Reduce The Risks Of Choosing A Cayman Island Offshore Bank Account
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. 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. Understanding these risks is particularly important, because choosing a fraudulent bank could be disastrous for you. Opening a Cayman Island offshore bank account can be a relatively easy procedure, but some unscrupulous people may open banks with names similar to that of a mainstream bank in an effort to separate the foolish from their money. For example, I once came across the Chase Manhattan Asia Pacific Bank Inc. At first glance, the novice might assume that this bank was related to the Rockefeller-owned Chase Manhattan Bank, but closer inspection revealed that it was a Nauru bank with a Vanuatu PO Box (Nauru is an island in the South Pacific that is famous for the mining of bird do-do and the creation of shell banks). One final point to keep in mind when dealing with Cayman Island offshore banks is that, while their staff conduct themselves in a professional manner, time doesn't hold any real relevance for them. You need to understand that you will more than likely be dealing with an island mentality, and staff that run on island time. Although there is absolutely nothing wrong with this laid-back approach, it can be extremely difficult for someone coming from a major city perspective to appreciate. There have been many times that I have personally witnessed an irate customer speaking harshly to a poor bank teller for the speed at which they were processing a particular request. The point I am trying to make is that business is conducted at a different pace, and hurling abuse at the banking staff will not make for a good business relationship. If you keep in mind the two tips mentioned above when choosing the right Cayman Island Offshore bank for your offshore investment, you'll successfully avoid getting scammed out of your money. You'll also be able to protect your investment while still maintaining a large degree of secrecy, and conduct professional relationships with the banking staff in charge of your account.
DO
YOU HAVE ANY QUESTIONS? Offshore
Investing Home | Support |
