Following is an edited version of our Press Release announcing the new 2010 edition of our ever popular Practical Offshore Banking Guide which is now available….

While the days of James Bond-style numbered Swiss bank accounts may be over, the world of discreet private banking and offshore wealth management is growing apace as financial uncertainty continues to make people seek safe havens.

Despite highly-publicized government crackdowns on tax evasion around the world during the past year, spearheaded by the G20-OECD “anti tax haven” blacklisting and the US attack on UPS after defection of Bradley Birkenfeld,  more billions are headed for offshore banks and tax havens than ever before – with good reason, and it’s all completely legal. That is the conclusion of the new Practical Offshore Banking Guide 2010, advising high net worth individuals and entrepreneurs on offshore banking and asset protection, that is released today. In it you will find information on nine of the best offshore banks.

In the 2010 update of his annual Q Wealth Practical Offshore Banking Guide, offshore banking expert Peter Macfarlane points out that tax evasion is far from the only factor encouraging smart individuals to go offshore. “There are more good reasons than ever to go offshore. Taxes are certainly a factor, but many people these days are motivated by deeper feelings – they just don’t trust the system any more,” said Macfarlane today. “Basically, they are demanding full control of their own money. The human right to privacy is definitely part of the equation. Why should an individual´s finances be an open book?”

“Bank failures and bailouts are on everybody’s minds, and rational individuals are looking to open accounts at conservative and respectable banks, in countries that respect the rule of law and private property, that do not have this toxic exposure. Clients seek to protect their assets not just against the perceived injustice of many lawsuits, but more fundamentally against a decline in the value of the dollar and other major currencies like the euro and pound. Expecting the imminent devaluation or collapse of the dollar, they are diversifying into better-backed currencies, and of course into precious metals like gold and silver – something made easy by offshore multi-currency bank accounts,” comments Macfarlane, adding: “We’ve all heard about the risks of keeping eggs in the same basket.”

The Practical Offshore Guide 2010 includes special sections for US and European Union citizens, explains information exchange in detail, and proffers practical advice on choosing, opening and operating an offshore bank account.

The Practical Offshore Banking Guide 2010 is published FREE for readers of The Q Wealth Report, a privately-published newsletter covering to offshore banking, asset protection and wealth management. The Q Wealth Report was established in England in 1996 and has a global readership. Englishman Peter Macfarlane, 38, is joint editor, besides running his own professional practice in Panama City, Panama and being a regular speaker at offshore events.  Further bio on Peter Macfarlane is here. The free Secrets of the Super Rich course edited by Peter Macfarlane and others is available here.

Unfortunately, when it comes to offshore banking and international asset protection, people make a lot of mistakes. Blindly trusting advisers is one of the more serious.

We’ve long warned here of two things:

1. Don’t do business with offshore banks that have a presence in your home country. Especially not ones who send in employees to participate in illegal tax evasion schemes. Heeding this advised would have saved 50,000 Americans a lot of headache and loss of sleep in the recent IRS and Justice Department case against leading Swiss bank UBS.

2. Don’t assume that because you are not American, you are safe. This rule is highlighted by the latest news from Ottawa…

UBS, Switzerland’s biggest private bank and one with substantial operations worldwide, agreed in August to reveal the names of nerarly five thousand of its wealthiest US clients under intense pressure. Many people believed that the best offshore banks were the biggest – or simply went for the convenience factor given the Swiss bank’s large North American operations. They are learning to their cost, however, that ‘small is beautiful’ as strong and conservative local banks in Switzerland, such as the Swiss Cantonal Banks we have written about in Q Wealth Report, have been left unmolested and have maintained respectable balance sheets.

But now Revenue Canada wants the same information, according to Reuters.

A spokesman for Canadian Finance Minister Jim Flaherty recently confirmed that there is talk of tougher laws to compel offshore banks to cooperate with Revenue Canada.

As the Reuters article states:

Offshore private banking involves managing the wealth of rich clients from a foreign location. However, some clients have exploited the system to avoid paying taxes, especially if transactions are carried out in traditional banking secrecy strongholds such as Switzerland and Liechtenstein.

Fortunately Canadians (like Brits, Ausies, Kiwis and others) have the huge advantage over Americans, that they can simply opt out of their domestic tax systems by leaving their respective home countries. More and more Canadians are choosing to do just that – often becoming ‘snowbirds’ commuting to winter homes in warmer climes and living tax-free offshore. But to do that, reliable information and research is necessary. (The USA is the only country in the world that tries to tax its non-resident citizens.)

These topics are frequently covered in Q Wealth Report, your leading one stop shop for information on offshore asset protection and international banking. If you’re a Canadian with offshore assets, regard this latest piece of news as a warning call. It’s time to review the situation and look into your options. Here at Q Wealth we offer impartial advice, a wealth of articles and free reports, and a unique rolodex of reliable expert contacts in the offshore world.

If you’re not Canadian, will the next news of an offshore crackdown be from your government?