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schwa
Joined: 18 Jan 2003
Location: Yap
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 Posted: Sun Jan 01, 2006 5:42 am Post subject: offshore banking |
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Has anyone here looked into or dealt with offshore banks?
Just a notion, but wondering if they might provide a safe & private but accessible haven for a growing (legit) nestegg.
I have no idea where I'll end up in my retirement (not so far off!) but wherever it is I like the idea of being able to draw quietly from my hard-earned savings.
Its sitting in Nonghyeop Bank now. I dont trust Canadian banks. I also wouldnt mind diversifying it into Euros & maybe other currencies.
Any input? |
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bellum99
Joined: 23 Jan 2003
Location: don't need to know
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| Posted: Sun Jan 01, 2006 3:45 pm Post subject: |
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| Offshore bank accounts had low interest rates and high transaction costs when I looked into them. |
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Mr. Pink
Joined: 21 Oct 2003
Location: China
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| Posted: Sun Jan 01, 2006 3:48 pm Post subject: Re: offshore banking |
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| schwa wrote: |
Has anyone here looked into or dealt with offshore banks?
Just a notion, but wondering if they might provide a safe & private but accessible haven for a growing (legit) nestegg.
I have no idea where I'll end up in my retirement (not so far off!) but wherever it is I like the idea of being able to draw quietly from my hard-earned savings.
Its sitting in Nonghyeop Bank now. I dont trust Canadian banks. I also wouldnt mind diversifying it into Euros & maybe other currencies.
Any input? |
What is it you don't trust about Canadian banks that you trust with Korean banks? I mean if anything, a Korean bank has a bigger chance of going bankrupt and losing your cash. |
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RachaelRoo
Joined: 15 Jul 2005
Location: Anywhere but Ulsan!
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| Posted: Sun Jan 01, 2006 4:22 pm Post subject: Re: offshore banking |
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| Mr. Pink wrote: |
| schwa wrote: |
Has anyone here looked into or dealt with offshore banks?
Just a notion, but wondering if they might provide a safe & private but accessible haven for a growing (legit) nestegg.
I have no idea where I'll end up in my retirement (not so far off!) but wherever it is I like the idea of being able to draw quietly from my hard-earned savings.
Its sitting in Nonghyeop Bank now. I dont trust Canadian banks. I also wouldnt mind diversifying it into Euros & maybe other currencies.
Any input? |
What is it you don't trust about Canadian banks that you trust with Korean banks? I mean if anything, a Korean bank has a bigger chance of going bankrupt and losing your cash. |
Yes, but not having a Canadian bank account is advantagous for tax purposes. Canadian bank accounts can count as a 'tie', which can mean that you won't be allowed to claim non-rsidency status |
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mithridates
Joined: 03 Mar 2003
Location: President's office, Korean Space Agency
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| Posted: Sun Jan 01, 2006 4:47 pm Post subject: |
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Apparently Vanuatu is a huge tax haven:
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| Vanuatu is a tax haven that does not release account information to other governments and law enforcement agencies. In Vanuatu, there is no income tax, no withholding tax, no capital gains tax, no inheritance taxes, and no exchange controls. Companies, like Kazaa and WinMX, choose to incorporate in Vanuatu to avoid regulation and legal challenges. |
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bellum99
Joined: 23 Jan 2003
Location: don't need to know
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| Posted: Tue Jan 03, 2006 11:02 pm Post subject: |
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The idea is good. We want to never claim this money as income. We want to go home and get a job but still be able to use the secret money we earned without Revenue Canada knowing about it. It would count as income in Canada if we were using it there. If we put the money into a Canadian bank account, then the stupid Revenue Canada will know about it.
I say "we" because I want to do it, too.  |
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deessell
Joined: 08 Jun 2005
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| Posted: Wed Jan 04, 2006 1:33 am Post subject: |
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| Last night I downloaded an application form for international banking with HSBC. The application form is a nightmare. There is also a problem with having instant access to your money. I also have problems with having enough I.D. with my name and current address. If they are inforegin languages they have to translated. Right now I am so fed up with this entire banking situation. |
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McQwaid
Joined: 18 Jan 2004
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| Posted: Wed Jan 04, 2006 6:19 am Post subject: |
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I want to do the same. I don't want Canada to see my acct and my money....it really bothers me. So I'm trying to get as many details as I can about just keeping my KB acct open after I leave here in two months. I wanna leave all my money in this acct. The problem is, I will not be coming back to Korea again ... ever.
I may be able to withdraw money though, whenever I want. Had no problems before when I visited a few months ago, but you know how inconsistent "things" can be, so it's a definate concern. Plus, internet banking is also an option, but still a little riskay.
Anyone else interested should look further into this option. I still don't know if it's a good idea, but at least we can share our ideas on the matter.
Any wisdom on this option is appreciated .....thanx |
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deessell
Joined: 08 Jun 2005
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| Posted: Sat Jan 07, 2006 7:18 pm Post subject: |
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| Ok I have the definative answer. It's a swiss postal bank account. There is no minimum deposit and you can have an international debit card and even a credit card. You can also open the account through the mail. They pay interest. |
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Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
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| Posted: Sat Jan 07, 2006 8:23 pm Post subject: |
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| Do you have a link for that? |
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Gord
Joined: 25 Feb 2003
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| Posted: Sat Jan 07, 2006 8:43 pm Post subject: |
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| bellum99 wrote: |
| It would count as income in Canada if we were using it there. |
Untrue. You would have to have invested the money in the first place and claimed a deduction against your income in Canada for you to have it viewed as income when withdrawing it. As long as you are recognized as being an non-resident, you can make as much money as you want and spend it as you please when you return. |
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