Need Help With Banks!!

[Anonymous 6]

In the future I would like to use some foreign banks to store savings, like Swiss Banks or the Cayman Islands. Does anybody here know how something like that works? What is the procedure? I always thought it was cool to have an off-shore bank account, but i need to know where to start. Plus i can invest in foreign markets as well.

[TaxGuyParticipant]

I don’t have any specific knowledge, but I can tell you that the US is cracking down on those countries if you have an account that isn’t reported to the IRS. So having a foreign account so you can hide your assets from the US government is coming to an end. That doesn’t mean that there aren’t other good reasons for wanting a foreign account, but hiding assets won’t be one of them in the near future.

Anytime I’ve seen articles about foreign accounts it’s been articles about retiring in another country. I know the rules are different in each country.

Order the good wine

[Crazy CanuckMember 4215]

Anonymous wrote:

In the future I would like to use some foreign banks to store savings, like Swiss Banks or the Cayman Islands. Does anybody here know how something like that works? What is the procedure? I always thought it was cool to have an off-shore bank account, but i need to know where to start. Plus i can invest in foreign markets as well.

If you don’t tell us which country in live in how can we even answer your question. If you’re American you can use Peter Schiff.

http://www.europac.com/

"If pussy was a stock it would be plummeting right now because you've flooded the market with it. You're giving it away too easy." - Dave Chapelle

[hmskl’dParticipant 6406]

Instead of going foreign, another possible alternative to banks is to join a Credit Union. They are nearly everywhere and they usually offer you much higher interest on a Certificate of Deposit than you’d find at brick and mortar banks. Credit Union savings are insured, just like a bank, and they also offer some really nice deals on free checking accounts that sometimes also pay you interest if you maintain a certain balance in your account. They offer everything, Loans of all types, Debit cards, Credit cards, IRAs, Safe Deposit boxes and the list goes on. Some Credit Unions also have independent financial planners or investment advisors, tax services and even offer various insurance services.

[Author]

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