Offshore Banking and Privacy

Offshore privacy can no longer be taken for granted. The meaning of “Offshore” is shifting as countries dismantle their bank secrecy and non-disclosure legislation.

Provided you do manage to transfer your funds Offshore in complete privacy, can you be sure that they will remain so?

Many offshore providers do not care too much about giving proper advice as to the suitability of offshore banks and jurisdictions. Rather, they will suggest opening Savings Accounts with whichever handful of banks they have relationships with, wherever these may be. St. Peter’s Port, Guernsey and St. John’s, Antigua are both “offshore”, and that’s all that apparently seems to matter.

Beware. Nowadays, “offshore” no longer always means “private”. Getting involved with the wrong jurisdiction — or the wrong bank — is not uncommon, and hasty choices based upon poor advice may be the source of long-term problems.

The choice of Offshore Banking jurisdiction deserves extreme care.