple to do too. Most banks in the Caribbean would do it over the phone with you! Just a matter of sending them over a few documents. They'll ship your debit + credit card directly to your door! However the smart thing to do is to contact a local lawyer who is into this stuff, and get him to do all the stuff for you. It's important to have someone that represents you locally in case something happens.
Click to expand...

We have these threads all the time. The info has been provided here several times over. Decide where you want to bank, contact a bank there, find out what needs to be provided and deal with the stack of paperwork involved and, boom, you have an offshore bank account. It's pretty much like you just described it. If you want your business located there then incorporation is necessary, which involves hiring a local law firm to be your representative. The banks do indeed provide cards, merchant accounts and more.

This info is all readily available online if you search for it though or just contact the offshore branch of whatever bank you'd like to do business with in whatever country you'd like to do it and ask them yourselves. There are also many many services that will do all the heavy lifting for you, for a fee of course.

This still doesn't discount the fact that the OP is a bit misguided about the benefit or security of offshore banking if he decides to reside in the UK and hide his money elsewhere.
 
Sometimes I think these threads are started by attention whores. Look at me, I be ballin' and need somewhere to keep all my moniez.

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If you want tax minimization, do the research, setup the right structure, and get the fuck out of your high tax country if you need to.
 
I dont see what the big deal is all about..

Just do it online or in person

I have 4 accounts in 3 country's heading over to Asia in few weeks and will probably get one when Im there as well, it's not rocket science.

M
 
Fatbat said:
This still doesn't discount the fact that the OP is a bit misguided about the benefit or security of offshore banking if he decides to reside in the UK and hide his money elsewhere.
Click to expand...

Agree. The whole point of opening an offshore bank account is to save on taxes. I don't know why the OP is talking about security when he lives in the UK!
 
I think the scenario is that of him trying to make money elsewhere via services that are paid in that country itself. So he maybe losing out on something. If its tax benefits that he is interested in, theres a whole bunch of new avenues he could seek.
 
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