FICTION: Offshore banking can’t be that good because they can’t really pay the high interest rates they provide. Beneath current proposals, many US banks will fail the requirements however the UK and US appear to be accelerating down the highway of cross-border regulation (see this article on the FSA and SEC information share alternate agreement introduced earlier this week) whereas many banks are looking to the Far East as an alternative to London or New York for establishing their operations.
Remember we are speaking about offshore banks here, not frequently licensed common banks which are audited and watched far more closely by the federal government and normally by a special authorities company than the company supervising offshore banks.
Societe Generale Personal Banking, the wealth administration arm of Societe Generale, in eleven nations throughout the globe, Societe Generale Non-public Banking presents wealth administration solutions to entrepreneurs and Excessive Web Value People.
Strict banking secrecy laws, supported by stiff criminal penalties for individuals who may breach them, blanket confidentiality provisions for belief and company administration companies, and minimal information on public recordsdata resembling intrusive credit bureaus are solely among the reasons why your belongings is likely to be better protected offshore than onshore.
While you learn the offshore bank liquidation horror tales you see that the money path goes from nation to country, financial institution to financial institution after which it finally ends up with a large money withdrawal which is often the end of the path.