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Off shore banking
Posted on 2/9/13 at 7:32 pm
Posted on 2/9/13 at 7:32 pm
Why do people use off shore banks? Is this practice legal? I am relocating to Malaysia for work. Plan to be gone for a minimum of three years. Is this a practice I should look into if legal.?
3
Posted on 2/9/13 at 7:36 pm to Kolbysfan
What do you do for a living? Just curious.
Posted on 2/9/13 at 7:38 pm to Kolbysfan
Safety engineer. Building a LNG refinery in Malaysia then floating it to Australia.
Posted on 2/9/13 at 7:40 pm to Kolbysfan
Gotcha. That's pretty cool. Malaysia should be a blast from what I've heard.
Posted on 2/9/13 at 7:43 pm to 4LSU2
We're totally stoked. The country is beautiful. The beaches are first class. Great food. Scuba diving. I'm really excited for my kids. What an opportunity to grow up experiencing other countries!!!
Posted on 2/9/13 at 7:45 pm to Kolbysfan
That's awesome man. 
Posted on 2/9/13 at 7:47 pm to Kolbysfan
I would have an account with a large US bank--BofA or Chase or Citi--whichever has the biggest presence there.
I would not be scared of Malaysian banks but I would wait till I had lived there a little while to pick one. You are going to need somewhere to convert dollars to local currency for "walking around " money. Any of the big US banks with a big presence there should be able to do that.
I would not be scared of Malaysian banks but I would wait till I had lived there a little while to pick one. You are going to need somewhere to convert dollars to local currency for "walking around " money. Any of the big US banks with a big presence there should be able to do that.
Posted on 2/9/13 at 7:54 pm to I B Freeman
I bank with USAA. They are online. They pay for ATM fees. I'll have two CC I was going to live on and earn points. Both have zero international fees.
I'll do some googling and see what American banks are there.
I'll do some googling and see what American banks are there.
Posted on 2/9/13 at 8:58 pm to Kolbysfan
quote:
Safety engineer. Building a LNG refinery in Malaysia then floating it to Australia.
Who do you work for? I'm also in the LNG field.
Posted on 2/9/13 at 9:13 pm to TheTigerZone
Bechtel
Posted on 2/10/13 at 1:54 am to Kolbysfan
Count de Monay MO____ NAY
Posted on 2/10/13 at 8:16 am to Kolbysfan
quote:Perhaps Jack Lew will elucidate during his Sec of Treasury hearing.
Why do people use off shore banks? Is this practice legal?
quote:
February 8, 2013
Lew’s Cayman Islands Fund a Likely Issue at Confirmation Hearings
By JONATHAN WEISMAN
As recently as 2010, Jack Lew, President Obama‘s nominee to be the next secretary of the Treasury, had $56,000 invested in a CitiGroup venture capital fund based in the Cayman Islands’ notorious Ugland House, a building whose mailboxes are home to nearly 19,000 corporate entities, many of them tax shelters.
LINK
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