How to Move Money Offshore without a Direct Trail

Banking offshore is completely legitimate.  There are a large number of wires that go in and out of offshore jurisdictions like Panama.  People purchasing property and moving to Panama.  People in Panama buying expensive merchandise like cars or jewelry from countries like the USA, Canada or the UK.  In fact, millions of dollars are transferred to and from countries like Panama daily.  Yet many people who bank offshore feel they must move money as discretely as possible in order to not raise any red flags.  The following is an analysis of the various ways to move money without a direct money trail:

Cash

Cash is an obvious way to move money without making a trail.  Cash is also limited and somewhat inconvenient.  You must report if you are carrying 10k or more.  The cost of a plane ticket to Panama is about $400 - $600 if you book approximately 2-6 weeks and fly from a major city.  500 / 10000 = 5%.  In reality, you should not carry more than 9k to be safe (as other valuables you carry could be used to support an arguement that you in fact were carrying more than 10k).  Also you might not get your plane ticket at an ideal price.  Thus you may pay as much as 10% on your money which makes this option expensive.  However, if you are travelling to the offshore jurisdiction anyway, say to open an offshore bank account,  you might as well bring 9k with you.  Large amounts of cash are very hard to get back into the banking system which makes this method even more undesirable.

Jewelry

This is an effective option, but it is also illegal in our opinion.  Do not use this option.  We include this option here for completeness and because many people think of this option on their own or see it in movies and so we need to address it.

Many people wear wedding rings or other jewelry in excess of 10k and never think twice when they are flying between countries.  A diamond is very small and non-metallic.  The problem is a bag of diamonds is clearly a negotiable instrument.  Even if you were to wear a couple of very expensive rings, technically if you don't return with those rings they were negotiable instruments in our opinion, which makes this option illegal.  We advise against any illegal options.  Also to get the money back into the banking system, you will need to have some sort of diamond trading/sales business to show the source of funds, which adds cost and would further make the carrying of diamonds a commercial and reportable activity.

Stocks

This technique is often used to bring money from jurisdictions where it is hard to get money out of, like Venezuela, Russia, etc.  Stocks can be transferred from one brokerage to another.  This type of transfer can be traced, but it is difficult and it is highly unlikely anyone would trace it.  It does come at a cost of between 5 and 10% depending on the offshore brokerage you use.  Shop around.  This option is completely legal.

Money Exchanger

Money exchangers offer better exchange rates than the banks.  They have millions of dollars coming in and out of their accounts daily from countries all around the world which makes means their banking profile is perfect for moving money without raising any flags.  It is recommended that you use a money exchanger out of your own country but in a respected country.  Why?  Because you want to wire money to a respected country, yet not your own country so that records are harder to get.  If you have a relationship with the money exchanger (and yes we provide introductions - call for details) they will be able to notify you if anyone comes snooping down the money trail.  Any money exchanger will have to know who you are.  This technique is good for people who want to move money from their local country and the source of funds already ties to them.  In such cases, the fact that the money exchanger will know who you are is irrelevant since the money is already in your name or ties to you.  If done properly this technique can also serve as your outmost layer of your asset protection structure.  It can work as a early warning signal if someone is snooping around.  Call for more details. 

We can introduce you to money exchangers that will take incoming wires both to and from offshore and re-wire or exchange your funds as necessary.  They can accept and send wires, checks, etc.  This opens up many possibilities.  For example, money can be wired from the offshore company to the money exchanger, who then writes several checks to creditors.  The money never touches your onshore bank accounts.  This is ideal.  Remember the idea here is to avoid raising any red flags which might happen if you were to wire the money directly to your bank account and then pay bills from your account.  On the other hand, this money is onshore and completely tracable (which of course is always the case onshore anyway)  but there is no direct trail to you.  Only indirect trails that require anyone snooping around to contact the money exchanger, which will serve as an early warning signal to you, if you set this up properly.  Call for details.

Wire Transfer

A wire transfer is the fastest and most convenient method to move money.  It is also the most watched method.  To avoid attention wires should be varied between 5 - 8k with the odd larger figure never above 20k.  Repeated wires just under 10k do attract attention eventually.  This method leaves a permanent trail so it should be used with care if you don't want to attract attention.  Ideally it should be used in combination with an onshore business or money exchanger as outlined in the previous section.  Generally speaking you should be looking for ways to send money between an offshore and onshore company. 

Many people ask why they shouldn't just get a personal bank account in an offshore jurisdiction like Panama.  The most obvious reason is that bank wires to and from this account would have to list their personal name as the recipient.  This is undesirable if you value your privacy.  Instead most clients use a corporate bank account, which means wires come and go in the company name.  When used in combination with a Panama bearer share company, this becomes a very effective way to retain privacy.

Bank Draft/Cashier's Check

In some countries you do not need to fully identify yourself to purchase a bank draft.  Even if you do, there is no direct trail because the cashiers check is in the name of the issuing bank.  Thus the trail is only uncovered if someone has the authority and power to get banking records.  Offshore banks will readily accept bank drafts.  The technique does not work in reverse, as most onshore banks do not accept offshore checks.

Anonymous Debit Cards

This is a technique used to move money onshore typically.  If used modestly for legitimate company expenses this technique works well.  Most offshore banks have between $1000 to $1500 daily withdrawal limits.  Avoid anonymous card networks because they often are used by money launderers and the such.  You do NOT want your money mixed with this type of money.  These card networks only last between 6 -12 months typically before they go down.  When they do go down, all the money in the card network is typically lost, including yours.  Instead get a legitimate bank card with a large Panama bank that services millions of regular people.  That way your money is mixed with good money.  You can identify a card network by card load fees (usually between 1 - 5%) and sometimes card spend fees.  Also some card networks often advertise unusually high daily withdrawal limits upwards of 10k.  It should be obvious to any reasonable person that this is not the type of service to be used for legitimate money.  If you see a company or even a law firm selling an anonymous debit card with load fees, RUN THE OTHER WAY!  We offer our clients anonymous debit and credit cards that DO NOT have any load or spend fees because they are just regular debit/credit cards.  We do however, have one large bank in Panama that provides a credit card in the name of a company only.  This is an exclusive offer.  Your personal name does not appear anywhere.  Not on the card, the magnetic strip or the global visa database.  You can provide the bank with whatever address you wish so the card can be used online (with address verification).  Again this is the same credit card is available to all the other bank customers (except their personal name is also on the card).  This bank is large with an large office tower in Panama and about 40 locations throughout Panama City.  Call for details.

Western Union & Money Gram & other money transfer services.

For smaller amounts usually under $1000 there is no ID required to send money.  This can be convenient, but repeated usage will eventually draw attention.  Some clients wishing to keep their profile as low as possible, have sent us multiple western union payments under $1000 to pay their legal bill.

International Money Order

This is good for smaller amounts under $1000.  They can be purchased from any post office without ID (for amounts under $1000).  As with western union and other money transfer services.  If you do this repeatedly it could raise flags. 

Gold

You can buy gold electronically onshore.  Then sell it offshore.  It is traceable these days but if you look for an offshore gold dealer to sell it to it is very hard to trace.  (Yes the days of anonymous gold transfer via e-gold and the like are gone.)

First Class Airline Tickets bought at the counter with Cash

First Class tickets are refundable and if you paid with cash, you can go to the airport in any country to get a refund.  Since first class tickets are usually large in value, they are a convenient natural way to move money.

Personal/Company Cheque

Checks are like wires in that they are easily tracable.  They are only valuable in combination with an onshore third party like a money exchanger.  See the section on money exchangers for more details.

Cheque Recycling

The concept here is to endorse a check made out to you and use it to pay creditors.  This is an outdated and quite frankly, a stupid technique.  Yes thats right stupid.  It is highly suspicious for a company to receive payments via endorsed checks.  It raises flags right away.  Also it is outdated because many companies and banks now have policies not to accept endorsed checks.

Traveller's Checks

This is an overused technique that has been cracked down on in the past few years.  It still works when they are accepted, but typically banks will NOT accept a traveller's check.  Also if used to pay creditors it raises a flag since that is not a normal thing to do with a travellers check.  Therefore this technique is of limited value these days.