DrDinar Blog

All non-citizens can open a Kuwait account either check or current account (however, only residents will be issued cheques or a cheque book. Checking account is basically a savings account without the interest rate).

Offshore accounts are usually opened by contacting the bank which you would like to open the account with, and proceeding with their instructions from there. One should note that the Kuwait Dinar currency is linked closely to the US dollar and will rise and fall in accordance with this as well.

The value of your account will increase or decrease with the strength of the US dollar, and with today’s economic climate, the weak US dollar, and the projected continuing debasement of the US dollar. You may wish to carefully the benefits as well as negatives of opening an offshore account in this country.

One of the main advantages of opening an offshore account, the political and financial stability of the country, may also be compromised somewhat by this country, as the stability of both Kuwaits government as well as the Middle East overall.

Kuwait has also fallen from 46th least corrupt country worldwide to 65th least corrupt, and is not highly ranked as the world’s most competitive economy at 35th. Considered to have a slow moving bureaucracy and inconsistent regulations. It may be hard to enforce any, ensure that one’s account is properly safeguarded and maintained, or recover any.

Privacy and customer confidentiality may also be somewhat compromised in Kuwait as well. Any tax treaty that this Kuwait has with other countries will force them to comply with tax authorities, regulation, and scrutiny from that country, and will all but erase any protection that it can provide the customer from that country’s authorities.

You will also have to comply with that country’s tax evasion inspections and requests as well. This country, somewhat more so than most, is difficult for non-citizens to open an offshore account in person, online, or independently. There is little information available for applying directly, or on your own.

You are advised to contact the bank directly for further information/instructions on how to open an offshore account. This country also strongly prefers to deal with potential new customers through professional intermediaries that will formally introduce the customer to the bank (these may include lawyers, consultants, or corporate officials) Often Kuwait will only accept new customers through this process.

Once formally introduced, the instructions for opening an account are often quite similar to that of opening an account in Bahrain. It is strongly advised that one hire a licensed attorney who specializes in offshore banking and offshore legal matters rather than a consultant or “offshore company”, as attorneys will have the most knowledge, experience, and expertise in offshore banking and finance.

Dealing with an attorney will also provide attorney client privilege; attorney client privilege is critical. This will prevent the attorney from giving out any of your personal information to others who may approach them for this data – consultants or offshore companies, who are not bound by any such rule, will often give out this information freely when pressured or offered payment.

If attorney client privilege is enforced in one’s home country, the attorney and law firm can lose their license if they give out this information; Hence it is also important that the attorney hired is from one’s own home country, or from a country known to firmly enforce this law.

When choosing whether to open a personal or corporate offshore account (associated with establishing an offshore company in that country as well), one must also take into account the fact that the two are not the same, are not managed the same way, and offer significantly different benefits.

Both personal and business types of accounts will offer confidentiality privacy. Asset protection from potential litigation, personal offshore accounts will offer tax exemptions in the form of little to no tax on capital gains, income, and inheritance, while corporate accounts will offer little to no tax filing and reporting, little to no annual tax on profits, reduced account auditing, reduced filing requirements, greater simplicity in operation, debt factoring, and deferral of profits.

Depending on the bank, a corporate account may also offer greater degrees of privacy than a personal offshore account. Corporate account wire transfers will not have your personal name listed as the sender or receiver (this may be especially beneficial for the country of Kuwait, as many wire transfers to and from this country are automatically highlighted and monitored for terrorist alerts and warnings. Wire system records are easily accessible, and your name can easily be discovered; All anonymity lost. This will erase the purpose of an offshore bank account for the majority of customers.)

Any debit visa card associated with a corporate account (this, again, depends on the bank) may also have the name of the corporation listed on it rather than your personal name, further erasing all anonymity.

Once your name is listed on a visa card it will go into the global visa database, which is also accessible with actually very little effort by anyone. Every time you use this card on the internet (for purchases, credit reports, etc.) this database is checked to verify that the name and address you entered with this card actually do match this card’s account information.

A personal account will usually have your name listed on your visa card, while a corporate account visa card will have a lesser possibility of doing this.

As you can see there are benefits that may outweigh the steps involved in diversifying your savings with  Kuwait accounts. Determination to become a customer along with an obvious interest in the culture will serve as an asset in your quest to invest Kuwait style. Such accounts can be especially useful if you are planning to ship Iraq Dinar to and from Kuwait.  Such endeavor will require incorperating a business in Kuwait also, even if you merely rent a mail box.

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This article may be reproduced online or offline as
long as this box remains the same and the link is
hyperlinked online. Written by Darren Chabluk for
http://DrDinar.com/blog
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Let me tell you a quick story about our Billy Giles interview which wrapped up call 4 in the mini teleseminar series.

“Our best call yet”, I’ve heard more than once from listeners. Iraq Dinar revaluation information from a source right there in Iraq. There were some background noise which was stopped with the help of the professional Accuconference software used for the call. Umms, and awe’s from myself Darren Chabluk, the host. All in all the infomation itself, the momentum of the questions and answers during the entire call just kept a packed out conference call, packed!

I’ve decided that I will be pulling the recording off the access list well before 30 days just to keep operating costs under control. It costs DrDinar.com a few bucks everytime someone calls in to listen. The mp3 will not be released as the material will be available on professionally labelled CD’s when the DrDinar Home Study Course comes out near the end of Spring.

**************************************
This article may be reproduced online/
offline as long as this box remains unchanged
and the link is hyperlinked online. Written by
Darren Chabluk for http://DrDinar.com
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