|Wealth Building Information|
Five Straight Steps to Opening an Offshore Bank Account
Despite what you may have read or heard, anyone is free to open an offshore bank account nowadays! In fact, banking offshore has been used successfully for tax reduction and asset protection by both individuals and worldwide organisations for decades.
And opening an offshore bank account in this day and age couldn't be simpler either! Here are five straightforward steps to take towards opening an offshore bank account.
Step One ? Understand The Advantages Of Banking Offshore
There is no point in opening a bank account offshore if it is going to be of no use to you! So you need to understand some of the general advantages of banking offshore.
Depending on an individual account holder's personal circumstances it's possible to reduce tax liability, increase wealth potential and maximise privacy with the use of an offshore bank account.
Further advantages for an expatriate or internationally focused individual are the flexibility, ease of access and global reach that an offshore bank account may provide.
Other general benefits may include asset protection, estate planning, better interest rates and the chance to exploit active business interests overseas.
At this point it's essential to point out that each individual's circumstances are unique and a person should seek personalised professional advice before venturing into the offshore world. This article does not constitute direct personal advice.
Step Two ? Pick Your Jurisdiction Carefully
There are so many offshore banking providers offering a wide variety of account type and they are located in low to no tax jurisdictions worldwide so how do you choose which country to bank in? Again, depending on an account holder's personal circumstances certain offshore jurisdictions will present themselves as being more favourable.
Jurisdictions range in quality from highly regulated, politically and economically stable centres like the Isle of Man, Jersey and Guernsey to high risk jurisdictions that few would recommend!
Remember that an offshore centre that is suitable for an American expatriate might not be so suitable for an English international investor! Consider your circumstances, your country of residence, country of domicile and any reporting restrictions placed upon you. Further examine the reporting requirements of any jurisdiction that you're interested in.
Step Three ? Select Your Offshore Banking Provider
Do your due diligence carefully and find out who's the financial security behind a particular bank. Research the bank's history in terms of its stability and security. This research is mainly applicable to those thinking considering banking with a lesser known offshore provider.
Clearly if you're thinking about opening an offshore bank account with HSBC then your research needn't necessarily be so intense!
You need to make sure that you're comfortable with your chosen bank's attitude towards you, its customer, and if you're considering online banking be sure that your connection to the bank will be secure.
Much of this essential information can be found online.
Step Four ? Choose The Right Bank Account
With so many providers vying for customer attention there are more account types on offer now than at any other time before. Each account structure claims to offer something the others don't, but remember that the more bells and whistles you add to an account structure, the more expensive the charges for running and marinating such a structure will be! And who will bear the brunt of these costs? Most likely you - the customer!
So, think carefully about exactly why it is you need an offshore bank account and what are the features of that account that are essential to you. Do not be tempted to add to this list any unnecessary complexity.
Stay in touch with your immediate money management requirements; do not be tempted to deviate!
Then work through what's on offer and pick the account type that best suits your needs.
Step Five ? Opening The Bank Account
Nowadays you neither have to visit the offshore jurisdiction in which you wish to bank, nor do you have to travel to the country for the continuance of your banking activity and account maintenance.
Depending on the jurisdiction you favour, the provider and account type you have selected you will be required to submit certain paperwork, forms of verified ID and deposit funds.
The majority of legitimate offshore banking organisations will also allow customers to conduct all ongoing banking activity via the internet, e-mail, post, fax or telephone.
With many providers now offering full credit and debit card services as well you will also have easy and direct access to your funds at all times.
Rhiannon Williamson is the publisher of ShelterOffshore.com - the online resource for offshore, expatriate and international investors.
For personalized investment and offshore advice, readers of Shelter Offshore benefit from the site's strategic alliance with deVere and Partners, the world's largest offshore financial advisory. Visit the http://www.shelteroffshore.com/index.php/
Saving Money By Spending Wisely
Why is it that the older and richer people become, the more conservative they are with their money? Have you ever done or know someone who has made an investment that promised a 10% interest or profit per month? Everyone wants to make above average profits. It is amazing how many people will send their very hard earned money across the world to Nigeria or to Boca Rattan, Florida on the promise of a telephone acquaintance to make them much richer. People give their money to complete strangers in hopes of making more money.
Steps to Financial Freedom
Financial freedom is the power to do what you will with your life without being forever bound by lack of money and over burdened by debt. This worthwhile goal can be achieved by anyone through careful planning and persistence. Just follow these steps:
Why Get Rich When You Can Be Wealthy?
"Any fool can rich, the wise get wealthy." Chris Widener
Simple Strategies to Making Financial Gain
Now is a great time to make it a habit to manage your resources instead of your resources managing you. What is meant by that when we are stating that "Your money manages you"? Here is a well known example:
Building Wealth by Paying Yourself First
When I look around at all of my friends, and a lot of my family, I see a lot of people living from pay check to pay check, under monetary stress. These same people watch the Calendar for payday like a hawk. Pay their bills, and then open up the spending flood gates, before they know it, they are itching for their next pay check. These same people are the people who don't think they make enough money to build future wealth. They are wrong.
5 Easy Ways to Save and Build Wealth
1. Pay off high-cost debt. The best investment most borrowers can make is to pay off consumer debt with double-digit interest rates. For example, if you have a $3,000 credit card balance at 19.8%, and you pay the required minimum balance of 2% of the balance or $15, whichever is greater, it will take 39 years to pay off the loan. And you will pay more than $10,000 in interest charges.
The Underlying Belief System
Many of us do not consider the underlying belief system about money to be of any importance. You think it does not matter, because what matters is what you do now. Right, at one level, but not complete. All ideas that we have learned about money in the past are colouring our actions today.
How to Save Money and Take the Vacation You Always Wanted
Many people don't realize how much money they spend on convenience and boy does it add up. I am going to share some of my frugal and practical tips of how to save money for the vacation you always wanted. Before we get started make sure you setup a vacation savings account, if you don't have a savings account setup look into an ING Direct savings account. (Find out how to get $25.00 just for opening an account in our forums)
Do You want to Live on Macaroni and Cheese when You Retire or Filet Mignon?
How Much Money Will I Need to Earn to Retire?
Financial Intelligence - Natural Marketing For Lone Rangers
"Ooooooh," you may say, "I could NEVER be good at marketing, I'm just not that sort of person.� I'm just not pushy enough".�
Learn How to Bank Like a Banker
The business of banking has changed dramatically over the last decade. Because the cost of doing business the old-fashioned way is no longer effective, banks are interested in changing their customers' behavior by encouraging electronic banking alternatives whenever possible. They have done this by charging high fees for services that were once free. If you pay $200 or more in annual fees for banking, it's time to do some competitive shopping.
Wealth Management, Wealth Protection, and Tax Planning
U.S. Supreme Justice Louis D. Brandeis
Does Money Grow On Trees?
"Money Doesn't Grow On Trees."
Early Retirement The Dream of the Working Classes
Everyone dreams of early retirement. The idea of no longer having to work at an early age is very attractive to some people and they dream and wish all day long about the day that they can afford to say, "Take this job and?" well, you know. Unfortunately, for many people, early retirement is a dream that will never be realized. It is not because they are in a job that won't allow early retirement or because they love their work so much that they can't bear to leave it. It is simply because they spent their time dreaming about early retirement rather than planning for it.
The Top 10 Steps to Extraordinary Personal Wealth
I recently came across startling figures about the average American's finances. Only 4% of us have significant savings when we hit age 65, and a majority of Americans have less than $1000 in savings. Perhaps even more troubling, nearly one-fifth of us have a negative net worth, meaning that we owe more in debt than the total value of our combined assets. In a land of wealth and opportunity, and in an age of unlimited freedom, attaining wealth is primarily a matter of choice and determination. The following are my suggestions for rapidly increasing your personal income and wealth.
Who Wants To be A Millionaire?
How many people search Google, Yahoo and MSN each day for the terms - make fast money online, get rich quick, or make money online? Or how about Who wants to be a millionaire?
Your Own Products Can Make You Rich
Although there are advantages to selling other people`s products and services, there are also drawbacks. For example, the lack of exclusive rights to your own proprietary product can mean that you are just one of thousands selling the same thing. Excessive competition can cause you to drop your prices and to lose sales, thus affecting your profits and cashflow that are so essential to your business survival.
5 Simple Steps for Serious Saving and Financial Growth
1) Pay off your loan, credit and store card debt and resist the temptation to keep on spending money you don't yet have.
A Completely New Way To Get Rich Rapidly
This new way is catching on around the world. People are compounding money rapidly for themselves.
Jobless? You Stand To Be Rich!
This is a true story about a homeless man from Illinois. This man slept in alleys, park benches and wherever else he could find enough space for himself. This man used to beg for food and money. He had nothing but time to himself.
|home | site map|