How To Bank Offshore

First of all, we have to define what offshore banking is: Offshore Banking is having a bank account in a country where you are not a resident. Normally this would be in a tax haven (a country that has low taxes or no taxation). Because of the word “offshore” you would think that only remote islands are offering this type of banking. In reality even the USA and Canada can be offshore tax haven for you depending on your country of residence and nationality. Why Bank Offshore? For people living in a politically or financially unstable country banking offshore will allow them to keep their hard earned money in a safe place. One way to lower your taxes is re-invoicing using an offshore corporation. Some of the other advantages of offshore banking are: – Low taxes or no taxes at all. Avoid tax rate increases in your home country. – Higher interest rates are often available due to non-existent corporate taxes. – Possibility of investments that may not be available in your home country. – Anonymous accounts and strict privacy and bank secrecy laws will keep your banking confidential. – Increase the level of protection by having an offshore corporation. – Asset protection. How to get the offshore bank account? First make a list of banking services you need. Then check carefully the background of the banks in the various offshore banking havens. Take into consideration the distance from your country of residence, if you need to visit your bank frequently. To keep your account confidential it may be wise to travel indirectly to your chosen tax haven. Offshore banking can be found all around the world. Maybe you will find a bank in country where you would like to vacation. The Caribbean Islands have many offshore banks. Asian countries such as Hong Kong and Singapore have taxation based on territoriality only taxing persons and corporations on business actually done in the country. Both are major financial centers with world class business facilities. Depending on the services you require the initial bank deposit could be only $500 but may reach $500,000.00 if you desire private banking services. Most offshore banks have web sites where you can see the services they provide. Look for a downloadable application form. Read it carefully and check what documents need to be submitted with your application. Some documents may need to be notarized. Some offshore banks are stricter in compliance of KYC regulations and may require more documentation than others. Some banks may want you to appear in person to open the account. We’ve already done the hard work for you by sorting through many sources of information; discover which countries provide offshore banking by visiting Summary: Do you want to lower your taxes? Keep your assets confidential? Enjoy more freedom! Then find out why offshore banking is what you are looking for. Published at:

How To Choose The Right Bank

Financial institutions are located all around the world. If you are looking to open a bank account, whether that bank account is a checking account or a savings account, you have a number of banking options. In fact, you have so many options that choosing the right bank may seem like an overwhelming process. To make that process easier, you will need to know what to look for in a bank. Location is the key to many. If you are interested in having easy access to a bank, you may want to consider doing business with a local bank or a national bank that has a local office in your area. These banks are ideal for those with checking accounts or debit cards. You may find that using an ATM machine, other than the one provided at your bank, results in extra fees. This is one of the many reasons why banking with a local institution is popular, because you will have easy access to your money. When finding the perfect bank for you to do business with, it is also important to determine what you want and need from a bank. Whether you are interested in opening a savings account or a checking account, it is important to examine the fees that each bank will charge. If you are interested in opening a savings account for someone under the age of eighteen, you may find that you are able to receive a free account. Adults, on the other hand, are often required to pay a monthly fee or maintain a certain balance in their account. If you are interested in opening a checking account, there are also a number of fees that you should be on the lookout for. It is possible to obtain a free checking account, but many of these accounts come with specific requirements. You are likely to come across a number of financial institutions that require you to have a set amount of money in your account at all times. It is also possible to find banks that grant you free checking as long as you have your paychecks directly deposited into your account. There are a large number of banks that will allow you to carry a debit card. These debit cards can often be linked directly to a savings account or a checking account. It is important to determine if you will be charged for obtaining a debit card. Many banks charge an upfront fee, typically less than five dollars, for requesting a debit card. A number of banks also change monthly fees for using a debit card. The same can be said for checks. In addition to paying for new checks, there are many financial institutions that charge their clients a set amount of money each time they want to write a check. It is important to keep all of the above mentioned points in mind when searching for a bank. In addition to determining the cost of banking with a specific institution, you are also encouraged to examine the level of service that you will receive. You will want to do business with a bank that has a friendly and knowledgeable staff. By visiting the bank or calling to speak with an employee, you can easily determine the level of service that you should expect to receive. Choosing a bank is not a decision that should be made on a whim. A bank is supposed to save you money, but without the proper amount of research it is possible to end up with one that costs you money. Published at:

Bank Loans

Bank loans are something big, like a loan for business or home. Yes you may loan for car or other certain thing banks will offer to you. Bank loans can be great for your benefit or it can put you into bankruptcy. Like all bank, they have to gain money from interest. Interest rate depends on how much they earn over years and the total amount will be that at the end of your payment. Lets say you borrow a bank loan for $200,000 house. If you agree the bank will put on an interest rate yearly. Then the bank will divide the months and give you the amount you have to pay each month. Well by the time you finish paying off, depending on your interest rates, the full amount that you paid would be from $230,000 to $300,000. So it all depends on you how you want to spend or how smart you are to consolidate your payments. An option of refinancing could really help you. Not many people know this option and pay for what they have. Refinancing mean taking your payment into a lower interest rates, reducing the amount that you have to pay monthly. Now if you pay $250,000 on the full loan payment of your house, which originally cost $200,000, you would end up paying $220,000 on your full loan payment. There are two options you may choose from, now this is important information! One you may choose to lower your monthly payment, as to lower the interest rates. This meaning you can pay less on the full loan amount that you owe. So each month instead of paying $1,000, you pay $750 per month. Bank loan plan two. You can keep paying the $250,000 in lower interest rates and more years, however you keep the $30,000 in your pocket. (Remember above the full amount after refinancing was $220,000) Refinancing: Example Plan 1.) $1000 reduced to $750 in 10 years. (You pay less – total amount $220,000) Example Plan 2.) $1000 reduced to $750 in 12 years. (But you get $30,000) Hint* use the $30,000 to pay off other bills. Once you pay off your other loans, you are one step closer to being more successful. You will then have more money to buy other things, or save it to invest on something. Published at:

Did You Let Your Piggy Bank Get Away?

I think most of us have at some point in our lives. Some how we forget to feed the little piggy. And, like most neglected “pets”, your piggy bank will disappear if you don’t feed it. A personal budget is important to create financial independence and setting goals for feeding that “piggy bank” should be an important part of your budget! The most successful financial plans allow you to INVEST IN YOURSELF! It just makes good sense. A plan to build financial security should always be considered essential to any budget. Even if you’re on a plan to reduce debt, you need to include plans to build a foundation for future financial security. A good savings routine and variable expense account are essential to building a strong foundation for financial independence. A variable expense allowance in the budget is important to save for those expenses that seem to “hit us unexpectedly”. Funny thing is, we know these expenses will occur. They are an inevitable fact of finances for most of us. So, why do we call them unexpected? I can’t explain why, but there are many of us who make this very BIG mistake in our budgeting. Some expenses don’t occur monthly. Some are paid out every now and then, quarterly, yearly, or bi-monthly, or semi-annually. These are expenses like car insurance and maintenance, home insurance and maintenance, property taxes, income taxes, medical expenses (prescriptions, deductibles, co-pays), pet care, school expenses (supplies, trips, activity fees, books), and clothing. Some of these are huge expenses that can put a ripple in any good budget if not planned for. Most of us have good intentions, but it’s easy to fall prey to the credit card companies without a plan to cover all of these “unexpected” expenses. The term still makes me chuckle. I mean, don’t we “expect” to wear clothes? It’s even funnier to me knowing that I was guilty of this very thing. Poor Planning! Not expecting what should be expected. Lesson ……….Don’t forget about this expenses in your budget. They will sabotage the best of intentions! The other essential ingredient to a successful budget is a savings plan. A good savings plan should have a goal to reach at least the minimum amount necessary for you to survive for a three to four month period. It may take time, but this a strategy that provides a fail safe against a financial crisis. Crisis such as serious illness or job loss. Trying to save money by cutting your savings budget out will eventually backfire on you. It is essential to build financial security, in order to remain debt free, you must not compromise your savings expense. Only if there is no way to avoid it should you reduce the amount of your monthly savings commitment. Start with 2-4% of your monthly income if you have to. A little is better than nothing, and then you can build it up from there to at least 10% of income as funds become available. Some Important Points: Applying extra funds to your debt first will not help you gain financial security. Emergency savings and variable expense savings goals should be met before debt is reduced in order to remain debt free. After all, these sources will be the foundation you will fall back on in order to remain debt free. If you can build a reserve for emergencies you won’t have to use those nasty credit cards. This is an important defense that builds financial security. If you use a good debt reduction plan, debt will reduce, and in a reasonable amount of time. As long as you stop creating debt. Just be patient. Paying more on your debt, instead of saving, is not going to help you pay for that major car repair when the car breaks down. It will most likely do the opposite of your intended plan and send you running for the credit card to bail out. Of course once you have reached your goals for savings and your variable expense account, then you should start applying extra funds to your debt reduction plan. Using money saving tips reduces expenses in your budget in an effort to help you build that financial security. Through saving money on everyday expenses and living a frugal lifestyle, you free up monies to apply to your savings and variable expense account. These are the defenses that build a strong foundation for your financial independence. These “defenses” prepare for the inevitable expenses that will arise. Many of us had just forgotten to plan correctly for these types of expenses. That’s how we got in the “big red mess” to begin with. Properly preparing for necessary variable expenses is your defense against feeling the need to use the credit cards. Once you have balanced your expenses with your income, you have created a Budget for Debt Free Living. Congratulations! You are on your way to financial freedom and security. Enjoy! This concept is simply “living within your means.” Something that many of us in today’s “plastic society” have forgotten to do. Live Debt Free to Be Free. You Deserve It! Published at:

Can You Bank On Your Bank?

A critical series of steps, checks and balances exists that you must address, in sequence, to make your corporation or LLC business credit worthy. Your relationship with your primary lender (the bank that holds your business accounts) is one of the critical steps in that sequence. And while we can’t tell you everything today, the most important thing to remember is that this is a relationship. Banks make money by lending to individuals and businesses. It is a myth they do not need your business! Banks understand their fundamental role in handling your business–by making loans and credit available to individuals and business owners, they are strengthening the local economy, as well as branding themselves as a local or regional bank that “cares.” By providing banking services in an efficient, timely and professional manner, they remove one less “worry” from your ever-revolving list of business concerns. The following questions will help you determine how well you know your banker…and more importantly, vice versa. – Do you know your banker by their first name? What about the teller in the business line? – Does your banker know you by first name, or the name of your business by memory? – Does your bank know what your business does or provides as a service or product? If any of your answers is “no”, then you have some relationship work to do. There are thousands of banks out there—each of which should have a vested interest (to some degree) in knowing you, your business, and the way you manage your accounts and affairs. Test the waters within your own bank by simply talking to the teller or business manager the next time you make a deposit or withdrawal. If you’ve never sat down with a representative to truly discuss your goals, needs and concerns, schedule an appointment. And if you’ve ever made a serious call to your bank that went unreturned, or asked a question that went unanswered in a timely manner—then you owe it to yourself to consider switching banks entirely. The point is, the better you know your bank, and the better they know you and your business, the greater the chance your relationship will bear fruit as your business grows, and your need for additional services like credit or small business loans arise. As you might have guessed, how well you know one another is only the tip of the iceberg when considering which bank should hold your financial assets. How banks determine and use ratings, how assets and collateral mean different things to different banks, and how your history of revenue management comes into play are all legitimate concerns in this relationship—and it’s why our coursework and consulting services exist. But without an initial comfort level with your bank, these deeper issues may never be addressed at all. Published at: