Why Offshore Banking Privacy is More Important than Ever

We’ve talked about creating wealth offshore. But today, I would just to like explain a little about why privacy, and in particular financial privacy, is such an important part of freedom. Privacy is a right that is so much under threat these days, that we’ve almost stopped taking it for granted. “Transparency” is the new buzzword. We expect our financial lives to be available to our bankers at the touch of a button. Our personal lives can often be tracked in Google. And so on. But if we’ve done nothing wrong, we have nothing to hide, right? Wrong!

It wasn’t always like this. When I was growing up and my parents taught me about personal finance, it was considered inappropriate to tell other people who you banked with. In my view, it still is. I may have nothing to hide, but I don’t have anything to shout about either!

Privacy is important because it allows us freedom. The freedom to do what we like, as long as it’s not bothering others. What we do in our own homes is nobody’s business but ours. I can understand if we are asking for credit, lenders want references and track records. But if I want to open an account that never goes into the red, I don’t see any reason why that should be reported to a credit bureau.

Personally I do all my banking offshore, in jurisdictions where banking privacy is still unassailable. The good thing is these days you can have offshore credit cards in dollars, euros and pounds and it need not cost you a penny more than doing business in a domestic bank. You might be required to report them once a year on a tax return, but that sure beats having your financial information posted on the internet, which is what credit bureaux effectively do. If you want to see some more of my rants about credit reference agencies, check out The Q Wealth Report site and my offshore banking blog, www.petermacfarlane.net.

Look forward to more blog entries about Freedom, Wealth and Privacy. I hope you enjoy them and that you can use the information here to benefit your business and your life. In turn I would much appreciate your feedback, comments and questions. I can be contacted via info@petermacfarlane.net.

Peter Macfarlane is joint editor of The Q Wealth Report an established newsletter dedicated to informing readers about creating, protecting and growing wealth in a secure offshore environment. It also covers international living, banking, retiring and investing. Visit www.QWealthReport.com to see more.