Posted by the author on February 28th, 2007
There’s no doubt about it: with its cloak-and-dagger mystique and its international allure, offshore investment is exciting. You can quickly get carried away, however, by the sense of danger - and figuring out how to avoid the real risks inherent in offshore banking is a difficult process.
This article will list the top two risks involved in choosing a Cayman Island offshore bank account, and give you some tips on how to successfully navigate them.
The first risk you face in choosing the right bank for your Cayman Island offshore bank account is finding one that will keep your money safe. You’ll need to choose a large well-known bank - preferably one that does not have any direct contacts back to your own country. What is meant by direct contact is a bank that shares information with the corresponding offshore bank, or is on the same computer system and linked. The reason for using large banking institutions is so you can rest assured knowing that your money is safe.
The second risk involved in choosing a Cayman Island offshore bank account involves choosing a bank that will grant you the requisite anonymity while still protecting your investment. Quite a few of the smaller offshore banks offer complete secrecy and anonymity to their investors, and in many cases don’t even require identification to open an account. My advice would be stay far away from these banks, because when they come under government scrutiny, the likelihood of all monies being frozen until all the beneficiaries come forward is fairly high.
To read more, go to the Cayman Island Offshore Bank Account website by clicking on this link.
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