Opening an offshore account will always involve a degree of risk. This article will discuss how to stay safe and anonymous in an increasingly unstable offshore environment.
The tradition of simply sticking your money in offshore companies, trusts and bank accounts no longer works as it once did. Financial privacy has been increasingly eroded by a succession of measures that seek to limit bank secrecy and expand the sharing of confidential information.
The most dangerous threat to financial privacy in recent years has come from the Patriot Act. It requires any bank with a US Dollar correspondent account to hand over customer information on demand, regardless of the privacy laws in that country and whether or not a transaction is suspicious. Furthermore if a country has a tax-information treaty with the US, that country's law can be overridden to gain access to their confidential account information.
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In many cases people use offshore banking to have politically and economically stable environment that often is not present in the country they reside. Offshore banking centers are free of political turmoil and often provide such banking or other financial services that home country will not be able to provide during a decade.
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