Offshore USD

sierraromeo

I'm new here and I have to say, I'm amazed that sooo many people have been stuffed by the banks...... so I'm in good company!

Anyway, I've banked offshore in IoM for some years and have recently and through no fault of my own, been forced to close my accounts and now need to move elsewhere.

My requirements are fairly simple. I don't need secrecy or any of that BS and I don't need any overdraft facility. I just need a USD current account that'll give me FULL internet banking with a debit card and no requirement to maintain a stupid minimum balance such as are required in the Swiss accounts.

While I'd be prepared to travel overseas to open the account, I'd prefer to do it by e-mail and certified copies of ID etc......even if I had to pay for that service. I'd prefer the account to be help in western Europe or the USA - but not in eastern Europe or Africa.

I've tried Cayman Islands, Switzerland, Lichtenstein, Bermuda and Bahamas and all are non starters for a variety of reasons. I also don't want to go to any of the UK banks in IoM and Jersey etc because I think they're all tarred with the same brush and are a bunch of absolute b****rds.

So, can anyone out there recommend any solutions to my problem.

jonesMUFCforever

Reading your post you sound like a money launderer!

Care to divulge which bank has stuffed you and why?

G'Meister

He's probably fed up with currency charges.

sdooley

unless you are non-domiciled in the UK, why don't you just park the money in a UK Citibank US dollar account?

sierraromeo

I'm a Brit, but I live in South Africa and work as a safari guide, so spend a lot of time travelling so need to pay my bills with the help of a satellite link and laptop, hence the internet banking thing being so important.

I can't say much about who I bank with or why I'm !!!!ed off at them, because they still have my money and I need to move it before I kick their !!!........ but if you settled on the letter between A & C, you'd probably have the first letter of their name! - To be honest, I reckon all the UK banks are probably doing the same BS, so I want to stay away from them completely.

One of the problems is that it seems most of the people who open these offshore etc accounts seem to be trying to hide something and that's why the banks have such high amounts they expect to be maintained. I guess they're working on the principle of they'll hide money for anyone - but only at a price.

I don't want, and I can't afford to do that. I have nothing to hide and even declare my entire income. - Every damn cent of it. - All I want, is a USD account offshore that I can use to pay my bills and take payments from people........ I expected it to be easy, after all, that's what banks do for a living....... but apparently, unless I am doing something dodgy, they don't want to know me!

so, can anyone make any suggestions of an offshore bank that'll be happy to do business with an honest man?

jonesMUFCforever

I think your assumptions about the banks wanting to stuff you is all wrong - but despite what you say it does seem like you have something to hide.

As this is site is for UK matters and you say that you do not want to do business with them then how do you expect us to help you?

If you've been turned down by the Cayman Islands where a large chunk of the world's laundered money turns up then you are in more trouble than you think.

sierraromeo

Nothing to hide at all - I'd hardly post here if I did have something to hide would I? And believe me, I REALLY know I've been stuffed by the bank.

I didn't say I'd been turned down by the Cayman Islands, I said it was a non starter. The reason it's a non starter is that they require me to set up and maintain a company before I can open an account. To do that, costs US$6K to set up plus US$6K a year to maintain. In other words, US$12K for the first year plus US$6K every year thereafter - and those costs are bound to escalate as time goes on......... Bermuda and Bahamas are also non starters. Switzerland and Litchenstein require something like US$300K to be maintained in the account at all times - which is obviously far, far too much for my budget.

The reason I don't want to do business with IoM etc has to remain confidential until I've moved my money away from there but once that's done, you can bet your life I'm gonna kick up the biggest stink imaginable. - And take great delight in doing so. Again, hardly the act of a man who has something to hide.

At least part of the problem actually seems to be that I AM honest and have nothing to hide. As you say, a lot of dodgy money seems to go to these places which is why it is so expensive. - All I want is to set up a fairly straight forward account with a decent bank........ but it has to be offshore for tax and other reasons. - Mostly connected to the fact that as I'm an ex pat, I just might get hit for tax in TWO countries whereas if I bank offshore, I only have to pay tax in one country.

jonesMUFCforever

I believe that your last sentence to be incorrect.
Could the problem be that HMRC have insisted that interest paid for the last 6 years has had to be disclosed by all the British banks even if held offshore and you think by moving it you will get round this problem?

skyrider007

Have you considered a Singapore based Offshore account? Lots of mainstream international banks are based in Singapore (Citibank, UBS, Chase, JP Morgan, AMEX Private Bank etc).

jonesMUFCforever

OffshoreHarbour wrote: »

Let me clear to you some issues, first of all there is difrent kins of accounts:
company account, personal account, privat account, savings account brokerage account etc.
the account that you need from what you told here is a personal account.
second you can open swiss account and not all the swiss banks require minimum deposit like you have been told.
most of the offshore banks have usd currency and you can allso open an account in the cayman island a personal account with debit card and you don't have to own a company to do it.
in the case of Litchenstein it's not for you, not for your needs they offer privat banking.

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