Offshore banking

Yoshitsune

I have been watching videos on offshore banking and how large corporations use them to save millions of dollars by avoiding to pay taxes. Which made me curious, is it possible for an individual to set up a offshore bank account to save money? How does offshore banking work? Is it difficult to set up? Are there any fees for using an offshore bank? What countries are suitable for banking? Lastly, is it really benefitial?

olestoepoke

Check out WISE card. Previously called Transfer Wise

Allinall

Do they not cover that sort of thing in the leaving cert?

StupidLikeAFox

NPR also did a podcast on setting up an offshore account (possibly belize) and it was relatively straightforward. There were banks there who would set up a company for you, set up a bank account and provide you with a global bank card that you can use. They could even plant one of their own people in as the company officers so that even if some govt or revenue paid the 25k fee to see the company docs, it still wouldn't trace back to you

Jim2007

OP, private banking is available to clients with a net asset balance of probably between 3m - 7m Euro. If you have that much on account with one of the banks, just ask the manager and he will introduce you to the appropriate people.

Now back to the normal topics of this forum.