Today I’m going to take on one of my favorite topics offshore banking. This is a introductory overview of offshore banking. If you take the complete training course you will learn a lot more about offshore banking.
Offshore banking abroad is different than banking in the United States. Why do I even care about offshore banking? Well, remember the first rule of asset protection ‘what you don’t own cannot be taken from you’.
That becomes effective when assets you own are sitting in an offshore country. If someone wants these offshore assets they will have to pay a international lawyer and put up a bond for your fees. In most cases, they're facing rules that make U. S. judgments very difficult or impossible to enforce which makes it not worth it for opponents to go after you.
You always want to have an offshore bank account if you do asset protection planning, even though a majority of your money may stay in the United States. You need that account. You need it as a backup.
You need it as a place where you can move money and trigger the second rule which is “no country in the world automatically enforces U.S. judgments”. You can trigger that rule by simply moving your money abroad. Now, what's the difference?
The differences between U.S. and offshore banking are very significant. Offshore bankers are more like business partners in many ways.
They actually handle many things that U.S. banks don’t want to handle. They’ll help you trade stocks. They’ll accommodate almost any business services you need, as long as you're willing to pay for it.
They also open up a whole lot of investments that are not available in the United States. That’s a good reason to engage in asset protection planning, because it opens up a whole plethora of investment options that aren't available to you through Bank of America or Chase.
I’m actually almost embarrassed about our banking system here. Procuring an account is sometimes difficult. The Association of Americans Resident Overseas is a great organization. T
I noticed a number of customers were having a terrible time opening bank accounts abroad, even having U. S. banks closing down bank accounts if someone used an offshore address. It's gotten tough to get a bank account. You have to jump through a lot of hoops.
You have to present a lot of evidence. If you want to hold your money abroad, you'll have to prove your money is clean. That it's after tax, and that you’re not funding terrorists.
Why most offshore banks won't let you open an account>/h3>
All these rules have made offshore bank not even want U.S. customers.
They're not taking U.S. customers. Why are they taking mine?
Most foreign banks regard a properly done trust as a different person than the actual individual making the deposit. If they have a problem with the trust, they should be willing to take an account from an LLC or offshore entity owned by an offshore trust. Procuring an account is difficult and we can help you with that.
Secret offshore bank accounts do not exist anymore.
Offshore banks have good secrecy when it comes to individuals and civil litigation, but secrecy is dead when it comes to the U.S. government.
The know your customer rules, the patriot act, all statutes, the seven money laundering statutes, all of these are things we’ll talk about later; and they all point towards one thing- bank secrecy is dead.
If you have a secret, unreported offshore bank account, you are a waiting time bomb about to explode. The ultimate result may be spending some prison time. If you do have an unreported offshore account take care of it. Come clean. Report it.
Get an expert to help you with it, and get somebody well-respected because you don’t want to go to jail. It's considered a serious crime now. The final point I wanted to make about offshore bank accounts is always report your accounts to Uncle Sam.
He’s a ruthless individual when it comes to not telling him everything about offshore accounts. Don’t take the risk. It's never worth it.