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