Discover the beautiful world of the Bahamas islands
 

Welcome to our Bahamas Archive. Have fun browsing!

 

(Browse for more articles)

 

ASSET PROTECTION - Can You Bank On Your Haven?

There are more offshore banking havens 6. Is Your Haven Financially Stable?
than you can shake astick at. Nicholas Check your prospective haven's financial
Pullen tells you how to separate thewheat stability, bycalculating what percentage
from the chaff, and make sure the haven of its Gross Domestic Product
you choose isreally a safe-house for your isrepresented by foreign aid. Foreign aid
money. is as high as 70% of
There are definite and strong advantages Gross Domestic Product in some havens.
to placing some ofyour hard-earned money The Cook Islands,
in offshore bank accounts: Nauru and Vanuatu being recent examples
First of all you get protection against of this.
your government. A haven's confidence in its liquidity can
Nobody knows what a government will do be judged, atleast to some degree, by its
next, anything ispossible. But, unlike willingness to put in placesolid
funds held in your home country,wealth depositor protection. Enquire of
stashed offshore is greatly protected financialinstitutions in the haven
against anynegative actions your whether or not depositorprotection
government might take, or legislationit exists.
might introduce, tomorrow. 7. Is The Haven Free Of Trouble? Will It
Secondly, you get protection from Stay That Way?
predators and parasites. Does the haven have a trouble-free
Offshore wealth is shielded from the history and a secureculture? A country
attentions of assethunters. Avaricious which has experienced only
litigants, thieves, fraudsters, moderatepolitical, economic and social
conmen,blackmailers (disgruntled change, and where politicaland social
ex-business partners and ex-spouses) who violence is uncommon, is a trouble-free
all seek to pinpoint, target and country.
eventuallyattack individuals with visible A stable past is a good predictor of a
wealth. These sharks haveweapons at their stable future.
disposal, and they use them. They On the other hand, countries with a
routinelyrun asset searches to identify history of civil war,military coups and
just who has what worthtargeting. But civil unrest are definitely not right
offshore assets are safe. Asset forbanking purposes. Cash held in a
searcheswon't uncover offshore assets, banana republic is high-risk. Future
these remain totallyinvisible and safe flash points in volatile regions can
from attack. renderyour cash lost or worthless.
Thirdly, with an offshore bank account Look at the human rights record of the
you are insuredagainst the unknown events haven's government. Agovernment with high
tomorrow might hold. You neverknow when regard for its domestic population
you might be mighty glad of offshore islikely to regard you equally highly. A
cashreserves. If circumstances at home government whichtreats citizens like
make it impossible orunwise for you to cattle to be reared, milked
stay, or impossible to access andslaughtered is likely to come to view
yourdomestic funds, your offshore funds you in the same casualmanner. In such a
provide you with afinancial lifeboat. climate private wealth may suddenly
"Not all banking havens are suitable, becomegovernment property.
safe, or secure." Check if there's a strong socialist
Finally, you can rest secure in the political faction in thehaven. Overtly
knowledge that you havea secret nest-egg. socialist governments can't be trusted
You can build and grow a private stash tolook after your nest-egg. Political
ofcash beyond the gaze of anybody in your upheaval, newideologies and attendant
home country. legislation can change a
The first thing you need do, to enjoy the haven'sattractiveness overnight. Ensure
benefits of anoffshore bank account, is there's little likelihoodof an ultra
to select a good offshore bankinghaven left-wing political party sliding into
where you can open your accounts. This is power inthe foreseeable future.
easier saidthan achieved. You aren't Is the haven free from racial tensions
short of choice, from the Bahamasto and other socialproblems? These can
Vanuatu, Cyprus to the British Virgin trigger crisis which may affectdeposited
Islands, funds.
Switzerland to the Cayman Islands. What about the prospect of foreign
Countries the world overare in the market invasions and war? Theseare slight for an
for, and only too happy to accept, asmuch isolated country. But keep an eye on
foreign capital as they can get their thetreatment your haven receives in the
hands on. international press.
However, you must bear in mind that not Areas and regions seldom become hot spots
all banking havensare suitable, safe, or overnight. Look atrecent political
secure. Some are excellent. Othersare developments and events in the haven
ticking time bombs. If you open an toestablish if there is any potential
account in the wrongcountry, it can prove trouble.
very costly in more ways than one. "A stable past is a good predictor of a
What you need to do is to find out how stable future."
particular bankinghavens measure up Consider local attitudes. Is there wide
before you lodge any of your cash local support forthe financial services
orassets there. This will require you to and banking industries? Does thelocal
perform some researchand investigation. population appreciate that international
This is well worth doing, and thoroughly. bankingoperations are effectively
Mistakes avoided at this early stage save supporting the country's economy?
time, trouble andmoney further down the Or does the presence of foreign capital
road. breed resentment?
I suggest you measure the quality of any Is there a foreign-bashing agenda?
haven whichinterests you by subjecting it Be sure to keep abreast of events and the
to my Ten-Point Suitability socio-politicalclimate in your haven.
Test. Satisfy yourself on all points Subscribe to newsletters coveringsuch
crucial to yourparticular requirements. developments. Read the local press. The
1. Location, Location, Location? writing isoften, literally, on local
Where is the haven located? Do you want walls in the form of graffiti,for months
to visit your cashregularly? If so, is it before anything actually happens which
convenient or practical to have itstashed mightaffect your bank accounts.
in a banking haven thousands of miles 8. Does Your Haven Provide A Back Door
away fromwhere you live? For Your Government?
Can you access your haven by air - Make sure your banking haven doesn't
directly or indirectly? provide your governmentwith a back door
Is it a problem getting entry to your into your accounts. For example,
haven? Will you needto queue for an entry sometraditional tax havens are existing
visa every time you want to visit? or former Britishcolonies, such as
Also, be aware that making regular, Bermuda, Cayman Islands, the Channel
visible (visa recordsare a paper trail) Islands, and the UK government is
trips to a known banking haven is exerting pressure onauthorities there to
likewaving a red flag at any government release information relating to UKaccount
snoop who might betaking an interest in holders.
your affairs and movements. British citizens should find out if their
Give some consideration to time prospectivebanking haven has tax treaties
differences. Can you manageyour financial in place with the UK. If so,be aware that
affairs efficiently if it's midnight in the treaty allows for the free sharing
yourhaven during business hours at home? ofinformation between the authorities in
Are you happy to waitup until the early the two countries.
hours to speak to financial managers? 9. Does It Offer Enough Freedom For
2. Do You Speak The Language? Capital?
Effective, smooth-running financial Are you free to take money in and out of
management depends onfluent the haven? If thereare severe
communication. Do bankers and restrictions, the haven is no use to you.
professionals in yourhaven speak English Even ifthere are no exchange controls in
or some other language with which operation now, check thatthe haven
you'refamiliar? You may need to discuss doesn't have a history of exchange
complex financial mattersin technical controls. Youdon't want your cash trapped
detail. It could cost you dear if things in a country which iseffectively stemming
areconfused or compromised by language flight capital.
barriers. Make sure you have adequate guarantees
3. How Easy Is It To Stay In Touch? that you'll be ableto do what you need to
Are there sufficient and reliable before opening accounts in the haven.
telephone and fax lines? For example, are there restrictions on
Are email facilities available? Is converting foreigncurrency into local
airmail deliveredquickly? How efficient currency and visa versa? Are reportsfiled
is surface mail delivery? on each occasion? Ask financial
If your banking haven is deficient in institutions inthe haven.
these areas, it maybecome difficult to 10. Does The Haven Offer Sufficient
maintain regular and instant contactwith Privacy?
your advisors and account managers. Is Seek out banking havens which recognise
this acceptable? and actively promotesolid banking
4. Is The Tax Situation Right For You? privacy. Many havens claim to do so only
Ensure your haven provides the exact tax on aninformal basis. Under pressure bank
treatment you need. managers and financialadvisors may
Mistakes can prove expensive. Some havens sacrifice you to the sharks. Does your
imposewithholding tax" on foreign-held haven,and/or the institutions operating
bank accounts. Are yousatisfied that this there, have a history ofrolling over when
is fair exchange for the benefits exposed to external pressures?
youraccount will deliver. Check whether banking privacy is
5. How About The Legal System? tradition or actual bindinglegislation.
Are the laws in your prospective haven Check whether a professional in a
based on Englishcommon law? Is the particularhaven is breaking the law if he
judiciary of a high standard? Is passes data relating to youand your
itindependent? Is the Court system financial affairs to a third party. Be
effective? Are there rulesto resolve aware that
conflicts of law? Are the banking "confidentiality" laws allow local
regulationsstiff? Or is there ample government access to youraccount details
opportunity for a fly-by-nightmerchant to (although they can't pass the data on to
slip through the nets? athird party).
Are banking services registered with Solid banking privacy legislation is the
regulatoryorganisations that uphold best protection foryour cash. A strong,
professional standards andprocedures? secure haven will have banking
Satisfy yourself that the haven has local privacylegislation which carries stiff
laws and legalpractices which provide penalties (financial andcustodial) for
adequate protection of your fundsand any professional who breaches them and
investor rights. passesdata on to third parties.




www.safebahamas.com keyword stats [2007-11-06-2007-11-06]



Daily top traffic source : MSN
Historical MSN keyword trend


Most current MSN search phrases:

lucayan indians bahamas eleutheran bahamas


Other search engines trends:



Other search phrases:

forecast for nassau bahamas island beach club bahamas
nassua newspapers atlantis hotel and casino
Atlantas bahamas nassau beach hotel bahamas
bahamas travel packages bahammas islands
marsh harbor,Bahamas cayman islands beaches
BAHAMAS CABINET MINISTERS Alantis Bahamas
Eluthera real estate hurricanes in the bahamas
ATLANTIS PARADICE ISLAND great real estate
pelican bay bahamas grand bahamas newsgroup
long island bahamas map sailing to the bahamas
tommy bahammas virgin islands bahamas
Atlantas and paradise island freeport grand bahama island
cable beach resort bahamas





1- A- B- C- D- E- 2- 3- 4- 5- 6- 7- 8- 9- 10- 11- 12- 13- 14- 15- 16- 17- 18- 19- 20- 21- 22- 23- 24- 25- 26- 27- 28- 29- 30- 31- 32- 33- 34- 35- 36- 37- 38- 39- 40- 41- 42- 43- 44- 45-