Saturday, May 2, 2009

Offshore Credit Card Applications

Offshore Credit Card Applications



The first time I filled out an offshore credit card application, it was a bit daunting. I think they probably asked for less information when the FBI cleared me for top secret information in the military.



Mother's maiden name??? How is that relevant?



In addition, although the offshore bank was in a protected jurisdiction in a place with strong bank secrecy, the credit application I had to kind of assume (hope pray) would stay private to the issuing bank.



One thing to be careful of is that many of the banking institutions and non-banking institutions that sell offshore credit cards which give you access to your offshore funds in the comfort of your home country are not actually issued by the offshore bank or offshore financial company in question.



So, is an offshore credit card really an offshore credit card ?



Well, the answer, like so many things is, it depends.



It depends on who is actually issuing the credit card...more on that in another post. For now, let's prepare you a bit with what you'll be faced with when you get an offshore credit card application to fill out.



Personal Information

Family Info

Work Info

Investing Info

Portfolio Info

Source of Funds

Savings

Etc etc etc etc.


While sharing this information may be quite daunting to begin with, you can take comfort that there are still some banks that have strong enough bank privacy laws entact where these things *should* be held back from tax authorities and other people who you'd like to shield your financial information from.


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