How to Get an Offshore Bank Account

Legal offshore bank accounts have several advantages. First, traveling abroad is more convenient because money is readily available in that country’s currency. Second, foreign investments in mutual funds and stocks that are not registered by the United States government can be obtained. Third, foreign real estate can be purchased. Finally, offshore bank accounts can shield against seizure of assets because the information about foreign accounts is not easily accessible.

Difficulty: Easy

Instructions

1. Conduct an internet search of countries that provide offshore bank accounts. The Cayman Islands, Belize, Panama and Guernsey are countries that provide offshore bank accounts. Type search phrases like “offshore account Cayman Islands”.

2. Contact foreign banking officials. Ask about the mandatory paper work and documentation required to open an offshore bank account. Often providing a picture identification card is the only required documentation.

3. Decide how you will transfer funds. If transferring cash, traveler’s checks or bonds totaling $10,000 or more, IRS form 8300 must be filed in the United States.

4. Make travel plans to the foreign country. Book airline tickets, and make hotel reservations prior to your trip.

5. Go to the foreign bank of your choice, meet the banker, present your photo identification, complete the paperwork to open the offshore bank account. Prior to opening accounts, reputable foreign bankers prefer to meet depositors in person

6. Use offshore account features. Once the account is established, begin using the online account features, if you wish. Online banking, checking and even savings options are available.

Tips & Warnings

• If you can not travel, hiring a lawyer in the foreign country to open the account is sometimes acceptable.
• Transferring funds totaling $10,000 or more without filing IRS Form 8300 can result in a possible prison sentence with no chance of parole for first time offenders.

[MrBrett]

on 7/12/2009 Excellent aritcle, good tips & warning! thx 5's

[NightowlMama]

on 7/12/2009 very good info thanks for the write

[mboone84]

on 7/12/2009 I've usually only heard about getting an offshore account on a tv show where the bad guy has robbed a bank or something but never reolized that you would need one to purchace real estate out of the country. Very informative for someone planning to move out of the country like maybe someone in the army or something. Very good work