105: Offshore Banking: Essential Insights You Need to Know – Luigi Wewege
Today’s guest on the Expat Money Show is Luigi Wewege, Senior Vice President and Head of Private Banking at Caye International Bank, headquartered on the beautiful island of Ambergris Caye in Belize. He is also the published author of The Digital Banking Revolution.
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WHAT WE DISCUSSED IN THIS INTERVIEW:
- What is an Offshore Bank?
- Why don’t people use their local bank?
- Reasons why offshore banks would help
- What if you have a 9-5 job as an expat in a new country?
- Asset Protection – how it would help
- Zero tax jurisdiction
- Jurisdictions that are famous
- De-risking and what it is
- What is FATCA & CRS
- KYC and Money Laundering
- Accounts with multiple currencies
- Who can apply
- Luigi’s book: The Digital Banking Revolution
- And so much more….
Here are 5 really important things you will learn from this conversation:
- Take your application seriously. This is not like your local banks. Work with a 3rd party that has a reputation with the bank.
- Offshore banking has different price points than domestic banks
- Offshore costs more
- International business & Asset protection and diversification
- Take your jurisdiction seriously, they are not all the same
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CONCLUSION
Great conversation with my good friend Luigi Wewege. As I mentioned at the beginning of the interview, we met almost 3 years ago in Dubai and became fast friends. He’s one of the reasons I moved my family to Panama, all the great things he talked about living here. This is a really great video interview with him about all things Offshore.
About The Host, Mikkel Thorup
Mikkel Thorup; the host of The Expat Money Show, has 20+ years in continual travel around the world, visiting more than 100 countries including Colombia, North Korea, Zimbabwe and Iran.
His goal now is to help Expats just like you to generate additional streams of income, eliminate your tax bill, and take advantage of offshore structures so you can travel the world freely and never have to worry about money again.
Follow Mikkel Thorup on Social Media:
You are a god, Mikkel! I _so_ admire you! You and Mr. Wewege are living the libertarian dream! At the beginning of this podcast you mentioned starting a new FB group. Considering the massive censorship in social media these days, may I suggest censorship-free open-source alternatives? Mastadon (joinmastodon.org), Gab (gab.com), and *Diaspora (diasporafoundation.org) are good options to replace FB and/or Twitter. Pixelfed (pixelfed.org) is open-source and doesn´t require membership to view posts. Regardless, keep up the great work!