| We frequently hear about offshore bank accounts in | | | | via e-mail or in person if you are in the country. Swiss |
| the news or in the movies because those trying to | | | | bank accounts are quite secret and that is why so |
| hide money for criminal reasons usually utilize these | | | | many choose them. They operate much like American |
| accounts so that they are not caught up in their | | | | banks and keep certain private matters such as |
| shenanigans. However, that is not all an offshore bank | | | | divorce private. Switzerland does not change their |
| account is about. In fact, having an offshore bank | | | | laws under American pressure like some other |
| account means saving tax dollars and some may | | | | countries do. |
| have other reasons behind it. Just because someone | | | | - Opening an offshore account in Bermuda doesn't |
| has a bank account outside of the country doesn't | | | | require you to be present at the bank. The account |
| mean they are a robber or a member of the mob. | | | | can actually be opened by mail, along with proof of |
| Nevertheless, there are some legal implications and | | | | identity. Many of their banks are known for serving |
| some things that must be kept in mind. One of those | | | | clients all over the world and this has made offshore |
| things is the fact that it is not legal for a United States | | | | banking in Bermuda quite popular. |
| citizen to open an offshore bank account. Sure, you | | | | - The Bahamas are also known for their secrecy due |
| may be protecting your money from creditors or from | | | | to their privacy laws. This makes offshore banking in |
| high taxes, but you could get yourself into trouble. This | | | | the Bahamas a huge business. They are also |
| is how some become convicted of tax evasion, but it | | | | compliant with international laws with attractive |
| is very possible that the long arm of the law will not | | | | incentives for their bankers. |
| reach your offshore account. | | | | - The Caymans are also one of the best because of |
| Another risk is the fact that your money doesn't have | | | | the similarity to a U.S. bank account. Then there is the |
| the protection of the government. Your money is | | | | possibility of keeping your identity a secret. The |
| subject to the laws of the country that it is in. This | | | | Caymans do not encourage tax evasion, but they do |
| means that a coup or some accounting scheme could | | | | not report deposits in the accounts or interest gained |
| occur that would cause you to lose all of your money. | | | | from those deposits. |
| That is when you must ask yourself which country | | | | Being safe |
| you want to open your offshore account in. Should | | | | Offshore banks do not report your income to the IRS |
| you choose Switzerland, Bermuda, the Bahamas, or | | | | like U.S. banks do, so they use an honor system. This |
| the Caymans? This can certainly be a difficult decision. | | | | means that it is up to you to report your income, but |
| Best countries | | | | changing laws and other factors can cause issues if |
| First of all, you don't have to be wealthy to have an | | | | you do not comply with the laws of your own country. |
| offshore bank account. Second of all, you do not have | | | | However, offshore accounts keep matters private and |
| to be present to open it and you do not have to visit | | | | keep others from learning of your affairs. That is why |
| the bank at any time during the life of the account. For | | | | such accounts are so popular amongst people all over |
| example: | | | | the world. |
| - If you open an account in Switzerland, you can do it | | | | |