3 Major Reasons To Open Anonymous Offshore Bank Accounts

Choosing a bank is one of the most important decisions you’ll ever make, so you need to know all the facts. More and more people are opting for anonymous offshore bank accounts: Why? What’s so great about offshore banking?

This article will give you three main reasons why anonymous offshore bank accounts might be for you: profit, privacy, and protection – or the 3 P’s.

Let’s look at each reason separately, starting with profit. I’m going to use Australia as an example to illustrate my point, because Australia is so highly taxed. As an Australian worker, you’re taxed on your wages; you buy a few things, paying a 10% goods and services tax. You then place your remaining money in a bank, where you’re charged financial institution duty, and bank account debit taxes. Despite this, you earn a tiny amount of interest – on which you are also taxed. If this seems excessive to you, you’re not alone: banking offshore eliminates at least the last of these taxes.

Having anonymous offshore bank accounts isn’t illegal and probably never will be. You can legally move your money anywhere you want in the world: there is absolutely no restriction on the amount you can move, or where or how you move it. To come back to the Australian example, while there is no restriction on the movement of money offshore, amounts of $10,000 or more are required to be reported to the relevant government authorities. There is also a question on Australian tax return forms asking if you have $50,000 or more invested offshore: this is an individual limitation, so if you have a spouse or child, you can always put the money in their names.

The first reason for which you might want to open anonymous offshore bank accounts is simply that it’s profitable: you eliminate taxes, and you gain access to investments only offered in particular jurisdictions, which can negate the need for a structure. Finally, the compounding effect of money is phenomenal in a tax neutral jurisdiction.

The second major reason for anonymous offshore bank accounts is its offer of privacy. Many people don’t even realize lack of privacy is a problem, so the concept of it can seem totally foreign: in most westernized countries, there is no protection of your private banking details. Let me outline for you three simple steps to discovering the fundamental flaw in banking systems that don’t employ heavy penalties for banking secrecy. First, get a hold of someone’s bank account details. This is nowhere near as difficult as you may expect: if someone pays you by check, you then have access to their account details. Secondly, with those account details, go to a branch of the same bank. Never go to the branch where the account is held. Lastly, fill in a deposit slip for $10.00 and, when you deposit it, ask the teller for ‘your’ balance.

Yes, it’s really that simple to invade someone’s privacy – including your own. Anonymous offshore bank accounts have tenets of privacy and secrecy that will help you to protect your identity and your money.

This brings us to the final P in the 3P’s of anonymous offshore bank accounts: protection. The third reason anonymous offshore bank accounts are such a popular banking solution is that they protect your assets. Unlike the account mentioned in the example above, if a bank account had been held in an offshore jurisdiction, it would have been virtually impossible to find out the balance of the account. In most offshore banking jurisdictions, there are heavy fines and jail terms for the disclosure of any information relating to bank accounts.

Be careful, however: although Internet banking onshore is commonplace, if you intend to do this with offshore banks you need to be aware that all of your information is stored on your hard drive.

Profit, privacy, and protection: these are the three assets anonymous offshore bank accounts provide that no other account can. What you do with that information is entirely up to you.

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