Offshore Banking

Often, asset protection clients asked me for recommendations about offshore banking. Many have preferences for banks in Caribbean islands which are reputed offshore asset protection havens. I always tell people that I do not have any first hand experiences with offshore banking, no offshore banking recommendations, nor any advice about how to open offshore bank accounts. I do, however, collect recommendations from other attorneys and my own clients and pass on these reports of other peoples’ experiences.

I find that most people with good offshore banking experiences have maintained accounts in banks within the European Union. No client has ever recommended to me a Caribbean bank; some other attorneys have given me names of banks or trust companies in the Caribbean or in Central America. The most enthusiastic recommendations I have heard in the past year have been about banks in Luxembourg, Liechtenstein, or Switzerland. Clients have suggested that anyone considering an offshore banking relationship travel to the country and meet with more than one bank. I understand that foreign banks do not open accounts by email or internet applications similar to our domestic internet banks. Also, people should investigate offshore banks and meet personally with their bankers in order to feel comfortable about transferring funds overseas. Choosing an offshore bank should be based on educated recommendations and personal due diligence rather than what one hears casually or reads on the internet.

posted by Jonathan Alper, asset protection and bankruptcy attorney, Orlando, Florida