Offshore Savings Accounts

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Meaning if I have an account like chase and I have $100 in my checkings. I swipe my debit card and instant money is taken out. Will it work the same way with a offshore account?

If your offshore bank belongs to the same networks, as u.s. banks, then yes. But since only u.s. banks have FDIC protection, I doubt it.

I’m working abroad for more than a year now so I decided to register an offshore company on the Seychelles. Now I’m struggling with account opening. All major banks seem to limit their offshore accounts to private individuals seeking a savings account. I need a business checking account my contractors can pay to.

Lloyds TSB, (LloydsTSB-Offshore.com)

& check out this web site:

http://www.offshore-fox.com/offshore-corporations/offshore_corporations_030303.html

Hope it helps =)

My hubby has been a seaman for the past 12 years. The company from Norway he has worked for was bought by another company, also from Norway 4 years ago so all the management and employees in the office were either removed or decided to look for a new job somewhere else. This new company was kinda cheap and has treated their old employees unfairly- they only think about saving money but the truth is, they were earning more than enough every year. The employees who work offshore (my hubby included) were retained because he’s been in the company for so long but majority were fired especially those who were newer to the company.

But since late last year, they have been removing/firing the old employees offshore as well(seamen) and replacing them with other nationalities because the company wants to pay cheaper labor. The other nationalities (polish/russians/filipinos) earn much cheaper payment compared to my husband and the others who are from Norway and have been in the company for a very long time. My husband has never had any absences nor sick leave in the past 12 years he works there—he believes that’s the only reason he was still working there. But the thing is, this new company has already sold the ship he’s currently working at so in a year or two, the new owner will claim the ship and he has no way of finding out if there is still a job in store for him or to the other crew when that day happens. The new company is hell bent on hiring other nationalities continuously for cheaper labor so we are not sure if his loyalty and good work ethics will still hold any importance. But as of now, they haven’t told him anything yet if they have plans to remove or fire him or if they want to transfer him to another ship.

The people in the old company he used to work for (the one which was bought by this new one) sent him an email few days ago and was asking him and the other old employees if he wants to share (was shareholder the right term?) money because they wanna rebuild the old company again and they were in fact looking for new ships to buy now. They want him to buy himself to become a fellow owner and it is a one-time pay of 16,000 dollars or 11,000 pounds. These people are well-educated in their business so my husband says they know what they are doing but I am a little skeptical because it’s a lot of money plus it’s always a case of hit or miss. It’s very risky so I am torn and don’t know what to tell my hubby. I know he wants my input that’s why he consulted me. The new company he’s working at now might fire him if they find out he has a share to the old company so please tell us what you think. The old company will be waiting for his decision in 2 weeks.

I also told my hubby I can spare that money since I have some savings in the bank so even if his present company finds out he has a share, it wont become a reason to fire him since it comes from my own account. The thing is, I am laid off at the moment, I have no idea about that kind of business, and I worry if it’s really a one-time pay–they might ask for more in the future since they’re running the business. My husband works in a supply vessel/ship so that was the business is all about.

Thanks and I will be choosing the best answer later. God bless us all.

Here’s a partial Answer,..

Similar circumstances happened in the Gulf of Mexico back in the 80’s, and I’d go as far to say that that had something to do with the Oil Spill…

They Force Re-tired their most experienced people…

All upper management went except Key people, like engineers, all those within 15 years of retirement were pushed out…Everyone else stayed.. but they were second class, first to go, The New owner were loyal to their own.

I’m guessing your talking about the North Sea, and an important question would be what is the Outlook for Work.. if work is steady are picking up, you’d be alright where you are. You won’t be happy, thought.

In the Gulf turnover of supply vessels is high, but I’m guessing your ship is specialized, and if it’s specialized your venture could fit in, if they can get work, and charge less.

I’d find out for certain whether there are any consequences if you are part owner in another company.

In my opinion whatever happens, seamen are somewhat insulated, and more likely to keep working where others on land won’t…Best of Luck

My hubby has been a seaman for the past 12 years. The company from Norway he has worked for was bought by another company, also from Norway 4 years ago so all the management and employees in the office were either removed or decided to look for a new job somewhere else. This new company was kinda cheap and has treated their old employees unfairly- they only think about saving money but the truth is, they were earning more than enough every year. The employees who work offshore (my hubby included) were retained because he’s been in the company for so long but majority were fired especially those who were newer to the company.

But since late last year, they have been removing/firing the old employees offshore as well(seamen) and replacing them with other nationalities because the company wants to pay cheaper labor. The other nationalities (polish/russians/filipinos) earn much cheaper payment compared to my husband and the others who are from Norway and have been in the company for a very long time. My husband has never had any absences nor sick leave in the past 12 years he works there—he believes that’s the only reason he was still working there. But the thing is, this new company has already sold the ship he’s currently working at so in a year or two, the new owner will claim the ship and he has no way of finding out if there is still a job in store for him or to the other crew when that day happens. The new company is hell bent on hiring other nationalities continuously for cheaper labor so we are not sure if his loyalty and good work ethics will still hold any importance. But as of now, they haven’t told him anything yet if they have plans to remove or fire him or if they want to transfer him to another ship.

The people in the old company he used to work for (the one which was bought by this new one) sent him an email few days ago and was asking him and the other old employees if he wants to share (was shareholder the right term?) money because they wanna rebuild the old company again and they were in fact looking for new ships to buy now. They want him to buy himself to become a fellow owner and it is a one-time pay of 16,000 dollars or 11,000 pounds. These people are well-educated in their business so my husband says they know what they are doing but I am a little skeptical because it’s a lot of money plus it’s always a case of hit or miss. It’s very risky so I am torn and don’t know what to tell my hubby. I know he wants my input that’s why he consulted me. The new company he’s working at now might fire him if they find out he has a share to the old company so please tell us what you think. The old company will be waiting for his decision in 2 weeks.

I also told my hubby I can spare that money since I have some savings in the bank so even if his present company finds out he has a share, it wont become a reason to fire him since it comes from my own account. The thing is, I am laid off at the moment, I have no idea about that kind of business, and I worry if it’s really a one-time pay–they might ask for more in the future since they’re running the business. My husband works in a supply vessel/ship so that was the business is all about.

Thanks and I will be choosing the best answer later. God bless us all.
To Steve O and Douggie,
My hubby earns min. 100,000 dollars a year so before you start laughing at the word "seaman" I guess it’s time for you both to even reconsider your present job or lack thereof.

I think it’s tough to judge since I dont’ know all there is no know about that industry, specific business, or your husband. I do know that things seem to be in a transitional period there, and you’ve described it as an undesireable scenario of layoffs, replacements with cheaper labor, downsizing and maybe some corner cutting etc. Not sure of the credibility of the older company, their plans for revamping the business, and if what your describing is an opportunity for your husband to invest in the old business. Not sure if the people making a new business had a hand in selling off the old one and letting all these people get laid off and replaced. If these aren’t the top dogs in the company, then consider that this new company may not realize what they are getting into.. what if you invest money and it’s spent, but the business never takes off….

My reading retention isn’t great, but i believe you described how his old company was sold off to another company and a majority of their workers were booted so I don’t know how excited I would be if that old company was trying to reorganize and not only wants me to be involved, but wants me to now invest a good chunk of my money. The newly reformed company could just as well get bought up like it did initially, it could sink along with your money, or the former coworkers could be nieve about the dynamic of all being owners and it falls apart. Regardless of the specifics…with the status of our global economy, your own current situation, and the possibility of your husband also losing his job you should keep the 16K as a cushion/emergency fund and continue seeking employment for yourself, and alternative employment for your husband if he sees change coming down the pipeline.. it’s important to not be pressured into that decision and anticipate when change is on the horizon

Hi, my very dear best friend since childhood has had a savings account in the Philippines and I wanted to help her decide on what to do with it. It has doubled to 40000 PHP in 5 years, not really a big sum lol.

1. Is she better off taking them all out and putting it in a US bank account? Will there be any charges for transferring?

2. Should she invest them in silver instead?

3. Or would it be best to leave it there and convert it to a time deposit account and wait to mature or something?

Thank you so much!

1. An account that doubled from 20,000 to 40,000 PHP is a pretty good deal, because it grow at an annual rate of 14.9%, compounded annually. In a US savings deposit account you would currently get no more than perhaps 2.5% annually. 15% per year is a fantastic growth, unless your rate of inflation is more than 10% per year.

2. If you invest it in silver, you speculate on the future value of that precious metal. In 5 years it might double in value (unlikely in my opinion) or it could just as easy be only worth only half as much as today. Those gold and silver investment commercials on TV sound great, but it is a fact that silver is worth less than half of what of what it sold for at its high point in 1980. That’s 30 years ago and we have seen a lot of inflation since, which is not accounted for here.

3. My recommendation is to leave it where it is now and let it mature.

Currently I have an Offshore Savings Account. I’m a non-taxpayer. Getting 2.5% pa. Any "real" advice on how to increase my returns?
I currently have an instant access, tax-free account, and receive 2.5% p.a.
Untill interest rates recover - any ideas how to make it work harder for me?

Use any of the major comparison sites. Personally last time I had to check this sort of thing I used moneyfacts.co.uk and moneysupermarket.com . I got different results from the two it’s worth using more than one. Just google something like ‘best buy tables’.

As an example, I was getting accounts yielding 4.1% for 3 years or 5% for 5 years, burt you can’t withdraw your money from those until the term is up.

For instant access the best I can find is 2.81% inclduing a short term bonus or 2.75% without a bonus.

I would like to know if JP Morgan Chase, Citigroup, BoA or other American banks offer currency savings accounts services to the common public.

I am 100% positive it is available in other places in the world. See examples below:
http://www.offshore.hsbc.com/1/2/international/savings-accounts/currency-savings-account
http://www.standardchartered.com.hk/personal-banking/deposits/foreign-currency-saving/en/
http://www.offshore.barclays.com/euro-savings-account/

I would also like to know the financial implications of such accounts to a US citizen according to US federal tax laws/relevant state laws.

Thanks!!

No, US banks to not offer this
Very difficult for US citizen to open offshore account
Any way, you are required on your tax return to disclose (under penalty of perjury) if you have an account outside the USA

using everything from writeoff, deduction, offshore accounts, tax-free mutual fund, bond, you name it..etc.
say 200k is the income and saving for the year (0 expense)
how much can i possibly save by doing everything possible to avoid tax (legally)
how much would i lose if i do nothing at all and let government tax the 200k?

No, you cannot avoid all taxes. You do understand in some circles you are "rich" and Obama wants to adjust the tax rates so you’ll pay more for those who don’t pay any taxes. It’s impossible to answer your last sentence without more information.