Although having an offshore bank account seems something mystical and magical, there are more people using this kind of accounts than you would think. It is nice to talk about trendy things of this kind, but the truth is that the majority of the accounts of this kind are set up to save on tax dollars.
Information about offshore banking
If you would like to manage offshore investment funds you should know that in this case another factor that you have to think about is liability. In this case the creditors’ access to your funds is limited. Naturally there are also the people who just like the thought of having an account of this kind.
In case you are a citizen of the U. S. you have the possibility to open an offshore account. Nonetheless if your purpose is to perform illegal activities or to hide your money, you could be in big trouble. For instance if you get accused of tax evasion and you place your money in an offshore bank account, you will still be brought criminal charges. However your money might be safe from the arms of the law.
If you have deposits in a bank from the U. S. you can be sure that your money is ensured by the U. S. government. In case of the offshore banks there is no security of this kind. This means that your money can disappear from one day to the other. Another possibility is that you will be scammed.
Some people think that offshore banking is for the very rich people. While this isn’t entirely true, there is a minimum deposit that varies from one bank to the other. In order for you to be worth it to have the account, you should deposit at least $10,000.
You don’t have to travel to make the deposit or to open the account. The majority of the businessmen wire the money through email or phone. This means that you will be in your country and your money will be somewhere else.
In this case you can set up an account through mail and the best thing about this account is secrecy. The banks work like American banks, but the details are private such as taxes, divorce and bankruptcy. Some countries change their laws because of the U. S. but Switzerland isn’t one of these countries.