Offshore bangking... where to start?

[Zerocool]

Hey everyone, I am looking for some info on offshore banking.  I am from USA, but will be spending some time in Bkk.  I want to open an offshore bank account with a bank that has a branch in Bangkok.  I would like it to be in US$ or Euros.  

Any ideas?

Thanks!

[JonnieB]

i am from the usa too and live in los.  unfortunately, as an american, most offshore banks (at least all the major euro ones i have tried) will not deal with you.  because our incomes are taxed worldwide and the onerous recordkeeping and reporting requirements of our government it is not worth their time and effort to have us as clients.  since the major benefit of offshore banking is tax savings (which is legit for most all other countries who don't tax out-of-country income) the usa figures our use of such banks would be to hide income from taxes.

also, in order order to stay on the good side of our government, the major offshore banks do not take deposits from Americans as this would put the retail, institutional, securities licenses of their other US operations in jeapordy.

most offshore banks, once you tell them you are american politely tell you they cannot open an account for you.  if you get any written information from them, it will state that they cannot open such accounts for americans.

[TRIPxCORE]

most offshore banks, once you tell them you are american politely tell you they cannot open an account for you.  if you get any written information from them, it will state that they cannot open such accounts for americans.

I have not heard this before.  Many Americans have offshore accounts and I plan to open one also when I come to LOS.  I contacted a Swiss bank via the internet and was not told that being an American was a problem.  You may have to jump through a few more hurdles to open an offshore account and possibly pay a fee to a liason, but it can be done.

[SoCal]

I don't know that much on the subject, but I do know that you have to go to a country that does not have a tax treaty with U.S. LOS does have a tax treaty.

Very few places left from what I hear, mainly S.A.

[Rinrada]

There are LOADS of them to consider ..heres a couple for the weekend.

If you are from /in UK Nationwide still best for no cost ATM dosh transfer.Even Khun wifes nieces in Samut Prat have got Flexaccounts and they recon sabai sabai...FYI

Offshore banking information from OCRA From over 15 offshore and onshore offices, we assist clients set up international and “offshore” companies and trusts, and provide administrative and professional advisory services.

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offshore banking from Citibank Make your money work harder for you and place some of your assets overseas.

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Offshore banking from HSBC Current and savings accounts, credit cards, Internet banking and award winning international investments.

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Offshore banking by Rapid Companies Need a bank account? Our bank account service provides introductions to a broad range of UK, offshore and anonymous numbered account services.

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Find offshore banking directory Find.co.uk, the online directory that lists the offshore banking websites you need. The independent gateway to all UK financial websites since 1996.

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Offshore banking Offshore banking with one of the largest Swiss banks. Secure, private and online. Protect your assets. Visa and ATM available. Instant account opening.

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Bank of Ireland Fsharp - offshore banking Offshore bank providing online banking services including deposit accounts, credit cards, debit cards, online foreign exchange, multi-currency and much more.

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Offshore banking from Sovereign Chartered Bank Offering term deposit accounts guaranteed by portfolio of residential EU property. Benefit from security of property investment without the hassles. Fixed rates up to 20% p.a. paid tax-free.

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Free help with offshore banking Caledonian Express offer free help, advice and information about all kinds of credit and debt problems. Find out which banks, lenders and organisations can help you clear up your credit problems.

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Offshore banking with BCS Bank & Card Services Private and business checking accounts offered by BCS.

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Next Page and next page and next..............

http://www.buy-the-best-online.co.uk/Offshore-Banking.html :cool:  ::

[SoCal]

Rinrada,

An offshore account is any account not including one's country of origin. If this is what Zerocool is refering to, then he should just say open an overseas account, or a local Thai account.

Usually when you hear people talk offshore, they are speaking tax haven. For US citizens it is very difficult, due to tax treaties. Trust me that Citibank, HSBC, etc are not going to help this guy defraud the American government. They see your passport, and end of game.

TO get an offshore "tax haven" account, you have to go to a country that does not have tax treaties with the U.S., and deal with a local bank for all intents and purposes.

[Heng]

Sounds like you want an offshore bank with a Thai twist (I assume most of us are living here).    Go into Bangkok Bank's main office at 333 Silom and tell them you want to open a dollar account with their little known (mostly because it is wholly owned and only known as BBL (Cayman Islands) branch in Grand Cayman as your home branch.   You're then subject to friendly Cayman Island's laws and you're dealing with a solid Thai bank (you'll hear snickers from bar owners and teachers all around, but REAL expats all know that unless there is a revolution or a comet hits the planet, there's not much chance of this bank going under).   Note that you'll have to provide evidence that you're not just some Joe Schmoe who has a bit too much free time on that particular day.

Then have whoever you want wire your funds there.  Snug as a bug in a rug.    Thai Farmers Bank (Kasikorn Bank) can help you as well with your offshore situation, although I've never known anyone doing so.    

[Thetyim]

Thanks Rinrada, lots of useful info there.

Sorry to nitpick but FYI  Fsharp ceased interbanking on 1/9/2003.

[JonnieB]

all i can say is that i have tried to open an "offshore" bank account (not a regular checking or savings account in a non-usa country) but a tax savings offshore account and none of the major euro banks offering these accounts will deal with me once they know i am an american citizen.

if you have a different experience, by all means let us know.

[en184]

Hi,

I have worked in the "offshore" banking industry here in luxembourg.  Only a few banks have the reporting capacity to accept US customers.  

You could try obtaining a second passport from a different country and not declaring your US nationality.  Most banks would accept then.  It is at your own risk though.

Nationality can be aquired through marriage or perhaps you have an irish or german grandfather and can claim through blood relations?

In some countries you can purchase nationality for a fee.

[SoCal]

Do not wire funds from the US. Anything +10k is reported, and not good to leave tracks in any case.

[Heng]

That's a given.   I would think that most who require offshore banking services would have looked that one up when they were 18 years old though.  

[dr_Pat_Pong]

Singapore is a tax free environment for non residents and the banks there are very close lipped.

[Percy1]

EN184,

What countries can you purchase nationality from.

Do you have any more info , costs etc.

Regards

[en184]

http://www.stkittsnevis.net/invest/citizenship.html

http://web.idirect.com/~stkitts/invest/citizenship.htm

St Kitts Island - 250,000 USD investment

http://www.goccp.com/ENG....ort.htm

http://www.escapeartist.com/passports/passports.htm

[davidm]

As posted above, an offshore account is one in a country that is not the same as your residence. Singapore and Hong Kong are just two hours from Bangkok and have branches of HSBC and Citibank which will provide US dollar savings accounts. They are beyond the reach of all but the best-connected Thais.

Alternatively, go to www.hsbc.com and click on the section on offshore bank accounts and open a US dollar, sterling or euro account online.