My experience with offshore banking dates back to the early 80’s while living as an Expat in Australia and requiring access to funds from Canada. However, it wasn’t until early the next decade, while living in Florida and working in the Bahamas that I opened my first corporate bank account and began to learn the intricacies of Offshore Banking. Nowadays much has changed but one thing remains the same; you need a good adviser.
Having met dozens of people claiming to be offshore banking experts from many countries, I can say that there’s one piece of advice that’s consistent, each will tell you; “there’s no one-size fit’s all solution”.
Many people pay for advice from a Tax Attorney and I think this is often a good place to start, however the lawyer based in an onshore jurisdiction is not a specialist in offshore banking, nor are they well versed in managing a global business. Generally the Tax Attorney is an expert in providing asset protection and/or tax reduction recommendations, although more often than not they have affiliations with the requisite offshore institutions to enable their clients to fulfill their suggested needs.
My suggestion is to get a second opinion on both your asset protection strategy and your offshore banking and business structure. My suggestion is to contact the Offshore Banking Navigator at Capital Conservator Treasury Services and ask for his advice.
The advantages to working with CCTS are too many to list in this short article, so I’m planning to write more about why I so strongly recommend the Offshore Banking Navigator but one of the first and foremost reasons, in my mind, is to have a 3rd party company like CCTS manage your bank relationships and present all the necessary documentation, on your behalf to the bank, for meeting the requirements of the “Know Your Customer” (KYC) fulfillments. KYC requirements works both ways to protect “you” the customer, but also to make it easier for a 3rd party to represent you if and when another Bank needs to be approached.
One famous Offshore Banking Expert I met in Miami early in my career used to like referring to the famous book “The Art of War” written during the 6th century BC by Sun Tzu in which an entire chapter “Adapting to the Situation” focuses on the need for flexibility in your
responses. It explains how to respond to shifting circumstances
successfully. The example being that it’s prudent to have plans in place for opening other bank accounts, incorporating new IBC’s and moving assets to other offshore jurisdictions. This, in a nutshell, is the major advantage of having an offshore banking specialist manage these issues on your behalf.
I plan to continue writing about the advantages of doing business with the Offshore Banking Navigator.