Rules of successful offshore banking

No matter what your reason for conducting your banking via an offshore account, your day-to-day transactions are quite similar to those you perform with your onshore banks. Sometimes, this can cause one to become lax in the security measures needed to keep the confidentiality of the offshore account.

There are a few tips to keep in mind to ensure you have a positive offshore banking experience, and to maintain the level of privacy you desire from your offshore bank account.

Lifestyle

Many individuals who choose to open an offshore bank account do so because of a sudden windfall - lottery winnings, an inheritance, or a settlement from a lawsuit. While the instinct is correct, occasionally the individual can become enamored of the lifestyle that comes with that level of wealth. If you want to keep your assets offshore, it’s important not to flaunt your wealth onshore - it can raise questions as to your wealth that would lead to your offshore bank account.

Trust

Business partners and family members rightfully have your trust - but there are many instances of these relationships turning sour, and the existence and location of your offshore bank account can come to light. It’s best to leave this kind of information in the hands of a lawyer or uninterested third party who has no claims to your assets should a situation devolve.

Moderation

While it can be advantageous to have more than one offshore bank account, it’s not wise to have so many that you can’t keep track of them efficiently. Likewise, it’s best to minimize the activity of and between each account, so as not to draw attention it them.

Postal communication and hard documents

No matter what address is needed to open your offshore bank account or what is shown on your official documentation, be sure to always have statements, annual reports and any other correspondence from your offshore bank mailed to a neutral address that cannot be linked back to you.

Financial transactions

The funds that are deposited into your offshore bank account should come from somewhere other than your onshore account directly. There are any numbers of cheque services that can be used in order to either deposit or withdraw funds.

Electronic communication

Do not store any electronic data regarding your offshore bank account on your own computer, or any computer to which your use can be traced. Also, it is better to use a separate email account for communication to, from and regarding your offshore accounts.

Telephone and fax

Telephone records are the easiest way to link you with your offshore bank account. Take pains to use public pay phones; if you must use a phone that is in your name or your company’s name, keep an international calling card with you, so that the number registered as being called is not a phone number that can be traced. Send and/or receive faxes from any airport executive center, Internet café, or copy center.

While it might seem that some of these tips are taking precautions to an extreme level, you want to ensure that your assets are secure - and sometimes, that means keeping on your toes.

However, you are not alone! We at Offshore Banking International have a long history of assisting those who have offshore bank accounts keep them secure. We offer specialized virtual office services for all our clients, including:

Mail forwarding - You use our prestigious office addresses worldwide to accept your mail; we log in every piece we receive, and you choose which pieces you want to see, and where and when you receive your mail.

Telephone services - Whether you choose our voicemail services or to have a live operator take your calls, you have complete control over your incoming and outgoing phone calls, including answer scripts and call forwarding instructions. We also send and receive faxes for you.

Temporary office space - If you need to contact your Offshore Bank, work or conduct any kind of business meeting, you may use any of our locations worldwide for professional, fully equipped and secure facilities.

For a full list of our virtual office services, click here. If you’d like to speak with an Offshore Banking International professional about more ways you can keep your offshore bank account secure, please do not hesitate to contact us today.