| When we hear the words "offshore savings | | | | Amongst those countries are Switzerland, |
| account," the first thing we think of is | | | | the UK, France, Germany, Cayman Islands, |
| movies where the blackmailer tells the | | | | Austria, Belgium, Greece, Monaco, and |
| blackmailed that they have to wire | | | | many more. Basically, the countries |
| transfer so much money into an offshore | | | | involved in what is called the EU |
| account. Then again, a bank robber may | | | | Savings Tax Directive 2005 can share |
| hack into the bank's mainframe and wire | | | | information about anyone earning income |
| transfer the money into an untraceable | | | | from their offshore savings account in |
| offshore account so that he can live | | | | an EU state, but they must also reside |
| high and mighty on a yacht for the rest | | | | in an EU state. The United States is not |
| of his life. No matter what scenario | | | | included in this, although the U.S. has |
| comes to mind, we automatically perceive | | | | been known to track down offshore |
| an offshore account to be something for | | | | accounts used in tax evasion. As for |
| criminals, making it an evil type of | | | | opening the account, it is quite easy. |
| banking. The truth is that having an | | | | The internet serves as a great tool in |
| offshore savings account is not at all | | | | finding a viable offshore bank. You can |
| evil. Just because you are thinking | | | | choose a bank in the country you desire |
| about getting one doesn't mean that | | | | by seeking out the different banks and |
| others will perceive you to be a | | | | doing comparisons regarding any fees and |
| criminal. A little mysterious? Yes. But | | | | the types of interest returns they |
| not a character out of a James Bond | | | | provide. Once you decide and you have |
| movie. The offshore bank Offshore banks | | | | read their terms and conditions very |
| are banks that are located in a country | | | | carefully, you can then complete the |
| other than your own. The reason why | | | | application form. Once the form is |
| people choose offshore banks is because | | | | complete, you have to provide proof of |
| of the stability and the privacy that | | | | your identity. This is usually done via |
| they offer. A person can spend this | | | | e-mail or fax. The bank is then able to |
| money when they want to, but many | | | | open the account and it is active once |
| individuals choose not to do so. An | | | | it is funded. This can usually be done |
| offshore savings account is the choice | | | | by wire transferring money into the |
| of many individuals who wish to increase | | | | account or writing a check to the bank |
| their savings. It just seems so much | | | | from another account. Easy and |
| easier to spend money when it is in a | | | | convenient Once the account is funded, |
| local bank, but it seems harder to spend | | | | you can then take charge of your account |
| when it is in an offshore account. There | | | | via telephone, fax, or even the |
| is also the fact that an individual can | | | | internet. Having a bank that allows you |
| receive better interest returns and a | | | | internet access to your account is |
| lower tax burden. You are also able to | | | | probably one you definitely want to have |
| have access to your assets no matter | | | | since it allows you to take charge of |
| where you are in the world. You don't | | | | your account very easily. Just don't |
| have to be at the mercy of a local bank. | | | | forget to pay your taxes. |
| How to open the account Anyone can | | | | Established offshore investment firms |
| legally open an offshore savings account | | | | provides offshore bank accounts, |
| in many countries around the world. Just | | | | offshore mutual funds and offshore QROPS |
| know that there are a number of | | | | - a Qualifying Recognized Overseas |
| countries that may limit the amount of | | | | Pension Scheme to those that qualify. |
| privacy allowed with these accounts. | | | | |