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Safety and Security
safe havens under the sun |
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Safety and Security
Not all banks are the same. The major concerns are safety, convenience
and privacy. Achieving all three is a significant challenge and
you can spend a great deal of time searching for a bank that will provide
you with all three.
When thinking of banking ‘away from home’ or in a country
that is not your country of residence it is important that the bank is
in a reputable jurisdiction where the business of banking is regulated
and where banks require permission to trade.
Authorization to trade is
granted by Bank Regulatory Authorities after rigorous due diligence has
taken place. These regulatory authorities also ensure that banks adhere
to the jurisdictions legislation and best practices and have an oversight
role of all financial institutions in their jurisdictions. Once a bank
has been duly licenced as an offshore bank, banking services can be offered
to non-residents.
When considering the jurisdiction, it should be stable both economically
and politically. Communication should be excellent – otherwise how
will you be able to forward requests, queries and have them executed in
a timely manner. The account opening process can also take place via fax,
internet and phone, thus avoiding a visit to the bank.
The secure technology that the bank provides and the quality
of services is often the most important criteria as the first two
criteria above are taken for granted. Many banks offer ancillary
financial services such as deposit accounts and investment products
to better meet the needs of their clients.
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