Is all of this legal: the offshore banking?

Do you trust your current bank or investment provider?

Chances are that they too have an offshore operation; most of the world major banks and investment companies have an offshore present. Companies such as Goldman Sachs, JP Morgan, HSBC, UBS, Barclays, Deustche all have offshore operations or subsidiaries. It is not the offshore industry itself that is illegal; it is only the devious activities of certain individuals who may give the offshore industry a poor reputation. It is also true that the due diligence, and anti-money laundering checks performed by offshore companies is increasing, especially following the 9/11 terrorist attacks. Which will ensure that it becomes difficult for criminals to abuse and tarnish the image of the offshore industry.

In fact the offshore industry is probably one of the fastest growing sectors within the financial services industry. Many of the worlds most talented fund managers and analysts are leaving their well paid positions as onshore fund managers, to set up their own offshore funds, due to the greater flexibility and choice they can offer to their clients. As a result of all of this, the offshore market place is no longer the exclusive territory of the rich and famous. Nowadays due to the reduced costs and entry levels, almost anyone can own an offshore fund, investment, bank account or company. Most people are still unaware of the opportunities open to them within the offshore marketplace, which is mainly due to the lack of and fragmented information available.
 

 

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