Offshore Investment and Energy Sector

[Lindsey97]

Offshore banking is becoming more acceptable today than years before. Thanks to the numerous benefits accruing from the same. Going offshore can allow the investors access a wide array of markets such as the clean energy in order to establish a firm footing in the today’s world economy. Offshore banks have become an essential part of the world economy. On an individual level as well, the offshore banks offer many benefits. The investors across the world mainly opt for offshore banks to save taxes, which are way lesser than the domestic banks. Sometimes the offshore banking locations are even called tax haven, due to the zero taxes applied. The cost of operating an offshore bank is low, which is passed on by the bank to the investors in the form of high return over investment.

One of the best advantages of using an offshore bank is protecting assets [moderator removes commercial link], which is not that possible with the help of a domestic bank. The offshore banks are liberal in terms of rules and regulations. Therefore, it is an ideal means of asset protection. The money invested in the offshore bank is free from the creditors or from the fear of nationalization of assets.

The offshore banks enable the investor to take advantage of the profitable situation prevailing in the offshore jurisdiction. If the investor’s country is inflicted with political and regional turmoil, there is a good chance of benefitting from the offshore accounts by taking advantage of the situation prevailing there. Today many sectors offer the option of investing offshore. One such prime sector is the energy sector.

[wserra]

Sometimes the offshore banking locations are even called tax haven, due to the zero taxes applied.
...
The money invested in the offshore bank is free from the creditors

In both cases, only if you are willing to lie under oath, and thereby risk going to jail.

Is that what you advocate, Lindsey?

[Cathulhu]

The only offshore trolling I do involves salmon and later, a barbecue.

[Judge Roy Bean]

The only offshore trolling I do involves salmon and later, a barbecue.

Mmmmmm . . . life is good!

(For even more offshore fun, try Tarpon. Warning: Get in shape!)

[Cathulhu]

The only offshore trolling I do involves salmon and later, a barbecue.

Mmmmmm . . . life is good!

(For even more offshore fun, try Tarpon. Warning: Get in shape!)

Can't until after July. Broke my back. But life is still good; in order of reverse importance, got recliner, got coffee, got cat, got adorable spouse who brings coffee and buys recliners, and as always, the fish will wait. I've never gone for tarpon (wrong seas), but the local sturgeon in the Columbia are possibly as much fun--my dad got an 8 footer a couple years ago, which came close to killing him, and since it was breeding size, had to catch and release. But to see them dance on their tails just below the Bonneville Dam in May, when they start getting frisky, is something never to be forgotten. Literally awesome.

[Number Six]

I am sure there are legitimate reasons for having a bank outside the jurisdiction of the U.S., if done legally, through a licensed expert in the field, but I cannot imagine any reason for an offshore account unless you are wealthy. People who think they are being smart by saving a few dollars in taxes, can experience far greater expense in the long run. "Penny wise, pound foolish" is the rule for them.

I think Irwin Schiff had some offshore accounts as did Lynn Meredith. I assume those accounts were seized. I heard of a fellow with an illegal offshore Carribean bank account who received a surprize call from the bank in the offshore haven. "We're seizing your money and if you complain, we will report you to the authorities". What recourse would the account holder have in such a situation? Dubious chances of getting his/her money back.

[Cathulhu]

That's exactly the problem I foresee for the "sovrun banks" in future; when a house of cards collapses, someone always takes the money and runs.

[Pottapaug1938]

I am sure there are legitimate reasons for having a bank outside the jurisdiction of the U.S.

I've considered getting a Canadian bank account, because I often buy quantities of Canadian coins at a large discount, but the banks won't take them unless I have an account there (I usually get rid of them at Scout camp or at corner stores, which are charged, by their banks, for rolled coin and are delighted to get mine without paying any fee). If I find one that doesn't charge monthly fees and suck away my account balance, I may set up such an account so that I don't have piles of Canadian money in my house.

[bmielke]

I am sure there are legitimate reasons for having a bank outside the jurisdiction of the U.S.

I've considered getting a Canadian bank account, because I often buy quantities of Canadian coins at a large discount, but the banks won't take them unless I have an account there (I usually get rid of them at Scout camp or at corner stores, which are charged, by their banks, for rolled coin and are delighted to get mine without paying any fee). If I find one that doesn't charge monthly fees and suck away my account balance, I may set up such an account so that I don't have piles of Canadian money in my house.

That would be one reason I could see needing one, another would be if you had a source of Income in another country, like if you owned a business in Europe or something.