Many of us wonder how truly effective offshore banking is. Basically it is a bank account that is opened outside of your own country. Just like those fictional characters that you see all too often in movies or read in books, offshore banking has its own ways may it be an advantage or disadvantage. Most people think that engaging in offshore banking include services such as banking secrecy, tax free services, and protection from the usual civil litigations, and this greatly increase their interest in using offshore banking.
However, do anonymous bank transactions really work? Does it really provide the advantages that a lot of people longed for? Does the privacy that it offers really do the trick to protect your hard earned money?
Right before the laws against secret banking were applied to the Swiss banking institution as well as its neighboring countries, keeping an anonymous bank account was a haven for many. Anyone even without identification and social security number can open a bank account. From as small as a $100 even to a million bucks clients are assured of a complete anonymous account. The face of banking security however changed in recent years as many countries already require transparency even with offshore accounts.
What used to be a complete service is now a thing of the past. This is especially true with Swiss bank accounts and other European countries that used to provide this kind of service. Anonymous bank transactions are not impossible though, however those few who would still want to work their way in keeping their money from the usual prying eyes of the government can still open an offshore account.
Keeping your money offshore however gives the government minimum control and access to it. Aside from that it gives you minimal trouble when it comes to the huge amount of taxes your money may incur. Moreover you can also work with your bank to keep your account low profile. Though being completely anonymous when transacting business is no longer possible you can still work with your bank to protect much of the services that you require from them.
To answer the questions, anonymous bank transactions can still work by knowing how and where to do this kind of services. By being honest with your identity and the purpose of keeping an offshore bank account, many banks will and can work with keeping your account secret other than that of the bank itself.
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