Debit Card Account for an Offshore Entity
A Debit Card Account for your Offshore Trust, Private Interest Foundation, or IBC gives
you a direct and easy access to cash from this offshore Entity. You can use
it to pull cash from ATM machines, to pay your groceries, and for
all kinds of small daily needs where you want your offshore entity to pay
for you, with no need from your side to ever sign anything or
in any other way reveal your identity.
Both the card and the account associated with it must be
owned by your Trust/Foundation/IBC, not yourself. You use the card in your
capacity of agent for your Trust. You get the card with your personal
PIN code, although the funds you draw on by using it belong
to the Trust. Most debit cards based on offshore accounts come
without any revealation of the owner's or the user's identity,
and for your full advantage of using your offshore entity,
this has to be the case.
You should also make sure that the
offshore bank will have no incentive and no obligation to
report any transactions of this card to anyone.
... Remember, the funds belong to your Trust/Foundation/IBC, and your
that entity has no obligation to report its financial affairs
to any government, so you are not doing anything illegal
by using such a debit card to protect your privacy.
You can use debit cards also as a replacement of traveler's
checks. You can use them as gifts. You can, for instance,
give your daughter a debit card with an adequate amount of
funds on the account to use while she is in college - thus
eliminating the risk of carrying cash...
You should be aware that you must make sure
the debit card is issued and supported by a bank that is
domiciled in another country than your own, and also in a
different country than the country where your Entity is
established. If not, you run the risk of the government
in the bank's country suddenly wanting to legislate new laws
that could compromise your privacy. With your
Entity being in a different country, you take away that
One final warning: don't even consider establishing a
Debit Card Account for yourself in a foreign country!
No matter how smart it might appear, it will tempt you to
commit fraud by not reporting the transactions to your
own government. There are companies out there that will
offer you a "completely anonymous" debit card for a few
hundred dollars, but please don't fall into that trap!
Fraud is a serious crime, and it remains
a crime whether or not your government ever finds out about
it... Besides, it is crazy to expose yourself to such
risk when there is a fully legal way of obtaining the same benefits
by doing it through your offshore Entity.