subscribe HERE

From the Publisher's Desk
February 2018

Secrets Revealed: Offshore Banking 2018

“I believe that banking institutions are more dangerous to our liberties than standing armies.”
- Thomas Jefferson

Long gone are the days when you could walk into a bank, give your name or any name, hand over some cash and open a current (chequing) or savings account. I vividly recall being able to do exactly that during my formative years, oh so many years bygone.

As little as six years ago opening an offshore bank account for Americans, as well as other nationalities, in Switzerland and other tax haven jurisdictions was rather an easy and straight forward process. Fast forward and today opening an offshore bank account is paramount to giving birth; it’s become a long, stressful and labor intensive process, with ever demanding compliance and reporting requirements, under penalty, including notarized or Apostille passport copies, up to date utility bills, and to make your banking even less private, a bank reference letter or two being required from your current banker in order to ‘qualify’ for opening an offshore bank account.

Worse for those resident within the united States of America (correct spelling) as well as American citizens around the world, opening an offshore bank account has become nearly impossible, thanks mainly to FATCA (Note 2) and its harsh compliance requirements placed on offshore banks wishing to deal in US dollars via correspondent banks.

In the rare instance where an offshore bank will accept Americans for account opening purposes these days, you’ll be required to sign a form authorizing the bank to ‘report’ to the US tax authorities the existence of your offshore bank account in order for the bank to cover their a** and KYC (know your client) compliance requirements with the American FATCA and other reporting laws and compliance requirements from the united States as well as the European Union. Therefore dear readers, govern yourself accordingly.

It gets worse.
As if all of the above was bad enough, in the event you’re married and one of the spouses’ is an American and the other a non-American, watch out! The bank will likely ask you this trick question during the account opening process (or will be required to do so in the near future.) In the event one of the spouses is an American, even if the American spouse is NOT the one to open the account or is to be on the bank account, then once again the bank will simply decline to open an account for you regardless of nationality.

Further if you’re an American with dual nationality and passports trying to open a bank account using your non-American passport, here again you’ll likely get turned down. Why? Because the second non-US passport will show you as being born in the USA. Therefore unless you can produce a certificate from the US government showing you have renounced your US citizenship, you are going to be SOL, s**t out of luck, and once again not be accepted for bank account opening purposes!

Failure to comply with banks’ requirements, and or failure for Americans to report their offshore bank account on various forms and compliance reports to their tax authorities, can and do result in severe fines and or imprisonment. This has been witnessed recently via the Swiss banking revelations regarding Americans having hidden accounts in Swiss banks and the severe fines and penalties placed on the Swiss banks by the American authorities, not to mention the severe penalties and in some cases, imprisonment for the American Swiss account holders.
Starting September 1st, 2013 Hong Kong banks no longer allow account openings via a Video Conference. From September 1st 2013 all potential clients desiring to open a Hong Kong company or personal bank account must appear in person at the bank in Hong Kong for account opening purposes. Unfortunately Hong Kong banks are turning down nearly every nonresident person down for account opening purposes, even if you have a Hong Kong company to open the account.

This is regrettable but not unexpected. Recently bank account openings at nearly 99% of the world's offshore jurisdictions have dramatically tighten account opening procedures and compliance requirements due to FATCA and other arcane reporting laws for US nationals and residents as well as many within the European Union. These regulations affect millions of non-Americans who have become unwilling participants in America’s draconian war on taxing their citizens to death… worldwide.

Worse for those resident within the united States of America (correct spelling) as well as American citizens around the world, opening an offshore bank account has become nearly impossible, thanks mainly to FATCA, OCED and the harsh compliance requirements placed on offshore banks wishing to deal in US dollars via correspondent banks.

As a result and as usual, as a consequence, all the rest of us suffer.

What to Do?

Hope Springs Eternal.

Macau
In lieu of Hong Kong banking, there is always another opportunity to take the place of one lost. In Hong Kong’s case, Macao banking has stepped in and IMHO, is offering a superior service to even that which Hong Kong offered previously.

Considering the likelihood of being turned down for a Hong Kong account opening, flying to Macau to open an a company bank account is at the top of our list for offshore banking today.

See http://www.ptshamrock.com/macao.html for full particulars.

Debit Cards
Obtaining a debit card today is getting nearly as bad as trying to open a bank account. Many card sources now require that persons must have an EU utility to obtain a debit card or they will not entertain your application otherwise.

An excellent alternative would be to obtain a person or company account using a Seychelles company in Mauritius. A visit to the bank in Mauritius is NOT required. FYI creating a Seychelles company does not require annual filings and is tax free so long as there is no income derived within The Seychelles or Mauritius.

See complete details at http://www.ptshamrock.com/mauritius.html

Other banking options are available and we invite you to peruse these opportunities at http://www.ptshamrock.com/taxfree.html

Should you have any questions please do not hesitate to contact us.

See you next issue

Shamrock

"The people never give up their liberties but under some delusion."
- Edmund Burke, 1784

We are pleased to announce that April 2018 will see our 22nd year on the internet having served thousands of satisfied customers.

To the best of our knowledge PT Shamrock is the oldest and longest existing privacy provider on the Internet. To verify this go to the "Way Back Machine" at http://www.archive.org/ and place our web address www.ptshamrock.com into the "Take Me Back" box and click search.

Please sure to download and read our FREE reports, "The Asset Protect Trust" by Dr. Charles Freeman. Download your free PDF format copy HERE!"
and
What It Was Was Freedom!" at http://ptshamrock.com/whatitwas.html

Be sure to peruse our other reports HERE.

All orders treated strictly personal & highly confidential! See order form for payment options!

Click Here For Offshore Bank Account's

For any questions please do not hesitate to contact us.

We accept payment by BitCoins, MoneyGram, Skrill, Western Union and bank to bank swift or Iban wires. However please contact us for pay-in particulars once you've completed your order form.

PS - Be sure to check out our latest report "How To Legally Move Large Amounts of Assets Abroad [without any filing requirements"].

To access our past missives just click here.

Click here to subscribe to our FREE privacy newsletter, PTBuzz

PS - Be sure to check out our latest report "Observations of a Wandering Expatriate!"

"The people never give up their liberties but under some delusion."
- Edmund Burke, 1784

To access our past missives just click here.

Click here to subscribe to our FREE privacy newsletter, PTBuzz