The message from our reader below shows that some of you still do not believe me so I have to repeat again that bank privacy has slowly been eroded over the past thirty years and I cannot see why the trend will not continue.
Gary: I read your article on loss of bank privacy, t'is true. Where internationally could one put US mutual funds? Is there any safe haven with bank privacy in the world anywhere now that you could recommend?
One should not hide money abroad and rely on bank privacy to protect them. Forget about government attacks. These are bad enough but I cannot begin to tell you the horror stories I have crossed in the past three decades in which bank privacy was blown by bank errors. For example a London bank mistakenly mailed me the secret bank account of an Iranian diplomat who was hiding money in London. A Viennese banker inadvertently faxed me four pages of private information that could have put several people in serious trouble. A Swiss banker once left his client list with names, addressees and account numbers laying on a table at a seminar were I was speaking with him.
There are too many ways to get caught in addition to the onslaught of governments to reduce privacy. Look for legal ways to keep your financial affairs private instead. One such way is through the use of overseas insurance policies. These policies are private, legal and can deer tax. or more information contact International eClub Advisor Colin Bowen at firstname.lastname@example.org
Colin Bowen, Isle of Man, United Kingdom
Colin Bowen is responsible for the development and marketing of the Company's range of life and general policies. A well known writer on insurance and financial planning and speaker at many international conferences, his involvement in offshore financial planning extends to over three decades. He has recently celebrated his 20th Anniversary with Isle of Man Assurance Ltd. Colin is a Member of the Institute of Risk managers, Member of the Chartered Insurance Institute and also a Fellow of the Offshore Institute. He is a secretary of the Manx Insurance Association and past Treasurer of the Association of International Life Offices.
References at a glance…
Here are the links to the references we've used in this article: