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Asset Privacy with a Free Offshore Bank Account

In an increasingly international world many live or retire, do business, and do their banking offshore from their nation of origin. Reasons vary from person to person and are many. Individuals bank assets away from their country of origin to avoid being the target of frivolous lawsuits. They place their hard earned assets in tax advantaged offshore jurisdictions to legally protect what they worked so hard to earn. Many choose jurisdictions where corporate and banking laws shield the individual from unnecessary intrusions into their private lives. Many choose offshore to protect the privacy of their assets. So, how much does it cost to set up a bank account offshore? It does not have to cost anything.

Modern Offshore Banking

When banking offshore individuals and corporations are typically thinking of personal and asset privacy. However, they are usually not willing to give up modern banking services that they are used to in their nation of origin. That is typically not necessary. A modern offshore bank such as found in many offshore jurisdictions will provide the ability to instantly send and receive funds worldwide (SWIFT/BIC). Personal account managers are available and a credit or debit card from the bank will allow ATM withdrawals, point of sale use, and online money transfers worldwide.

An offshore corporate account is an idea companion for an offshore holding corporation, trust, or foundation. Such accounts are typically registered under the name of the corporation, trust, or foundation and not of the individual. Such a free offshore account can be accessed for the benefit of foundation beneficiaries through use of a credit card anywhere in the world.

The holder of a free offshore account, personal or corporate, need not be in the nation where the account is located. An individual can live anywhere and a legal entity owning an offshore account can be set up in any of a large number of jurisdictions.

A free bank account in an offshore jurisdiction is commonly a very private place to put your money. Banking laws in many of these locations strictly prohibit making public any information about account holders. The use of a vehicle such as a corporation, trust, or foundation will further enhance the privacy of holdings in a free offshore bank account. Money transfers whether by SWIFT or with use of a free MasterCard can be in the name of a corporate entity providing privacy for the individual or individuals benefitting from the account. Use a free offshore account and your business will be your business and not anyone else’s.

Free Offshore Bank Accounts

It is possible to open a free personal account or free corporate account in a respected offshore jurisdiction with a highly trusted offshore bank. The bank will typically open both personal accounts and corporate accounts for free with a minimum deposit of $250 for an individual and $500 for a corporation. Account holders also usually receive other benefits such as a free MasterCard and free Priority Pass with access to 600 VIP airport lounges throughout the world.