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