Off shore banking | TigerDroppings.com

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Kolbysfan
LSU Fan
Denham Springs, La
Member since Jun 2007
1444 posts

Off shore banking


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.?






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4LSU2
LSU Fan
Madisonville
Member since Dec 2009
22418 posts

re: Off shore banking


What do you do for a living? Just curious.





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Kolbysfan
LSU Fan
Denham Springs, La
Member since Jun 2007
1444 posts

re: Off shore banking


Safety engineer. Building a LNG refinery in Malaysia then floating it to Australia.





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4LSU2
LSU Fan
Madisonville
Member since Dec 2009
22418 posts

re: Off shore banking


Gotcha. That's pretty cool. Malaysia should be a blast from what I've heard.





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Kolbysfan
LSU Fan
Denham Springs, La
Member since Jun 2007
1444 posts

re: Off shore banking


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!!!





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4LSU2
LSU Fan
Madisonville
Member since Dec 2009
22418 posts

re: Off shore banking


That's awesome man.





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I B Freeman
Member since Oct 2009
5481 posts

re: Off shore banking


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.






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Kolbysfan
LSU Fan
Denham Springs, La
Member since Jun 2007
1444 posts

re: Off shore banking


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.






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TheTigerZone
LSU Fan
Moss Bluff ,La
Member since Dec 2009
2343 posts

re: Off shore banking


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.






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Kolbysfan
LSU Fan
Denham Springs, La
Member since Jun 2007
1444 posts

re: Off shore banking


Bechtel





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fatboydave
LSU Fan
Fat boy land
Member since Aug 2004
6752 posts

re: Off shore banking


Count de Monay MO____ NAY





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NC_Tigah
LSU Fan
Member since Sep 2003
51637 posts

re: Off shore banking


quote:

Why do people use off shore banks? Is this practice legal?
Perhaps Jack Lew will elucidate during his Sec of Treasury hearing.
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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