Most people haven't the foggiest idea of what Offshore Banking is

Offshore Banking is NOT Evil...

If it weren't for the lies, distortions, and self-serving propaganda distributed by the Government, the I.R.S., and the Bankers, you wouldn't cringe every time you hear the term OFFSHORE BANKING.

Why? - Because most people haven't the foggiest idea of what Offshore Banking is, they simply accept the distortions they read in the controlled media and ASSUME that Offshore Banking is some form of criminal activity. Or, they ask their lawyer, accountant or financial planner and he, being as uninformed as they are, advises that it is too risky, illegal, immoral, or unethical.
The fear and suspicion surrounding Offshore Banking is really only a matter of "Lack of Knowledge & Information". Very few people, including both those who condemn it and those who promote it, really KNOW what offshore banking is. BUT, the Government, the I.R.S., and the Bankers do know that money held outside there Country is money they cannot legally control, tax, or use for their purposes. That's why they are adamant in their defamation and condemnation. They don't know what it is, but they know it takes money out of their hands.
Unfortunately, some of those who promote offshore banking have done little, or nothing, to alleviate or satisfy the fears and suspicions of the public. As a matter of fact, because they themselves do not know what offshore banking really is, these promoters have given the Government, the I.R.S., and the Bankers the ammunition needed to keep the public in a state of fear and suspicion regarding offshore banking, investments, and opportunities. Helping keep your money in your domestic banks; paying you less and taxing what little you do earn.
So... before we go any further... lets define Offshore Banking. Then, unlike the politicians, bureaucrats, bankers, and promoters, YOU will know what the term means.

What is offshore banking?
The term "offshore banking" actually has TWO (2) different and very distinct definitions; but, I couldn't find either one of them in any of my dictionaries. One meaning is: "MECHANICAL" and the other is: "FUNCTIONAL".
Only by knowing both definitions and understanding the relationship, yet distinct differences, between the two, will you be able to make a decision based on KNOWLEDGE rather than ASSUMPTION.
Since the "Mechanical" and the "Functional" definitions of offshore banking have been so intermingled and confused by almost everyone, it will be necessary to, first define them separately and distinctly, and then explain why the confusion exists.

Mechanical Definition
In the "legal" community (lawyers, governments, etc.) the term Offshore Banking is a bank "licensed" to do business only outside the jurisdiction in which it is chartered and licensed.
That means: A bank holding an offshore banking"license" may engage in most, some, or all activities (including but not limited to checking, savings, loans, etc.) normally carried on by any other bank -- but -- that bank CAN NOT offer or provide those services to the "residents" of the jurisdiction in which the bank is chartered and licensed.
An example: A bank, "licensed offshore," in the Bahamas may offer its banking services to anyone outside of the Bahamas -- but -- that bank CAN NOT offer or provide those services to the residents of the Bahamas.
Some jurisdictions allow offshore "licensed" banks to provide any and all services normally provided by any other bank. Other jurisdictions (such as the United States) limit an offshore "licensed" bank to providing some few specified services.

Functional Definition
To the "depositor public" at large, an Offshore Bank is: ANY FINANCIAL INSTITUTION OUTSIDE THE COUNTRY IN WHICH THE DEPOSITOR LIVES.
That means: Any financial institution outside the United States is an offshore bank, if you are a resident of the United States.

Throughout this report, the terms "Offshore Bank" and "Offshore Banking" shall be used for any bank or banking service that qualifies under the FUNCTIONAL DEFINITION, -- at anytime we refer to a bank under the MECHANICAL DEFINITION, it shall be referred to as an "Offshore Licensed Bank." Of course, any bank situated in the country where you live and work shall be referred to as a "Domestic Bank".

Why the confusion?
A Bank is a Bank is a Bank is a Bank -- whether that bank be a Domestic Bank, an Offshore Bank, or an Offshore Licensed Bank.
No matter how a financial institution is structured, where it is licensed & chartered, or where it does business, ALL FINANCIAL INSTITUTIONS use the same channels (exchanges, clearing houses, etc.) to facilitate the movement of funds internationally and/or domestically. Therefore, since all of the banks in the world are indirectly connected through their correspondent and inter-bank relationships, there is no real confusion arising from the transacting of banking business.

The confusion regarding Offshore Banking is only a matter of "legal jurisdiction," arising from the fact that no country may impose its laws in another country without the country's consent and cooperation.
Because of the wide variety of laws around the world, what is illegal in one country may be entirely legal in another country. Any country can, through its various policing agencies, investigate any person residing in their country for a violation of their laws. That same country, however, has no legal right to investigate the activities of any person in any other country without first obtaining the consent and cooperation of the country in which the investigation is to be conducted. Even then, the investigation must be conducted under the law of the country in which the investigation is to take place, not under the laws of the country conducting the investigation.
As an example: The U.S. can not investigate anything in Panama, without the consent and cooperation of the Panamian government, and the Panamian Government is totally within its international rights to refuse to consent or cooperate in the investigation.
Further, countries will not (usually), without a specific treaty or agreement, assist another country in enforcing or investigating a crime that is not a crime in their country.

THEREIN lies the confusion -- Offshore Banks, and Offshore Licensed Banks, located in countries that do not have income tax laws do not (usually) assist the U.S. or other countries Internal Revenue Service in enforcing, or investigation violations of there tax laws. Therefore, without the consent and cooperation of those countries, the I.R.S. cannot (in most cases) get information regarding financial transactions conducted in those countries by Tax Evaders in the U.S. or other countries.

Using An Offshore Account Legally
Anyone who holds a Checking or Savings Account in a U.S. or other countries Bank may, legally, move that account to any other bank, anywhere in the world (offshore).
If you have a Savings Account in your Bank, the odds are that you have already paid your income tax on that money; before putting it in your Savings Account. Therefore, your only further tax obligation on that money is to pay the income tax on the interest you earn.
As an example: If you are a tax-paying, law-abiding person, and have saved $100 from your paycheck, you have already paid the taxes on your income. The $100 is your after-tax money, therefore you don't pay taxes on it again. At the end of the year, when the bank sends you your Savings Account statement, you add your interest earnings to your income tax statement and pay your taxes on that earned income.
The same thing holds true if you have your savings account in an offshore bank. At the end of the year, when you get your statement, you simply add the amount of interest earned to your income tax and pay the taxes on that earned income.

MYTHS & FACTS
MYTH: Offshore Banks can't really pay the high interest rates they offer because, if banks could really pay those rates, domestic banks would try to meet the competition and do the same.
FACT: Take a closer look at the financial statements of any U.S. Bank. You will find that their "gross" profits against public deposits can range from 25% to 40% -- but -- they have written laws to limit the amount of interest they can pay you on your deposit. The domestic banks put their earnings into unnecessary and non-productive accouterments, while offshore banks do without the fancy buildings and unnecessary frills and share their profits with their customers.
MYTH: Offshore Banks aren't regulated, so you run the risk of losing all your money.
FACT: Nothing could be further from the truth. Every country in the free world has laws, rules and regulations governing banks and financial institutions. Those laws, rules, and regulations, however, are far less restrictive than the "protectionist" domestic banking laws, rules, and regulations, allowing those banks greater latitude in earning much greater profits for their depositors and investors.
MYTH: Offshore Banks are not insured by the F.D.I.C.
FACT: Some of them are but, thank God, not that many. If they are, they must comply with the same protectionist banking rules and regulations as any other F.D.I.C. insured bank. But, the vast majority of offshore banks are insured; one way or another.
Some countries have established depositor insurance programs similar to the F.D.I.C. program, by which the banks in those countries have their deposits insured. Other banks in other countries have their deposits insured by independent insurance companies who, unlike the F.D.I.C., insure 100% of the banks deposits; not just those under $100,000. (By the way, many banks in the U.S. or elsewhere are not F.D.I.C. insured, and some of them insure their deposits with independent insurance companies.)
For the most part, offshore banks are "self-insured." That means those banks maintain a liquidity factor equal to 100% (or more) of their public deposits. For every $1 held in public deposits, those banks have $1 (or more) in liquid assets with which they can cover any depositor demand.
Self-insured offshore financial institutions are actually more secure than F.D.I.C. insured U.S. or other domestic banks. The reason being, F.D.I.C. insured U.S. banks for example are allowed to maintain a liquidity factor equal to about 10% of their public deposits. (Ever wonder why they U.S. has more bank failures each year than any other country?).
Which would you feel more secure dealing with? -- A U.S. or other domestic bank that has 10 cents in cash for every dollar on deposit? Or, an offshore bank that has $1 in cash for every dollar on deposit?
MYTH: Offshore Banking is only for people with a lot of money.
FACT: Some 20 years ago, that may have been true. Today, an offshore savings or checking account can be opened with a minimum deposit as low as $0.00.
MYTH: Opening an offshore account is complex, and you can't get your money back when you need it.
FACT: Opening an offshore account is no more complex than opening an account with a money market fund (or ordering from the Sear's catalog), by mail. Getting your money back is just as simple.

Conclusion

Using an offshore bank account legally; paying your taxes and reporting your transactions, you can legally enjoy passive income 2, 3 or even 4 times greater than what you can earn in your domestic bank.
If you choose to use your offshore bank account for tax scoff-law purposes, the matter will be between you and your conscience. But, remember, your illegal use of an offshore bank account does not make offshore banking illegal. If you get caught, you, not the offshore bank, will be at fault.
For many years, moneyed people have known about and used offshore banking opportunities in order to increase their earnings, protect their assets, legally avoid taxation, and gain personal privacy for their financial affairs. Now, anyone with a good income, or modest savings, can enjoy the same exceptional advantages and free themselves from the negative forces active in his country.
Don't pass up the exceptional interest earnings available to you simply because you have blindly accepted, without question, the myths regarding offshore banking.
The fears and suspicions you may have held regarding offshore banking are nothing more than the protectionist scare-tactics used by the Government, the I.R.S., and the Bankers to keep your money within their grasp; limiting your earnings, by law (allowing them to keep the lion's share for themselves), while taxing the paltry earnings they do allow.

The offshore banking community is available to you for your use. NO matter how small your savings ability may be, there is a place for you to earn maximum returns... all you need to do, now that you know how Offshore Banking really works, is find the offshore situation that will work for you.