How to Prepare for Banking Privacy Before Opening an Offshore Bank Account
by Grant Hall


Do you need bank secrecy?

Successful privacy advocates recognize the value of banking privacy for both business property and personal holdings.

Government seizures of business and personal property occur frequently.  Currency devaluations and government debt seem to overshadow the rights to privacy and constitutional laws, and may make assets and bank accounts more vulnerable to government agency seizures.

 NORFED assets were seized after years of operations and the “Soviet-Style Attack on NORFED” demonstrates how business assets are seized and questions and answers about the constitutionality of the seizure are delayed unless and until the case gets to court. Once a seizure occurs, huge legal fees may be required, and the defendant will have to win the case to reclaim the property.

U.S. Government agencies are seemingly able to convince judges to sign and issue warrants to support their decisions to seize property, and one such judge, Dennis L. Howell, U.S. Magistrate judge, Asheville, North Carolina, issued the warrant in case 1:07-mj-100119-DLH in the aforementioned NORFED seizure case.

Offshore bank account advantages

Removing assets from “business unfriendly” jurisdictions-especially the “seizure happy,” U.S.A. seems like a prudent move for businesses and high net worth individuals, and others who can benefit from offshore banking privacy in the opinion of this author.

Furthermore, when business assets and personal funds are held in an offshore bank account, the agency, company, or individual who attempts to seize these assets will be asked to demonstrate the reason for the seizure, and this reason must be congruent with the laws of the jurisdiction where assets are kept, and in many jurisdictions having “true bank secrecy,” only criminal cases warrant the seizure of assets. And the assets have to be discovered prior to such an action being brought forth, and this discovery may be indeed difficult when banking privacy is combined with high-level financial privacy principles.

Preparation and references

Privacy seekers who want offshore banking privacy will have no difficulty finding companies offering these financial privacy services. Of paramount importance is the selection of a business that will deliver the goods once a pre-payment is made for the services. The offshore bank account “agent” for the offshore bank will facilitate the transaction and may be as cost effective as the “do it yourself” offshore bank account opening option. One company we believe to be reputable in the field of offshore banking services is Freedom Offshore and their offshore banking services are offered through this website: www.FreedomOffshoreNow.com .
Offshore banks will require in depth information about their prospective banking client. Those who desire offshore banking privacy may be asked to provide these specifics and documents prior to their bank account being approved by the institution:

1. Name, address, business and personal telephone numbers, e-mail address
2. Bank or brokerage account information with account average balances and a contact person at the institution
3. Utility bills
4. Professional references who vouch for the character of the prospective banking client
5. Copies of Government issued identification duly notarized
6. Other personal or business information as per the institution 

Offshore bank account opening procedures may take some time to complete as all reputable banks will want to verify new client information prior to opening an account.

An agent providing “introductions” and other services to the client desiring offshore bank secrecy may expedite this process and be a worthwhile resource for consideration.

References/Websites
Jacob G. Hornberger, The Soviet-Style Attack on NORFED, The Future of Freedom Foundation, November 7, 2007, http://www.libertydollar.org/commentary/pdfs/1196746715.pdf
Hall, Grant, The Money Privacy Crisis; ‘Banking’ Secretly in the U.S.A., January 5, 2010,
http://www.lewrockwell.com/orig10/hall-g2.1.1.html
http://www.freedomoffshorenow.com/   
 http://www.privacycrisis.com/

Copyright: James Clark King, LLC, June 16, 2010