In can be really hard for anyone to get a bank account in the UK nowadays. With the bank sometimes wanting two forms of ID, and a utility bill, and maybe even a reference, it can make things tough for some people to open up an account.
I moved to England, from Belfast, last year with a friend to start new jobs here. We both first of all needed to open bank accounts to deposit our wages into. For my friend it was really hard - because we rented our accommodation and the rent included bills, we didn’t have any utility bills in our name. There were other problems, but this was a main one - a stupid rule that discriminates against renters.
I say that it was really hard for my friend, but it was even more difficult for me. Because I have dual nationality and chose to travel on an Irish passport the banks would not take this as verification of my ID. So, even though I am a British citizen, unless I show a British passport the banks will not try to confirm my identification and turned me down straight for a bank account.
Although I was having more problems, my friend wasn’t able to open a bank account either. So here we were - two successful men in two good jobs, who just weren’t allowed to open a bank account in England because of a lot of red tape.
My friend got lucky - after a long time of stress and unhappy phone calls he went online and got a Barclays current account online. Me however, I gave up. I have to use my Ulster Bank account for my wages to be paid to me. Although I can use my bank card here to withdraw money here I am very limited to the services I can use from over here.
So, I ask what, kind of shambles is the British banking system that two British citizens can have such problems in simply opening an account?
About the Author:
Michael Hanna is a keen writer, and internet marketer living in Scotland.
Contact details: E-mail: samqam@googlemail.com Phone: 0131 561 2251 Michael's Website: Taxi Belfast
Article Source: ezinearticles.comMany believe that if you open a bank account offshore at any of the popular jurisdictions such as Panama or Belize, then that bank account would be out of the reach of home tax authorities and you can pretty much do as you please with it. Further it is thought by some that any earnings from said account need not be reported.
This line of thought is further bolstered by offshore hucksters who claim the above is true.
Fact is that opening a bank account offshore is not illegal but lying on your tax form is.
Remember those direct questions about offshore bank accounts and trusts on your income tax form? They are there for a reason. The government wants to know where your assets are so that they can tax them or seize them as they feel is appropriate.
On shore banks do not know the meaning of customer privacy and now function as agents of the government by reporting everything you do according to a bizarre set of reporting rules forced upon them.
Ferreting lawyers want to know how big and where your assets are too and this is easy for them to ascertain in the US or Canada.
It is well documented in the US that opportunistic lawyers actually prey on wealthy folks by crafting and instigating law suits knowing that many targets will settle out of court just to be rid of the trumped up problem.
Opening a bank account in Panama is fine but how are you going to get any sizeable amount of money into your shiny new account without sending up red flags all over the desk of your friendly tax official?
Your local bank is a snitch!
Governments under cover of excuses referring to terrorist threats and their possible money laundering activities now keep close watch on farmers in Saskatchewan and vintners in California in case they are doing something that is a national threat!
Privacy has never more threatened than it is today and as a direct result has never been more important. However privacy is now only for those who insist upon it, create it and defend it.
Forget about opening an offshore bank account as that alone will accomplish nothing.
Consider the proper creation of a competent offshore structure that is lawful, powerful and very, very private.
A good offshore structure will still do today what it has done for generations and that is to provide privacy and asset protection for assets which if left unprotected onshore may soon no longer be yours to protect.
And yes. Depending on the situation there may be some tax efficiencies as well!
The author has been involved in the financial arena for most of his adult life, latterly as the CEO of a successful financial services company which he sold a decade ago to devote his time to advising a select group of clients in prudent and cautious uses of offshore structuring. He has traveled extensively among many offshore jurisdictions over a span of 25 years and acquired hands on experience together with high quality contacts and resources in the better jurisdictions. He provides consulting services and can be reached at http://www.offshoreandprivate.com.
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