OFFSHORE BANKING: DEBIT CARDS

Offshore Debit Cards

There are two main types of offshore cards offered by offshore banks: debit cards are secured by the fully-liquid deposits in the account; and credit cards that are secured by about 150-200% collateral deposit of the credit line in a bank term deposit. Debit cards are the most popular because they do not lock up a block of capital.

Anonymous Offshore Debit Cards

Generally over-promoted as a card that does not have your name embossed into the plastic, but the reality is that banks do link the users name to all transactions, and encode details into the magnetic strip in virtually all cases. Except one, there is only one bank we have ever found that offers a card that is truly anonymous - it is not linked to your name, the bank does not know who the user is, however it is expensive.

The Best Way To Repatriate Money - Compliant and Tax-Free

Can-Offshore does not endorse the use of anonymous debit cards as a way to defeat the tax system, in fact we have been warning people for a decade not to abuse cards or rely on privacy alone as a way to save taxes. Taking cash from an ATM machine using an anonymous card has risks, and the cash is reportable income - according to the Revenue Cannibals. So twe have said it, sorry to contradict all the other providers.

Why Do Something Wrong - When It Is Just As Easy To Do It Right?

Unless you enjoy skulking around ATM machines wearing an overcoat, sunglasses, and a big floppy hat, it is hard to imagine why a person would want to live like a tax-fugitive in fear and worry of getting caught? The answer, I have come to realize, is that offshore promoters do not know how, so there clients tend to be poorly trained on the compliant methods. The best way is to repatriate money using a tax-free commercial loan from a European bank, bonafide loan proceeds at market interest rates are neither taxable income or a taxable benefit when done properly. Using a deposit in a foreign bank as security for a loan allows you to receive a wire directly into your bank account, and receive original signed loan documents to satisfy any auditor questions should the matter arise. The cost of the loan is about the same as loading and using an offshore debit card, and the loan method has no imposed limits - only to the amount of deposit on hand at the offshore bank because the loan must be fully collateralized using a back-to-back loan, ("b2b")

How Easy Is It To Get A Back-To-Back Loan?

Getting a b2b loan is too easy, if you have a deposit in the right bank, then it is just a matter of an email asking for the amount of a b2b loan. Even a street person can get a b2b by giving the banker a cash deposit, then later asking for a b2b loan against the deposit to establish his credit - no banker I know of will turn it down because it is fully secured.

A Matter Of Choice

Debit cards work well for quick access to small amounts of cash, but the income is reportable, right?
The b2b loan is best in amounts over $10,000 to a Million or more, and as frequent as your resources allow. It is my recommendation to prefer the b2b as the compliant, tax-free and worry-free repatriation method. Contact us by Skype or email to discuss your objectives.