Moving to a beautiful Caribbean island great in so many ways, but thereâ€™s the reality banking which at time can prove to be a problem for expats sometimes, especially if theyâ€™re coming from the United States. Thatâ€™s were have an offshore banking account can be helpful.
How to select an Offshore Bank?
Donâ€™t be deceived by the prestigious look of offshore banks. Many offshore bank rent office spaces in prestigious looking building for appearance sake. The first thing you should do is some background research and find how much money they manage. Look-up the banks website will often help in your research but sometimes you will need to call the bank itself to speak to someone. After reading a few articles about offshore bank, itâ€™s better to select a bank with at least 100 million under their management. At least you know that theyâ€™ve been around for awhile and they must be doing something right.
The best offshore banks often require introductions. Just walking in off the street and opening an offshore bank account in not accepted. In fact, I believe itâ€™s not possible to open an account if youâ€™re local in Dominica. But I could be wrong. Beware of smaller, up coming banks; they will take your money and not make you aware that your offshore bank accounts might not be protected by the local government. Thus bring us back to my first paragraph research, research and more research.
How Do You Get An Introduction?
The best way is to talk to a local person youâ€™ve had contact with. Many times if there not a contact tell phone, itâ€™s usually a scam. If you have been looking at real estate, ask the agent helping you to introduce you to his bank. Most local people will also be able to help you determine which banks are the oldest and most reputable.
What You Will Need to Get an Account
After your introduction, the rest of the process in merely a formality, and the bank will require to get a letter of reference from your previous bank. You will also need to provide some identification including your passport and other ID.
Protecting Your Money
Some countries should not be trusted for offshore banking period. Get connected with the local expat community and see what they say. Sometimes it is much better to keep your serious funds offshore in a tax and asset protection jurisdiction like Panama, Bahamas, Dominica, Switzerland, Belize or the Cayman Islands. Just open a local bank account to deposit your pay. Keep only your operating money there and transfer by bank wire the rest to your offshore account. You may also consider opening up a bearer share corporation which also allows you to own a bank account.
For more information about Offshore Bank Account and Offshore Banking in Dominica, please visit:offshore-companies-in-dominica.com.