There are advantages to having an offshore bank account. Personal attention, privacy, easy access from any location, tax advantages, and opportunities to increase your wealth are just a few. It makes sense to consider this option, but one must do so with caution.
Many offshore transactions are conducted by means of the internet and while this offers the convenience clients are looking for, it also allows scammers to make easy targets of incautious or uninformed investors. One of the fastest growing types of fraud pretends to be a forex related investment—whether in funds or in traditional brokerages. The forex market is relatively new, so the general public has yet to develop an eye for such schemes. According to some estimates, billions of dollars each year are taken by swindlers. How can an honest investor take advantage of offshore opportunities and still protect themselves from fraud?
One thing that puts you ahead of the con artists is simply knowing and believing that it really could happen to you. Knowledge is power as the old saying goes, and this is as true in the arena of offshore banking and investments as it is in other places. People are defrauded every day who did not think it could happen to them. A savvy investor must become educated about different types of banking, investment products, or forex accounts that interest them. Talk to trusted accountants and advisers about opportunities you are considering. Remember that you don’t have to invest millions to become a victim of a scam. Criminals out to get your money will take as little or as much as they can convince you to give them.
Be aware that the manner in which you are contacted – mail, radio, email, internet ad, newspaper – has little or no bearing on whether or not an opportunity is legitimate. Schemers are trying to mimic the business tactics of honest offshore concerns in order to fool you. Do not think that a dishonest person will not put much effort into a scam. They are sometimes willing to put serious effort and even a little of their own money into it for the big payoff. Con men (or women) come from varied backgrounds. You no doubt realize that most of them do not “look like crooks” but they do have one thing in common: their ability to make the sale. Convincing clients of their sincerity is their greatest gift.
Learn as much as possible about any investment you are considering. Ask yourself whether or not the rate of return compared to the risk and amount of cash involved are reasonable. Are the promises too good to be true? Is there time for you to do some research or is it a once in a lifetime chance that will not wait for caution? If the agent pushes to make the decisions immediately, it’s probably a good idea to skip it entirely. Can you get the information in writing? The lack of a street or mailing address may indicate an attempt at fraud. Pay attention to the domain name. Internet sites that list the service provider first and the financial institution second are questionable. Reputable banks normally have domain names that are similar to their own.
You do not have to be one of the hundreds of people defrauded through disreputable offshore banks. Talk to an accountant who specializes in offshore dealings, be informed, and make a wise choice.
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