Make sure you are happy with the jurisdiction where the bank is located. Find out which well-known international banks are sited there. Research the bank’s history and find out who its real owner is. Ask about staff turnover, especially if you are looking for investment help.
Consider what you want from an offshore bank. Deposits, current account, savings, money transfer, or investing? Take your time to discover as much as you can about whether the bank offers the services you need.
People mainly use offshore private banks to protect assets from third parties. They can deal in cash, securities, investing etc. The identity of the owner can be protected by offshore legislation or can even be anonymous.
One can keep control over one’s assets yet third parties can’t link the assets to the beneficial owner. They are far more lawsuit-resistant than assets held by in one’s home country.
However, one of the most common, false beliefs is that offshore private banks can legally prevent assets from being subject to personal income tax on interest.
Certainly some have low or no taxation, this exception is generally associated with...
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