Offshore Debit Cards and Offshore Bank Accounts

The global financial crisis has gravely hurt the financial status of all governments around the world. As a result, governments have put far more effort to having control over their finances. And with the governments intensified efforts, those who before were able to hide the money they got from activities outside of their normal system are now having difficulty keeping their funds out of the governments knowledge. These people are now facing the risks of large penalties and huge taxes.


With their hidden bank accounts in danger of being found and subsequently frozen, people are now desperate on finding more secure ways to hide their money. As anxiety was taking its toll, the Panama laws have provided more opportunities for keeping money undetected. The Panama laws state that money kept in foreign lands are safe from being frozen and are kept confidential from government knowledge. And so hiding money offshore to remove any risk of it being frozen and at the same time avoid bulky taxes has now become the new trend.


An offshore bank account is a bank account at a foreign bank. As the offshore bank is located beyond the sovereignty of the offshore bank depositors home government, it is completely safe of state meddling and intervention. The offshore bank accounts functions the same way as a local bank account, though there are some who do not offer interests. These interests however, are immaterial compared to the tax savings the offshore depositor will benefit from keeping his money out of his governments knowledge.


The downsides of keeping money at an offshore bank account are the difficulties and costs of managing its funds. Such problems however, can be solved by simply getting an offshore debit card. The offshore debit card will serve as the key to allow you to open your bank account at almost any ATM outlet all over the world. There are even those offshore debit cards that allow you to keep track of your account through your mobile phone.


The offshore debit card has already replaced the credit card as the number one in the electronic payment system. The offshore debit card offers almost all the benefits a credit card has to offer, with minimal costs. The offshore debit card does not have high monthly charges or high interest rates. Offshore debit cards also do not encourage extravagant spending as unlike credit cards, they do not allow the cardholder to spend money that he does not have. Unlike credit cards in which all spending is charged to the card provider to be later paid by the cardholder with interests, offshore debit cards charge the spending to the cardholders own offshore bank account. The limit of what the holder can spend with his offshore debit card is the balance of his offshore bank account.


At the cardholders choice, the debit card may be named under the holders company, the card providers company or simply a number code, thus providing utmost protection against identity theft and fraudulent use of the offshore debit card. Applying for an offshore debit card is also very quick, easy and less costly, as screening procedures are not that tight.