It's not your fault.
Legislation like the patriot act makes it intentionally difficult for anyone to be secretive, regardless of whether the activity is illegal or not. Of all offshore transactions, an incredibly small number are illegal, yet offshore banking and the desire for privacy are routinely censured and dumped into the same basket as money-laundering.
Getting your offshore credit card or offshore debit card can be as easy or as difficult as you wish to make it. Fortunately, by the end of this article you will be much better prepared for the journey ahead.
If you are looking for privacy, ease-of-use and a card that actually works, avoid these 5 offshore credit card mistakes.
1) Getting a card that's issued in the wrong country. Its all well and good getting an ''offshore credit card'' from an offshore bank. But where is the card actually issued? If it's in a jurisdiction which has information exchange treaties with your home country, this is not a good idea. The best countries for card issue will be those with strong bank secrecy, good banking and little connection to your domicile.
2) Using your card at home. If the whole point of purchasing your offshore credit card is to prevent 3rd parties from discovering who you are, don't use your card at home. You may have the most high-tech anonymous unembossed card available, but that won't stop individual retailers or the cameras at an atm from recording you.
3) Cards with limited usability. Offshore credit cards issued by an offshore bank in a blacklisted jurisdiction may offer little functionality. Maybe it will be difficult for you to fund your card account because of the tax haven's reputation, or even worse your transactions may be automatically flagged as suspicious. Then again, some bank cards issued out of tax havens with undeveloped banking may not even work internationally.
4) Cards issued in your own name. If privacy is not a great issue, then a card that bears your own name will not represent much problem. But I would guess that for the majority of those reading this article, confidentiality is key. In this case, the best type of card will be that issued in the name of an offshore company, or one that bears no-name at all. The advantage of the company card is that transactions made with it are company transactions, more so if you are not a beneficial owner or director of the offshore company. A no-name or ''unembossed'' card offers the advantage of not revealing anything more than a card number when swiped. Your financial identity remains secret.
5) Cards with low transaction limits. If there's any advice you can take away from this article it is ''read the small print''. So you pay several hundred dollars for a credit card thinking that it will be possible to buy your dream automobile or yacht with your shiny new plastic, but then you find out the purchase limits are tiny or the card loading and ATM fees are phenomenal. If this is the case, you may begin to wonder if it was worthwile getting an offshore credit card in the first place. Ensure that the credit card has decent purchase limits, that you can use it online, in shops, restaurants and gas stations, and that almost any ATM worldwide will accept it. The best way to achieve this is to get a brand name bank card like an offshore visa or offshore mastercard.
Perhaps after reading this, you may have decided that getting an offshore credit card isn't right for you. But if you do decide to get your card, you can now enter into a discussion with offshore service providers and other vendors with greater confidence, and knowledge of what seperates a card of true value from a rip-off.
Article Source: https://www.bharatbhasha.com
Article Url: https://www.bharatbhasha.com/finance-and-business.php/176824
Article Added on Sunday, October 18, 2009
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