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How to Get Started Offshore
By admin | September 18, 2008
If you are looking into ways to make money, you may start to look into an offshore bank account. Opening a bank account offshore may appear, at first glance, to be a very paperwork-intensive process. It’s no longer just a matter of filling out a form on the internet then mailing off a copy of your passport.
But don’t despair. You’ll need a good dose of patience, and you will need to follow step-by-step instructions precisely. If you can do that, and your money is clean, you are in. Still, today.
People sometimes forget that banks are in business to receive deposits. I know a lot of bankers, and the main thing constraining them from doing business with you is bureaucracy and reputational risk. Banks want clients and they will look for ways take your deposit if they possibly can do so, within the regulatory framework they have to abide by.
The more substantial your business, of course, the more accommodating they will be. By this I don’t mean that banks are corrupt. I mean that if you want to invest a thousand dollars, bankers naturally have to apply a systematic, cookie-cutter approach administered by low-level personnel – and if you don’t fit in to that, they will just refuse your business.
On the other hand if you have a hundred thousand or a few million to invest, they will take the time to look more fully at your personal circumstances and can afford to dedicate more high level staff time to dealing with you. Your account application will be reviewed directly by the people who have the power to make decisions and the will to accommodate you as best they can.
It’s worth mentioning that some readers have wanted to open an account with the minimum balance, with a view to making a much larger deposit later if they are satisfied with the service. While that might make sense in most business relationships, in offshore banking it is probably not a good strategy. If the banks see serious money you will get better service from the start.
This is an extract from The Q Practical Offshore Banking Guide 2008 by Peter Macfarlane. It is available free for download in the Members Section of www.QWealthReport.com If you are not already a member, you can sign up online now to benefit from a library of free exclusive reports!
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Topics: Banks and banking offshore, Offshore Wealth Creation | No Comments »
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