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105: Offshore Banking – What You Need To Know – Luigi Wewege

Luigi Wewege interviewed by Mikkel Thorup on The Expat Money Show

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. Outside of the bank, he serves as an Instructor at the FinTech School which provides online training courses on the latest technology and innovation developments within the financial services industry. He is also the published author of The Digital Banking Revolution.

Today’s interview was really fun to record. This is a first for us and we’re learning the ropes for audio and video. Instead of my guest being in another country or city, Luigi came to my office here in downtown Panama and we recorded live video and then made an audio recording for our podcast. You will notice the sound is a little different, but the quality of the guest is outstanding. Luigi is so knowledgeable regarding offshore banking that you’ll truly want to listen to the entire episode.

 

TOPICS DISCUSSED IN DETAIL 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:

  1. Take your application seriously. This is not like your local banks. Work with a 3rd party that has a reputation with the bank.
  2. Offshore banking has different price points than domestic banks
  3. Offshore costs more
  4. International business & Asset protection and diversification
  5. Take your jurisdiction seriously, they are not all the same

 

RELATED PODCAST EPISODES

085: Warren Black – International Tax Expert Champions For Sovereignty

084: Mark Nestmann – Why Americans Shouldn’t Have Negative Views Towards Offshore Investing

081: Joel Nagel – Best Countries for Citizenship by Investment and Residency by Investment

 

HOW TO REACH LUIGI WEWEGE

Escape Artist Offshore Banking Set-up

 

FINAL THOUGHTS

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. If you are interested, please reach out to me HERE and I will be happy to make a personal introduction.

 

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.


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