Offshore Banking Secrets & Lies - GlobalBanks

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OFFSHORE
SECRETS & LIES
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CONTENTS
GETTING STARTED ..............................................................................................5
BREAKING STEREOTYPES ...................................................................................7
#1. You can open the account yourself ................................................................ 7

#2. Service providers sell structures that can’t open bank accounts .............. 8
#3. Easy to open bank accounts can cost you more in the long-run ............. 9
#4. Not all banks are created equal ........................................................................ 9
#5. Hollywood, the media, and governments hate offshore banking ...........10
GET THAT ACCOUNT OPEN ............................................................................. 11
#6. Your biggest hurdle to getting an account open... is you .........................12

#7. At certain banks, everything is negotiable (yes, everything) ....................13
#8. First impressions matter A LOT in banking .................................................13
#9. Your online footprint is about to get scrutinized... BIG time ...................15
#10. You CAN open accounts without showing up in person .......................15
#11. Banks care more about your residency and citizenship .........................16
#12. How you answer “Why do you want to bank here?” is critical ............17
#13. Shhh… your banker is incentivized to help you open accounts ...........18
#14. Banks freeze accounts without warning… .................................................19
BENEFITS OF OFFSHORE BANKING ................................................................ 19
#15. Yes you can protect your assets from lawsuits and seizures ................19
© GlobalBanks.com. All Rights Reserved. Page 2

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SECRETS & LIES
#16. You can get higher interest rates (at safer banks) offshore...................20
#17. You can diversify currency risk offshore ...................................................21
#18. Offshore banking can save you money......................................................22

#19. Your bank account can get you a mortgage .............................................22
#20. Your offshore bank account is like an insurance policy .........................23
NOT ALL BANKS ARE CREATED EQUAL .......................................................... 24
#21. Lots of banks from developed countries are in rough shape ................24
#22. Lots of offshore banks are safer than banks in your home country....25
#23. Electronic money institutions are not going to replace banks... yet ....25
#24. Choosing which country to bank in is kind of a big deal ........................26
#25. Banking rules are NOT the same everywhere..........................................27
#26. Not everyone speaks English (or Spanish, or whatever) ........................28
#27. Deposit insurance is useless… sort of ........................................................29
#28. Regulatory pressure is very real, and it’s always changing ....................30
#29. Banks WILL share your information with governments .........................31
WHAT YOU CAN’T DO WITH OFFSHORE BANK ACCOUNTS .......................... 32
#30. You cannot use offshore banks to hide money or assets ......................32
#31. Bank accounts come with their own set of laws… sort of .....................33
WARNING! ........................................................................................................ 33
#32. You are a risk to the bank… no matter how big or small........................33
#33. You’re the biggest risk to your own account… .........................................34

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SECRETS & LIES
#34. Where (and who) you send & receive money to & from matters ........35
HOW TO GET YOUR BANK TO HATE YOU ....................................................... 36
#35. Banks HATE high-risk industries .................................................................36

#36. Complicated ownership structures .............................................................37
#37. There’s a special club for people from high-risk countries... .................37
WHERE TO GO FROM HERE.............................................................................. 38

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SECRETS & LIES
GETTING STARTED
Before you start opening offshore accounts, you neet to familiarize yourself
with the secrets to offshore banking and get rid of any misconceptions.
And if you’re like most people, you probably have a lot of negative
misconceptions thanks to the media and hollywood.
In this report, we’re going to give you a crash course on offshore banking by
unveiling the secrets and helping you uncover the benefits that used to be
reserved for the ultra-wealthy.
The first step is recognizing that offshore banking isn’t a shady industry of
obsfuctation, but instead an important tool to protect your assets and grow
your wealth. And today, it’s a tool that anyone at any income level can access
and benefit from.
Previously, offshore banking was only available if you had the right
“connections” and a hefty initial deposit. You also needed a personal
introduction just to get your foot in the door.
Thanks to the internet, and to services like GlobalBanks, it doesn’t matter if

you have $1,000 or $10,000,000 – the benefits of offshore banking are
available to you.
So know this, offshore banking is NOT illegal. What is illegal is hiding money
and not reporting it properly. Unfortunately, many people get this confused.

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SECRETS & LIES
The important thing to remember is that: anyone can bank offshore legally,
you just have to make sure that you fulfil your legal reporting requirements.
With this in mind, anyone who is willing to do a bit of research, uncover the
power of growing and diversifying their assets, should seriously consider
offshore banking as a viable option for protecting and growing their wealth.
Let’s demystify offshore banking a bit, shall we?
While most people immediately think of palm trees, sandy beaches, and
crystal Caribbean islands when they hear the term “offshore banking” – that’s
not entirely true. Offshore banking actually refers to banking anywhere
outside of your home country or country of residence.
For example, a Canadian who has a bank account in the United State is
“banking offshore” if they don’t live in the United States and don’t hold
United States residency.
So why open the account? Maybe they like the outlook of the USD vs the
CAD. Alternatively, they might want to keep USD in an account to pay for
vacations and save on foreign exchange rates internationally.
Similarly, an American is engaged in “offshore banking” if they have a bank

account in Germany. And likewise, a German would have an “offshore
banking” if they have one in the United States.
When you think about offshore banking like this, you start to realize that
offshore banking isn’t a mysterious, complex thing that only rich people use.
Instead, it becomes a tool that has benefits for regular, everyday people too.

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SECRETS & LIES
BREAKING STEREOTYPES
#1. You can open the account yourself
There are thousands of lawyers and service providers around the world that
will try to sell you “bank introduction services.” The idea is that you pay them
a fee (often $500-$2000) to be introduced to a banker at one offshore bank.
Then, you hope that you can get an account open.
This industry has existed for decades.
Before the internet and banking regulations evolved, this service actually did
have a place in the world. But today, it’s not needed. In fact, we view it as a
out-dated service that’s just a hangover from the 1980s offshore banking
days. Today, it’s just a fake service that firms use to fluff their profit margins.
It still exists because a) there is rampant misinformation on the internet, b) no

one has called BS on it, and c) newbies don’t know any better.
It’s also worth noting that there are only a few jurisdictions in the world that
have a requirement that clients be “introduced.” But even then, these aren’t
hard and fast requirements and there are ways to get around them.
In other words, opening an account at pretty much any country and at any
bank depends entirely on YOU and your profile. It’s also something that you
can do entirely by yourself - if you have the right contacts, strategies,
information, and know which banks to approach.

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SECRETS & LIES
#2. Service providers sell structures that can’t

open bank accounts
There are a lot of reasons why you might want to setup an international
company, either for yourself personally or for your business. In any case, the
corporate structure that you choose is going to need to open a bank account
in order to be useful.
Here’s one major problem that we see far too often…
An individual goes to a service provider, asks them for help setting up the
structure, and they end up with a corporate structure (company, trust,
foundation, etc) that they can’t even use. Why? They can’t open a bank
account for it anywhere.
This often happens in popular jurisdictions for international businesses, such

as Cayman Islands, BVI, Seychelles, Belize, Cook Islands, Panama, Nevis, and
many more.
Before rushing out to set up a company, make sure that you’ll actually be
able to open a bank account for that structure. Has the service provider
successfully opened accounts for that structure before? If so where? And,
when were these accounts supposedly opened?
Already have a company and still need an account? Join GlobalBanks Insider
and you’ll get everything you need to do it yourself.

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SECRETS & LIES
#3. Easy to open bank accounts can cost you

more in the long-run
Most people dream of opening low-cost offshore accounts that have ultra-
low minimum deposit requirements (e.g. deposit $1,500 to avoid monthly
fees).
But, beware of their fee structure. It’s likely that the bank may lack basic
infrastructure (like online banking) or will charge you for services that are
normally included...and you’ll end up paying more in ad hoc fees.
For example, you’ll get slapped with fees for monthly balance statements,
referral letters, inactivity fees, closing your account, inflated FX rates,
abnormally high transfer fees, etc.
If you get a cheap bank account, expect cheap service, cheap technology,
and cheap customer support.
While you might save some money upfront by getting an account with super-
low minimums, be careful. Examine their fee structure like a hawk. After the
first year, you may find that you’re paying out far more than you otherwise
would at better banks elsewhere.
#4. Not all banks are created equal

This might seem like a no brainer. But this statement goes deeper than the
surface level considerations of the banks balance sheet, their solvency ratio,
the amount of deposits kept in reserves, etc. Those are all important

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SECRETS & LIES
considerations, but you also need to understand the bank’s business model
and the way that they motivate their staff.
For example, banks in the United States are motivated to use and lend as
much credit as possible. This has led to the rapid expansion of the US
economy, but it has also created a lot of risky banks with awful balance
sheets.
So when it comes to banking, you want to make sure that you your money is
deposited with a healthy bank that won’t gamble your savings on toxic
investments or high-risk lending. You want a safe, conservative bank, that is
going to respect your money the same way that you would if you were
managing it yourself.
#5. Hollywood, the media, and governments

hate offshore banking
So far, we’ve talked about the misconceptions and falsehoods that are
broadly shared about offshore banking. But why do these myths exist?
As we’ve said, offshore banking is a 100% legal. It’s also an easy way to
protect yourself from various risks and grow your money.
For this reason, looking to open an offshore bank account is no different than
considering an insurance policy or a retirement plan.
So why do the media, Hollywood, and governments around the world spend
so much time demonizing offshore banking?

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SECRETS & LIES
More often than not, the stories that get shared in the media expose
politicians, famous athletes, or movie stars using offshore companies to hide
their wealth from the tax collector. It makes for a good sensationalist
headline and appeals to the public. It’s easy to throw stones at wealthy and
successful people.
But if so many smart, rich, successful people are using legal means to
increase their investment returns and protect themselves from frivolous
lawsuits, is it really that bad? We don’t think so.
Thanks to anything “offshore” being vilified, we now live in a society where

the majority of people are painfully misinformed about the benefits of
offshore banking. Millions have been programmed to overlook and be scared
of one of the most highly-effective financial and wealth building tools of our
time - that when used properly can create financial security for generations.
Keep reading to learn more about common account opening misconceptions,

the benefits of offshore banking, and what you can (and cannot) do with an
offshore bank account!
GET THAT ACCOUNT OPEN

Most people that come to GlobalBanks want one thing: help opening offshore
bank accounts and navigating the offshore banking world. If you’re one of
those people, this section is for you.
Below, we’ll explore little-known secrets about account opening that bankers,
lawyers, and service providers will NEVER tell you.

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#6. Your biggest hurdle to getting an account

open... is you
When it comes to account opening, most people get frustrated in the initial
account opening phase - the insane amount of documents required, odd
authentication procedures, requests for documents that don’t even exist (or
that you can’t get without a significant amount of effort).
What most people don’t realize is that their approach to account opening is
wrong. And they are the actual cause of a lot of the delays and problems
with the account opening process, not the bank.
Here’s what we mean: you can look at each step in the account opening
process as one phase in a multi-phased interview. From the first email
through to finally receiving your account number and making your initial
deposit (and even after).
In order to make sure that you’re successful in each of those phases, you
need to be prepared. And it’s a lack of preparation that often causes delays
and problems. If instead, you approach the situation with the seriousness that
it requires, and ensure that you are presenting yourself as an attractive client
for the bank, these problems will start to disappear. If you don’t, chances are
you’re going to find yourself without an account and starting back at the
beginning of the process.

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SECRETS & LIES
#7. At certain banks, everything is negotiable

(yes, everything)
Quick reminder: banks are businesses and you are the customer. Most
people fail to realize this and don’t bother to ask.
This is a delicate process of give and take. And, as long as you have
presented yourself as an attractive client and can meet the bank’s desired
minimums, the bank will most likely be willing to negotiate with you. This can
include anything from your initial deposit amount, the annual maintenance
fees, and commissions on investment products, to transfer charges, and even
your credit card fees.
Almost anything the bank charges a fee for is up for negotiation. You just
need to know how to approach it, position yourself, ask the right questions,
and know what type of allowances are likely to made based on your client
profile.
Of course, if you overestimate your importance and misread the signals, the
banking relationship can turn sour, so you have to be careful.
#8. First impressions matter A LOT in banking

The account opening process is like an intense, multi-phase interview. From
your first email and call to your in-person interview, you are being analyzed.

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In offshore banking, first impressions count (a lot) and can ultimately be the
reason you are rejected from a bank. So, be sure to make a positive
impression on the bank.
If you go in looking like a poor backpacker, who hasn’t showered in 3 days,

and you have no ties to the country - bankers aren’t going to take you
seriously.
But, first impressions aren’t limited to face-to-face interviews. And this is

where a lot of people fail. That can include email, a phone call, or an in
person meeting.
Another dirty secret? Snap judgements, racial (and nationality) profiling,

unflattering search results on Google - are totally acceptable reasons to
reject you. Of course, if you’re serious about account opening, check out
GlobalBanks Insider where we have entire reports dedicated to this topic.
Bottomline, whenever you have an interaction with a bank, be smart. Ideally,

you want to educate yourself first, depending on what the bank and that
bankers are looking for in a client, so that you can best position yourself to
meet their expectations.

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SECRETS & LIES
#9. Your online footprint is about to get

scrutinized... BIG time
It’s the era of the internet. And, your online footprint matters. So, make sure
that your online persona reflects is a true and accurate representation of
yourself.
For instance, if you are presenting yourself as a peanut farmer your online
presence shouldn’t depict an ecommerce retailer, and vice versa. As always,
honesty is the best policy, so make sure that your online profile is accurate
and easy to understand.
If you’ve had the misfortune of unflattering news coverage or have had your
reputation tarnished, it might be worth investing in someone to push down
(or bury) any negative or embarrassing content to at least the third or fourth
page of Google.
#10. You CAN open accounts without showing

up in person
The holy grail of offshore banking is being able to open an account remotely.
Thanks to increasing international regulations, remote opening is becoming

harder and harder.
Now that banks have had a few years to get used to these new regulations,
some are willing to open accounts remotely again.

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It’s tricky, there are quirks, and it can sometimes be expensive if you don’t
know what you are doing.
Many banks don’t promote remote opening as an offering anymore because

they don’t want to attract regulatory scrutiny. Other banks will allow it but
only if you meet certain criteria and requirements first.
That said, remote opening is still possible - if you know where to look.
We discuss specific strategies, countries and banks that are best for remote-
opening in the reports that are available to our GlobalBanks Insider as part of
their subscription.
#11. Banks care more about your residency and

citizenship than you do…
Not having the “right” citizenship or residency can mean a long, painful
account opening process or total failure.
Whether you are trying to open an account in-person or remotely, your

residency and your citizenship matter to the bank…a lot. It’s often the first
thing they look at.
You see, the dirty secret for citizenship and residency is this: it matters for
the “Common Reporting Standards” which basically means it’s how
governments get information on their citizens abroad.

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If you don’t provide sufficient evidence of tax residency, the bank has to
report you to your home country and the place that you say you have
residence. And they don’t have to tell you either.
They need this information for other obvious reasons too, like making sure
you’re not on a watch list and proving you are who you say you are. But this
inter-government information sharing is often missed or overlooked by
people looking to open offshore accounts.
#12. How you answer “Why do you want to

bank here?” is critical
Your answer this question can make or break your account application.
Sure, it sounds nice and innocent on the surface. But remember, this is an
interview. And every question that you’re asked is laced with compliance
related meanings to screen whether or not you’re a good fit for the bank.
Your answer to this question will tell your banker right away if you might be a
high-risk client and might be have behavioral tendencies of a money
launderer.
In GlobalBanks Insider, we go through a number of different ways that you

can answer this question and how you should best position yourself - not by
lying, but by always presenting your strengths and how you can benefit the
bank as a client.

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#13. Shhh… your banker is incentivized to help

you open accounts
This might come as a surprise. But in many countries and at many banks
around the world, your banker is actually paid to open your account.
Yes, the same person that is delivering the bank’s intense compliance
interrogation actually wants you to open an account. Heck, they get paid for
it!
And this isn’t just an offshore banking phenomenon, in fact, sitting down with
bankers in the midwest of the United States you will hear the same thing.
At some banks, bankers have to open a certain number of accounts each

month in order to hit their quotas.
So at the end of the day, while you are going through that multiphase
account opening interview, keep in mind that the person sitting across the
table usually wants to help you open an account.
With this in mind: help them, help you. Prepare. Present yourself in the best
light possible. Don’t accidentally red-flag yourself. And, always tell the truth.

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#14. Banks freeze accounts without warning…

and they won’t tell you why
Account closures and freezes are skyrocketing. Banks can shut down your
account for a minor technicality. What’s worse is that they won’t even tell
you why.
It’s true. Many people feel a massive amount of relief once they are able to
get offshore accounts opened for either themselves or their businesses.
But the reality is that, if you’re not careful, your new account can be closed a
lot faster than it was opened...and you might not even know why.
That’s a dangerous prospect for anyone reliant their offshore account for
regular business activities and making regular payments.
BENEFITS OF OFFSHORE BANKING

#15. Yes you can protect your assets from
lawsuits and seizures by banking offshore
Whether you live in the United States, a European capital, or somewhere in
Asia, the world is becoming increasingly litigious.
After all The highest rates of lawsuits in the world are in the US, Canada, UK,
Australia and New Zealand.

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Even if you’ve done nothing wrong, you and your business are still vulnerable
to frivolous lawsuits where you live, in a country where you do business, and
beyond.
How can you protect yourself? By starting to take steps to insulate yourself
and your funds from frivolous lawsuits. And one way that you can do this is
by structuring your assets offshore and using offshore bank accounts.
At GlobalBanks we talk a lot about the strategies that are available to help
Insiders protect their money and have greater financial security. And no
matter how you look at it, that’s just smart.
By keeping a portion of your nest-egg in an offshore bank that is outside

lawsuit-heavy jurisdictions, you can better protect yourself and minimize
exposure to lawsuits. This is a simple strategy that has been used by some of
the wealthiest families for generations, and they continue to use them today.
#16. You can get higher interest rates (at safer

banks) offshore
Banking offshore can give you access to higher returns on your money. This
is true for even the most basic investments. An example of this is high
earning fixed term deposits, also called certified deposits or CDs, on USD
accounts in foreign countries.

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And while people might think that foreign banks are riskier, many of the
accounts that pay higher rates offshore are actually safer than accounts
earning 1% or less interest in the US or Europe.
If you know where to look, who to contact, and how to negotiate with
bankers - you can find very attractive rates on fixed term deposits with safe
banks ranging from 5% to 7%.
And while you can get high interest rates in places like Mongolia and
Zimbabwe, we don’t recommend either at the moment. Especially when you
can get high interest rates in more established (and safer) banking hubs like
Panama… if you know where to look.
#17. You can diversify currency risk offshore

So far, we’ve talked a lot about accessing banks and opening accounts in
places that offer benefits either through rule of law or in the way that banks
are actually managed.
But there are other benefits to banking outside of your home country as well.
And one of the most important benefits is currency diversification.
By opening offshore bank accounts you will normally have your choice of
holding your funds in several international currencies. Doing so will help you
protect your money from major fluctuations or devaluations. This is especially
true for people that earn and spend in countries that are less stable, such as
South Africa, Mongolia, and other emerging or frontier nations.

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#18. Offshore banking can save you money

How can you start saving money right now?
If you are a business owner, one step you can take to start saving
immediately is to identify the countries where you transfer money on a
regular basis. Then find a bank that offers favorable rates for frequent
transfer.
By taking this approach you can benefit from holding money that you will pay
suppliers or contractors in the local currency and get a reduced price on
transfers.
The same can be true for personal accounts. If you spend a great deal of time
in any particular country, opening an account there and keeping money
locally can help you cut down on foreign exchange costs and transfer fees
when you send money in and out.
#19. Your bank account can get you a mortgage

If you are planning on opening a personal account, you might be surprised to
find out that your offshore bank account can help you build international
credit in the country where the account is located.
You can do this by using products from bank, including: credit cards,
investment products, and more.

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Doing so can help you lay the foundation for accessing domestic credit in
that country, even if you are not a citizen of the country and even if you
don’t maintain residency there.
In other words, as a tourist you can open a bank account, and in time, get a
mortgage to buy a house. It will take time to go through the process, and you
will have to establish good credit, but it is possible as long as you know what
steps to take.
#20. Your offshore bank account is like an

insurance policy
Something we talk about a lot at GlobalBanks is making sure that you and
your money are protected, no matter what happens. And step one in doing
that is thinking pragmatically about the world and the risks that exist.
With that in mind, it’s important to open accounts in countries that you feel
safe, that you understand, and that you’re confident have the right legal,
political, and social systems to support you and your money for the long
haul.
Taking this kind of approach and not stopping when you simply have one
account opened, is the minimum that you can do to protect your money from
existential risks that do exist in the world today.
For these reasons, opening an offshore bank account and spreading your
wealth across several countries can act as an insurance policy against any

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number of risks that could impact the economy, the currency, the bank, and
as a result, your wealth.
NOT ALL BANKS ARE CREATED

EQUAL
#21. Lots of banks from developed countries
are in rough shape
Many people still mistakenly believe that banks in “developed” countries are
safe and in great financial condition.
This simply isn’t true.
The reality of banking in places like the United States, Canada, and Europe is
that most banks are over leveraged and engage in toxic investing… with your
money.
Most of the time, they don’t keep enough in reserves, and wouldn’t be able
to withstand a major financial shock without government intervention.
With this in mind, you might want to ask yourself why would you be willing
to keep your money in banks that are so irresponsible with your deposits?
Regardless of the reasons, when it comes down to the numbers, most banks
in such countries are not the best place to deposit your money.

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#22. Lots of offshore banks are safer than

banks in your home country
As a quick reminder: offshore banking doesn’t mean banking in tropical
destinations, though it can. It simply means having a bank account outside of
your home-country or the country you live in.
For 99% of the world population, they can find a foreign country that has
better banks than those at “home”.
In fact, unless you’re from Singapore, Switzerland, Licenstein, Hong Kong, or

a handful of other countries, there are definitely banks outside of your home
country that take less risk with your money and actually pay higher interest
on deposits.
With this in mind, why wouldn’t you consider opening an offshore bank
account? It’s safer and it can make you more money.
#23. Electronic money institutions are not going

to replace banks... yet
In case you’re not familiar with electronic money institutions (or EMIs) just
think of an online platform like PayPal, Revolut, N26, and other service
providers that facilitate international transfers. They usually do this at rates
cheaper than banks and in a fraction of the time.

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There’s no disputing that these services offer value. They have a very captive
audience of people who are interested in sending money internationally but
don’t want to deal with the hassle and high-cost of traditional banking.
But, there are risks to using EMIs as well…
Because EMIs are not regulated like banks and don’t have the same
requirements to protect your capital, they actually pose more risk than
reward. For instance, you won’t have any insurance on your deposit, you
have little recourse if they close down, but they can still freeze your account
whenever they want.
So continue to use EMIs for transactional banking and convenience, but don’t
keep your life savings in them - accounts can be shutdown or frozen quickly
and it’s not uncommon for smaller and newer players to go bust.
Where You Bank Matters… A Lot!
#24. Choosing which country to bank in is kind

of a big deal
You wouldn’t willingly move your family to a war-torn neighborhood, would
you? Well, the same principles apply to where you move your money. Make
sure that wherever you decide to open a bank account is safe, stable, and
secure.
Depending on where you’re from in the world, that could mean different
things. For instance, coming from Canada, you might simply be looking to

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have an account that is in a safer bank than the over-leveraged ones

available to you at home.
Alternatively, if you are coming from South Africa, you might want an
account as far away from South Africa as possible to protect your money
from currency controls, exchange restrictions, a plummeting rand, and a
crumbling economy.
Choosing which country you want to bank in is a critical first step to offshore
banking. Which country is best for you? Well, it depends.
Everyone has different priorities, tax situations, and financial goals. So, the
first step is determining what factors are important to you, then find the
jurisdictions and banks that match your requirements.
#25. Banking rules are NOT the same

everywhere
In the same way that every country imposes its own rules on its citizens, they
also impose their own rules on the banks that operate within their borders.
Whether you are banking with a domestic bank or a local branch of an

international bank, you’ll have to deal with that country’s rules and
regulations.
Here are some examples of things to look out for...
International information sharing requirements:

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What information sharing agreements has the country signed? Are they
legally obligated to report your financial holdings to the tax authorities in
your home-country, the country you reside in, or nowhere?
Residency & citizenships conditions:
Sometimes have to pay higher fees and make higher deposits to get the same
services
Rules for dormant accounts:
If your account is inactive for a certain number of years, some countries

require your bank to transfer all your funds to the central bank.
Outside pressure:
Smaller countries that are dependent on support from bigger countries like
the United States are susceptible to international pressure, that means they
can be pushed around when it comes to banking regulation.
#26. Not everyone speaks English (or Spanish,

or German, or French… or whatever)
Are you able to communicate with your banker?
Today, thanks to technology, we can all use tools like Google Translate to
communicate enough to get by. But if you end up opening an account at a
bank that will be calling to verify transfers on a regular basis, make sure that
the bank has staff that can speak your language.

OFFSHORE
SECRETS & LIES
Generally speaking, most of the larger banks in key offshore banking

countries will have someone on staff that speaks English.
However, there are still several popular banking jurisdictions that have staff
with horrible language skills and struggle to communicate with international
customers.
For example, English-speaking service can be spotty in places like Mauritius,

Georgia, Panama, and others. If you don’t have the right banking contacts
going in, getting high-quality, English-speaking service is nearly impossible
and will be a constant headache.
This is especially surprising in the case of jurisdictions like Mauritius, where a

significant part of the domestic economy is tied to facilitating international
business and offshore banking activities for international clients.
#27. Deposit insurance is useless… sort of

You see, a lot of people with accounts in the United States think their money
is safe because they have deposit insurance up to $250,000. But that means
nothing if the FDIC can’t actually cover the deposits when a catastrophe
strikes. Spoiler alert: It can’t.
Compare that to Singapore, which is one of the best and strongest banking
jurisdictions in the world… It only insures deposits up to S$50,000 (about
US$40,000) and only if the deposits are held in Singapore dollars. Foreign
currency deposits aren’t covered at all.

OFFSHORE
SECRETS & LIES
We’ll take a well managed bank in a strong jurisdiction without (or with little)
insurance over a poorly managed bank in a weak jurisdiction with huge
amounts of insurance any day of the week. After all, if that insurance can’t
cover the bank, is it really worth anything anyway?
#28. Regulatory pressure is very real, and it’s

always changing
It’s common for people to want to open accounts outside of their home
countries to get the benefits of asset protection. In fact, as we discussed
earlier in this report, that can be a viable strategy to protect your wealth from
frivolous lawsuits.
But if the country where you choose to setup an offshore bank account
doesn’t have a strong enough legal system, or a track record of protecting
individuals assets from foreign governments, you might find that all your
planning was for nothing.
And in a world of increasing international regulation and foreign pressure,

those boundaries are becoming even harder to predict.
If you choose to bank in a jurisdiction where the banking sector is an

important part of the economy that relies on USD and EUR correspondent
accounts, you could expect that the government is going to be more likely to
succumb to pressure from US and European regulatory bodies.

OFFSHORE
SECRETS & LIES
These kinds of considerations aren’t just important based on your account

activity, but also in the grand scheme of things when thinking about the
quality of the bank, the type of clients the bank attracts, and how easy it is
for other people to open accounts. In other words, if you’re at a bank with a
good reputation that high risk clients will have difficulty opening at, you
shouldn’t have any problems.
#29. Banks WILL share your information with

governments
Lately, we’ve seen a rise in people looking for offshore banking options based
on information sharing agreements. To be specific, they’re looking for
jurisdictions that haven’t signed (or are lax about) information sharing
agreements.
This is flawed. Making banking decisions based on whether or not a country

has specific information-sharing requirements isn’t a long term strategy.
In the future, it’s very possible that all countries will be signatories to
information sharing agreements, so if you are relying on a particular country
for protecting your privacy and offshore accounts, don’t. Your bank is going
to share your information with your government, whether you want them to
or not.
So, get yourself structured properly and domiciled properly, understand what
information sharing means, and get comfortable with the fact that it’s here to
stay.

OFFSHORE
SECRETS & LIES
WHAT YOU CAN’T DO WITH

OFFSHORE BANK ACCOUNTS
#30. You cannot use offshore banks to hide
money or assets. Don’t do it.
Offshore banking is 100% legal.
What is illegal is hiding money or assets and not reporting them correctly.
As mentioned, most countries already participate in information-sharing

agreements. Any country that is not currently participating, will probably
jump on board after they are pressured to do so. It’s only a matter of time.
This means that banks are required to “exchange information” with the countries
that their customers pay tax to. give tax authorities information in the country
that the customer pays tax to.
Hiding assets and money in offshore isn’t practical, responsible, or smart. The
fact is, there are so many legal options available to minimize tax and protect
your assets, regardless of your income level, that it doesn’t make to “hide”
anything.
And just to be clear, we focus on 100% legal banking solutions that help
Insiders, who follow the law, to benefit from offshore banking.

OFFSHORE
SECRETS & LIES
#31. Bank accounts come with their own set of

laws… sort of
When opening an offshore bank account you need to know what legal
system you are imposing on yourself and your money. And you need to make
sure that the legal system you choose matches your financial and asset
protection objectives.
Sure, most countries share the same basic legal framework. But relying on
that sort of generality is a great way to cause problems for you and your
money later on.
WARNING!
#32. You are a risk to the bank… no matter how
big or small your account is
Banks don’t want to make your life difficult. Most times, they are just asking
you for additional information so they can protect themselves.
For instance, if a bank asks g you to confirm a transfer or provide additional

supporting information, it’s for a legitimate reason. At least as legitimate as a
computer generated algorithm or compliance protocol can be.
You see, banks themselves are constantly under a magnifying glass., Their
number one objective is to make sure that they can continue growing their

OFFSHORE
SECRETS & LIES
business and making money for their shareholders. With these goals in mind,
banks work hard to please regulators and make sure that they don’t do
anything that could jeopardize the bank’s ability to make money.
For this reason, even the smallest of customers can create trouble for banks.
If you send wires to unsavory parties (or high-risk countries), or use your
account for reasons other than your previously stated objectives, you are
risks to the bank. Banks themselves can face major penalties reaching into
the millions. So don’t be surprised when the bank pushes you to provide
more information. It’s a direct reflection of the risk that you pose to the bank
and their bottom-line.
#33. You’re the biggest risk to your own

account… don’t red flag yourself
We just talked about how even a small client can be a risk to a bank, but the
biggest risk to your account is often yourself.
In our experience, nine times out of ten, when a bank has an issue with an
account, a transaction, or an account holder, that problem could have been
avoided if the person took more care when interacting with the bank.
Instead, people tend to rush through banking and when questioned, provide
answers before thinking about what the bank is really trying to understand.

OFFSHORE
SECRETS & LIES
Other times, people will get nervous when bankers hammer them with
questions, and they end up oversharing information that the bank didn’t ask
for.
In any of the situations above, the way you share information and how you
answer the bank’s questions matter. You need to know how to talk to banks,
how to identify sensitive questions and hot button topics, and be sure not to
overstep the invisible boundaries.
#34. Where (and who) you send & receive

money to & from matters
This is especially true if you are doing business with or sending payments to
high-risk countries or people. In other words, the bank is going to analyze all
the parties you are transacting with.
It isn’t always the case, but if you are sending large payments into such
countries you can rest assured that your transfers will probably being flagged
as suspicious.
What does flagging mean? It means your transfers are going to be carefully
scrutinized, you’re probably going to have to provide additional documents,
and your information might get sent off to government agencies for safe
keeping.

OFFSHORE
SECRETS & LIES
HOW TO GET YOUR BANK TO

HATE YOU
#35. Banks HATE high-risk industries
If you’re in a high-risk industry, chances are you already know it. But what
you might not know is that high-risk industries are always changing. And
some of the most common industries are starting to make their way into the
category.
Generally speaking, industries are considered high-risk if it’s possible for

criminals to use them to launder money OR source income from illicit
activities.
What is considered a “high-risk” can vary from bank to bank and country to
country. But this can include everything from ecommerce to gambling,
physical products to cryptocurrency, and adult entertainment. We’re even
starting to see digital marketing get added to the list in certain countries.
If you are in a high-risk industry, get your paperwork in order and prepare to
explain your business to the bank. Also it’s good to choose a bank that has a
track record of successfully doing business with people from your industry.

OFFSHORE
SECRETS & LIES
#36. Complicated ownership structures

Banks hate complicated ownership structures.
If you can’t clearly prove who the ultimate beneficial owner is, something
sounds fishy, or you have a complex structure that’s difficult to understand
(e.g. a Panama foundation that owns a BVI company that owns a UK
company), the banks aren’t going to make opening (or keeping open) an
account easy for you.
Banks need to know with certainty who the ultimate beneficial owner of the
account is, who is sending you money, and who you are sending money to.
For this reason, complex ownership structures can scare banks. And while
your corporate service provider might tell you that a bank account will be
easy to open, chances are they’re wrong.
That’s why it pays to understand the specific concerns of banks, the common
mistakes, and the process to open accounts before investing in complex
structures.
#37. There’s a special club for people from high-

risk countries...
At GlobalBanks, we affectionately refer to the people that fall into this
category as the “Unlucky Passport Club”. And yes there are Insiders that fall
into this club and you might be surprised to find out that it isn’t only for
people from far flung countries that you can barely pronounce.

OFFSHORE
SECRETS & LIES
Members of the Unlucky Passport Club include come from any nation that
creates banking problems for its citizens and residents. And the most
mainstream example of this over the past decade has actually been
Americans.
After the introduction of the Foreign Accounts Tax Compliance Act (FATCA)
by the US government in 2011, many banks refused to accept US citizens as
clients. This was because of the added regulatory processes and costs of
opening and maintaining accounts for US citizens. It just wasn’t worth it.
Today, US citizens are having a much easier time opening accounts than a
few years ago. But the Unlucky Passport Club is still alive and well and
includes people from many other countries, including: war torn nations, grey
list and black list countries, post-soviet blocks, and countries that are ‘out of
favor’ like Venezuela, North Korea, Russia, and many of the Stans.
WHERE TO GO FROM HERE

If you’re ready to start opening accounts, we’re here to help. GlobalBanks
offers free and premium resources so you can protect & grow your money.
As a next step, get the Ultimate Guide to Offshore Banking. It will teach you
the strategies you need to find and open the best offshore bank accounts
for you or your business today.
Follow this link to get your copy now at a 90% discount. It’s our way of
saying thank you for reading this report: get.globalbanks.com

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o Moving To PanamaBANKING

BREAKING STEREOTYPES ...................................................................................7

#1. You can open the account yourself ................................................................ 7

#6. Your biggest hurdle to getting an account open... is you .........................12

© GlobalBanks.com. All Rights Reserved. Page 2

#18. Offshore banking can save you money......................................................22

© GlobalBanks.com. All Rights Reserved. Page 3

#35. Banks HATE high-risk industries .................................................................36

© GlobalBanks.com. All Rights Reserved. Page 4

Thanks to the internet, and to services like GlobalBanks, it doesn’t matter if

© GlobalBanks.com. All Rights Reserved. Page 5

Let’s demystify offshore banking a bit, shall we?

Similarly, an American is engaged in “offshore banking” if they have a bank

© GlobalBanks.com. All Rights Reserved. Page 6

This industry has existed for decades.

It still exists because a) there is rampant misinformation on the internet, b) no

© GlobalBanks.com. All Rights Reserved. Page 7

#2. Service providers sell structures that can’t

Here’s one major problem that we see far too often…

This often happens in popular jurisdictions for international businesses, such

© GlobalBanks.com. All Rights Reserved. Page 8

#3. Easy to open bank accounts can cost you

#4. Not all banks are created equal

© GlobalBanks.com. All Rights Reserved. Page 9

#5. Hollywood, the media, and governments

© GlobalBanks.com. All Rights Reserved. Page 10

Thanks to anything “offshore” being vilified, we now live in a society where

Keep reading to learn more about common account opening misconceptions,

GET THAT ACCOUNT OPEN

© GlobalBanks.com. All Rights Reserved. Page 11

#6. Your biggest hurdle to getting an account

© GlobalBanks.com. All Rights Reserved. Page 12

#7. At certain banks, everything is negotiable

#8. First impressions matter A LOT in banking

© GlobalBanks.com. All Rights Reserved. Page 13

If you go in looking like a poor backpacker, who hasn’t showered in 3 days,

But, first impressions aren’t limited to face-to-face interviews. And this is

Another dirty secret? Snap judgements, racial (and nationality) profiling,

Bottomline, whenever you have an interaction with a bank, be smart. Ideally,

© GlobalBanks.com. All Rights Reserved. Page 14

#9. Your online footprint is about to get

#10. You CAN open accounts without showing

Thanks to increasing international regulations, remote opening is becoming

© GlobalBanks.com. All Rights Reserved. Page 15

Many banks don’t promote remote opening as an offering anymore because

#11. Banks care more about your residency and

Whether you are trying to open an account in-person or remotely, your

© GlobalBanks.com. All Rights Reserved. Page 16

#12. How you answer “Why do you want to

In GlobalBanks Insider, we go through a number of different ways that you

© GlobalBanks.com. All Rights Reserved. Page 17

#13. Shhh… your banker is incentivized to help

At some banks, bankers have to open a certain number of accounts each

© GlobalBanks.com. All Rights Reserved. Page 18

#14. Banks freeze accounts without warning…

BENEFITS OF OFFSHORE BANKING

© GlobalBanks.com. All Rights Reserved. Page 19

By keeping a portion of your nest-egg in an offshore bank that is outside

#16. You can get higher interest rates (at safer

© GlobalBanks.com. All Rights Reserved. Page 20

#17. You can diversify currency risk offshore

© GlobalBanks.com. All Rights Reserved. Page 21

#18. Offshore banking can save you money

#19. Your bank account can get you a mortgage

Offshore Banking Secrets & Lies - GlobalBanks

Offshore Banking Secrets & Lies - GlobalBanks