Along with numerous advantages have, there are some points that make their usage quite inconvenient:
1. Despite the fact that many reputable offshore financial institutions (such as HSBC, LLoyds TSB, Barclays and many others) claim that "offshore bank accounts are for everybody", this is not true. They place minimum annual income restriction on offshore bank accounts they offer (such as minimum $50,000), so actually a person who has annual income of $20,000;
2. Secondly, offshore banks require their customers to keep certain minimum balance on their offshore account. Usually something like 5000 euros or $10,000. Quite painful, isn't it?
3. Offshore bank accounts tend to have high fees.
Last edited by Lumber Joe; 04-29-2012 at 02:39 PM..
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