Which offshore banks are right for you?

Not all offshore banks are created equal. Generally they fall into three categories:

• Commercial banks
• Savings and loans
• Private banks

At first glance you might say "private banks," but whichever you choose, anonymity and private banking are musts in all three for the greatest asset protection. The main point is find the one or ones that best fits your goals.

Are you planning to open a business offshore separate from any business you might be doing in your home country?

If so, a commercial bank would be the answer as you can make deposits and apply for loans in your business name.

Are you planning to invest offshore as a private individual?

Then your choice would be a private bank as they can buy and hold your investments for you.

Are you looking to put your money into a savings account or applying for loans as an individual?

Savings and loans would best fit your needs.

Regardless of which you choose among offshore banks and banking, privacy reigns.

Individuals seeking solid asset protection from lawsuits find offshore banking convenient.

Even aggressive attorneys tend to shy away from offshore held assets for their clients as time and money involved in going after you.

Which Banks to Avoid

• A foreign bank that has a domestic branch in you own country
• Banks in a country with weak reputation for privacy
• A jurisdiction that you feel uncomfortable with.
• Taking anyone's advice without doing your own due diligence.

What to Look For When Choosing a Country

• Do the countries laws have universal banking laws? If so, you can do all your banking, investing and portfolio management in one bank.
• If, down the line, you decide to move abroad, will this country be one of your top choices?
• If you decide to create an offshore business, which country would you choose?
• Would you like a second home in this country?
• Is there a language barrier?

Three countries which have universal banking laws are Liechtenstein, Austria and Denmark.

If you are not so concerned about having all your financial eggs in one bank, then your country choices are wider, Panama and Switzerland for example with Hong Kong being the newest kid on the block.

Everyone had heard about Swiss bank accounts. Now it's time to find out more. Zurich, the largest city in Switzerland, is also it's banking leader. Click here to find out more.