After opening an offshore bank account, one of the most complicated barriers people come across is withdrawing their cash. After all, not many have the time or resources to go to the Caribbean or a European tax haven whenever they want to get hold of their money.
One of the best ways to overcome this problem, that is both timely and cost-effective is to use a prepaid offshore credit card. Handily, “ultra-private” prepaid cards are also some of the most discrete methods available of withdrawing cash and making purchases with your offshore funds.
Prepaid offshore credit cards come in various formats. But first, what is a prepaid offshore card?
An offshore credit card is nothing more than a card issued by a banking institution or card provider outside of your home jurisdiction. Investors frequently see offshore credit cards as a discrete and easy way of accessing their offshore stash. Therefore in many cases the issuing bank will be located in a country with strict bank secrecy.
A prepaid offshore card is an offshore credit card that is “loaded” up front with as much money as you want to put on it. Rather than offering a line of credit, the card is simply a way of making all the purchases you want to make without borrowing anything. It is a credit card, so-called, because the prepaid offshore card often carries a brand name like Mastercard, Visa or Discovery and is internationally accepted.
A prepaid credit card differs from an ATM card or simple bank card because you can use it for much more. You can make purchases online, at PoS and withdraw from cash machines. Withdrawal/purchase limits will vary from card to card
Prepaid cards are loaded by being individually funded. As such they are not intrinsically linked to any offshore bank account, like an offshore debit card. Prepaid cards are a more discrete option if privacy is your aim.
The most common type of prepaid offshore credit card will bear the holder’s name. If you have a company you could also get one in your company’s name. Ultra-private “un-embossed” cards exist which carry no name, although some are not accepted by individual merchants. They carry only the credit card number within the magnetic strip and chip, so when swiped none of your personal information is recorded. Click on the link at the bottom of the page for more information about offshore credit card privacy.
What documents are needed to apply for a prepaid offshore credit card?
Just a scanned passport copy and a proof of residence are required by some issuers. Others may demand more detailed references or additional identification. Some prepaid cards with very low-limits can even be procured with no ID whatsoever.Fortunately, using a prepaid offshore credit card does not require any check of your credit history. Since the card is prepaid, you are not extended a credit line and therefore these checks are unnecessary. This makes prepaid cards a more private option than regular credit cards, since credit history checks are some of the greatest sources of confidential information leaks.
Source by Patrick Winters