Organizing Investment Offshore Account Files

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Organizing investment offshore account files requires keeping the documents from opening the account, keeping copies of account statements and keeping copies of any filings that occur. Speak with a lawyer or accountant about laws governing different offshore accounts with insight from a financial consultant in this free video on investments.

Part of the Video Series: Investment Tips & Financial Planning
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Video Transcript

Has your lawyer or tax attorney advised you to open up an offshore account? Hi this is Roger Groh at Groh Asset Management and today we're here to talk about how you would organize your files from any offshore accounts that you have opened. There are many countries around the world which will enable you to open up an account there. Now remember offshore accounts don't mean island bank accounts, they just mean opening up an account in some other country then the one that you're in. And because there are close to 200 countries around the world, the laws as to what you must maintain in your files for that account are different and therefore you need to pay an awful lot of attention to what the laws are in that specific country where you're opening up an account. But at a minimum, what should you keep? Well like anywhere, keep the documents where you opened up the account and if they're sending to you statements which show what's in the account, keep copies of that. Even if they're online, keep copies of that. What else should you maintain? Well you'll have to talk to your lawyer or accountant about that. There might be filings you have to do and I would keep copies of any filing. There might be restrictions from the country you've come from in terms of what you can do when reporting and I would keep copies of that also. So this is not for the faint of heart, it's for the very well educated, be very careful. I'm Roger Groh with Groh Asset and thank you very much for spending time with me.


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