Reality is that offshore banking is still here and stronger than ever. Although media has taken the bait and is writing what the U.S government wants it to write the situation isn’t that bad at all. Although media covers what happened to UBS as the end of offshore banking as we know it, nothing much has really happened at all. It is like it has always been with headlines – they must be buzz generating and sell a lot of papers or generate clicks. UBS is a big bank that is operating all over the world, not just in Switzerland and that is what gave it a fatal blow. If the big parts of your business can be shut down for not cooperating then you better start listening to what U.S government demands. Especially at times as hard as these. That is also why it is quite likely that similar developments are going to take place with Credit Suisse.

We are not supporting tax fraud or evasion but if you are using an offshore bank and care about your privacy then you must check if your bank could be blackmailed by governments that have no power in offshore bank jurisdiction. If you look in which countries Stanford, UBS and Credit Suisse operate then you can clearly see that they are vulnerable for such blackmail for clients’ data. It is always important to know your banker – you can’t rely on the bank’s history and perceived stability. In case of these 3 banks there was clearly a problem with bankers’ greed. In case of Stanford the SEC charged Allen Stanford, Pendergest-Holt and Davis of fraud in connection with Stanford Financial Group’s $8 billion certificate of deposit (CD) investment scheme that offered “improbable and unsubstantiated high interest rates”. It is obvious that these guys were running something very similar to Ponzi scheme. Never trust a greedy banker.

Now that these events have happened we can clearly say that offshore banking just got much better. People have woken up and can now understand which factors have to be considered when choosing an offshore bank much better. Big banks with their long histories might seem like a stable choice but their old ways of doing business have died long time ago and their need for expansion has left them vulnerable to all kinds of sanctions from governments outside their offshore jurisdiction.

In times like these offshore banking has became a good solution for saving money, although business is down already many countries including U.S are rising taxes. American government is also attacking offshore banks and companies heavily though but as long as you are not defrauding IRS you are fine. Many say that people should stay away from Switzerland though and maybe look at something