Offshore Banking: 'More Good Reasons Than Ever to Go Offshore' Says New Q Wealth Limited Report

LONDON, Feb. 23 /PRNewswire/ -- While the days of James Bond-style numbered Swiss bank accounts may be over, the world of discreet private banking and offshore wealth management is growing apace as financial uncertainty continues to make people seek safe havens.

Despite highly-publicized government crackdowns on tax evasion around the world during the past year, more billions are headed for offshore banks and tax havens than ever before - with good reason, and it's all completely legal. That is the conclusion of a new report, advising high net worth individuals and entrepreneurs on offshore banking and asset protection, that is released today.

In the 2010 update of his annual Q Wealth Practical Offshore Banking Guide, offshore banking, international living, and asset protection expert Peter Macfarlane points out that tax evasion is far from the only factor encouraging smart individuals to go offshore. "There are more good reasons than ever to go offshore. Taxes are certainly a factor, but many people these days are motivated by deeper feelings - they just don't trust the system any more. Basically, they are demanding full control of their own money and their right to privacy. Why should an individual's finances be an open book?"

"Bank failures and bailouts are on everybody's minds, and rational individuals are looking to open accounts at conservative and respectable banks, in countries that respect the rule of law and private property, that do not have this toxic exposure. Clients seek to protect their assets not just against the perceived injustice of many lawsuits, but more fundamentally against a decline in the value of the dollar and other major currencies like the euro and pound. They are diversifying into better-backed currencies, and of course into precious metals - something made easy by offshore multi-currency bank accounts," comments Macfarlane, adding: "We've all heard about the risks of keeping eggs in the same basket."

The Practical Offshore Guide 2010 includes special sections for US and European Union citizens, explains information exchange in detail, and proffers practical advice on choosing, opening and operating an offshore bank account.

The Q Wealth Report, established in England in 1996 with a global readership, is a privately-published newsletter covering offshore banking, asset protection and wealth management. Englishman Peter Macfarlane, 38, is joint editor, runs his own professional practice in Panama City, Panama and is a regular speaker at offshore events. The Q Wealth website is: http://www.qwealthreport.com. Further details about the guide are available here: http://www.qwealthreport.com/offshore_banking_guide_2009.php.

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SOURCE Q Wealth Limited