5 Steps To Opening An Offshore Bank Account

If you`re investing for the first time in an offshore account, it can be confusing. You must choose a reputable bank and handle the ins and outs of offshore accounting procedures. There are no first time investing procedures to follow. However, the following five simple steps will give you the information you need.

First, figure out how much you want to invest. If you can only invest $1,000, focus on the institutions that allow that minimum.

Next, which jurisdictions do you have access to? Keep in mind that the bank or institution must be authorized to deal with your particular country of residence. If jurisdictional issues prevent fund access, you may be required to use an appropriate structure; you can always use a mail redirection service as well to access to offshore investments without much problem.

Next, which specific fund do you want to invest in? To choose, search the Internet, read offshore investment guides and publications, or use an investment information provider.

Your research should focus on the fund's previous performance, its management and assets. Watch it for three to six months before you invest, and don't rush into anything.

Next, before you can invest, decide whether you want a broker or will do this yourself. If you choose a broker, you`ll next need to call the broker and have him or her make the needed arrangements. If you decide to do it yourself, request a current copy of the fund's prospectus and then begin the proper investment proceedings from there. To obtain a prospectus from the fund, fax a request for it. The following is a sample of how you might word it:

Dear XXXXXXXXX,

I am the investment administrator of a company domiciled in (insert tax haven here).

I would appreciate a current copy of your prospectus so that I may invest in your fund.

My mailing address is
XXXXXXXX
XXXXXXX
XXXXX

Kind regards,

XXXXXXXX

I have used this type of letter often. Even when I used an Australian postal address, the fund still sent the prospectus, even though they also sent a letter stating that they were not authorized to deal with Australian residents, and therefore could not take my investment. They did give their account details, though, for my information.

Finally, if you`ve met all criteria and want to go ahead with the investment, a bank draft is the easiest payment method. Just attach the check to the completed prospectus and send it to the fund.

When you set up the bank draft, if you use a bank with an international essence, you`ll likely raise fewer questions. You also cannot post the prospectus from a country that the fund is not authorized to deal with.

The above five steps should make your first offshore investment experience relatively easy and even fun. You should know that the fund may still deal with you even if all their criteria are not met, but following the steps above should be your easiest route to opening an offshore account.

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Your Child's Emotional Bank Account

Recently I attended a parenting seminar where the lecturer questioned a room full of parents, “What is the single most difficult aspect of raising children?”

The most memorable response drew a lots of laughter; “It’s the first twenty-five years.”

Indeed, there are numerous challenges we parents face from the toddler times through their teenage years, and beyond!

A parenting tip to gain cooperation and good conduct is to make frequent deposits into our children’s emotional bank account.

What’s an emotional bank account? Think of it this way: When your checking account is overdrawn, it is hard for you to give away money. Similarly, people have emotional bank accounts that must be sufficiently full for them to give away- not money, but time, personal responsibility, and good behavior.

Adding regular “deposits” in your chid's emotional bank account is smart investing in their future, so they will feel secure in “withdrawing” or giving back to you in the form of respect and proper obedience of your rules.

A child who feels that he is running a “negative balance” will gain pleasure from making Mom or Dad get angry. In a backwards psychological way, the power the child yields over his parents in driving them to extreme frustration can fill an otherwise empty emotional bank account. It’s the classic case of the child who would rather get negative attention from their parents than no attention. Being yelled at is better than being ignored, as it fills his emotional account with a “bad currency” rather than leaving it “in the red”.

Here are some suggestions of “deposits” to bump up the balance in your child’s emotional bank account:

1) Give him a gift for no reason.

2) Place a note that says, “I love you” in her lunch bag.

3) Let him choose (from options you provide) the next family vacation. 4) Spend time alone with her at a location of her choice.

5) Truly listen when she speaks to you.

6) Believe in him, and his ideas.

7) Do a surprise favor for her.

8) Give him specific and truthful complements.

Making regular deposits in your children’s emotional bank accounts will yield dividends beyond any those of the highest-performing stock on the market!

Ellen C. Braun is a mother of three and the editor of http://www.RaisingSmallSouls.com Visit her interactive website for more tips regarding children's emotional development.