Offshore Banking Report HTML version

This worked for a while. But soon after I became aware that my Vanuatu company and bank account
were becoming a liability rather than an asset. And that was Lesson 1 in my emerging offshore
experience: be very careful what jurisdiction you choose for your offshore banking presence.
My second lesson in offshore banking came a couple of years later, when I formed a Belize
corporation and opened a corporate account with a Caribbean bank.
Once again, this was accomplished with the assistance of an agent - who provided the company and
the bank introduction. And all went very smoothly. That is, until I started to make use of the account
in a big way and was wanting to deposit and withdraw increasingly substantial amounts of money.
That's when things became difficult. You see, this bank was a small bank, operating through a
sub-account of a larger bank - which in turn imposed strict guidelines on how such accounts could
be operated.
The end result was that each deposit and withdrawal required onerous documentation and
verification - providing things like invoices to validate outgoing payments and proof of funds for
incoming ones.
After a while all this became so tedious that I seriously wondered about this offshore bank account
stuff - especially when actually using one was becoming an onerous chore.
At the same time I had another corporate account with another small Caribbean-based bank (because
the Caribbean was the offshore banking center, so I thought). The bank was helpful and responsive,
but soon fell victim of the same regulatory environment - making it equally unsuitable for any serious
offshore business enterprise.
Fortunately for me, at the same time and in parallel with the above mentioned experiences, I had early
on opened a personal offshore account with a very large British bank - based in the Isle of Man.
This gave me a taste of offshore banking with a difference - the fact that I could actually use this
account the way I wanted to, without burdensome petty rules about how I could use my own money.
As I write this report now, I'm still with this bank and am quite convinced I'll never leave!
The above is just a very small sample of my previous offshore experiences - with the banking sector
only. I could easily write a substantial essay on my other offshore ventures - with companies,
financial institutions, financial intermediaries, e-currencies and various investments. But that is not
part of this story!
So, having introduced myself, by way of my previous offshore banking experience, it's now time to
turn to the subject of this report ...
The 10 things you really need to know, before opening an offshore bank account.
So let's begin: