After all the hype about tax havens and offshore banking secrecy, the blacklist is no more. A BBC News Report announces that the Organisation for Economic Co-operation and Development (OECD) has removed all four countries (Costa Rica, Malaysia, the Philippines and Uruguay) from its blacklist of tax havens.

“I’m pleased to say that those four jurisdictions have now made a full commitment to exchange information to the OECD standards,” said OECD chief Angel Gurria said speaking in Paris, as reported by the BBC. All four targeted countries have now agreed to adopt OECD standards.

Last week, the G20 leaders agreed in London to take sanctions against tax havens, using the OECD list as its basis. In their communique, they agreed “to take action against non-cooperative jurisdictions, including tax havens“.

It appears that they now have no-one left to take action against, an apparent public relations victory against offshore bank secrecy and the international wealth management advice industry. However, as in most matters of international co-operation and the world of offshore banking and asset protection, there is a little more to this story than meets the eye!

With all the banking secrecy jurisdictions having in theory agreed to change their laws to co-operate on international fiscal matters, why bank offshore? It might appear that there is no future for those of us who believe that we should not be treated as criminals and that wealth we have earned through our own hard work should be allowed to grow unfettered by unnecessary and intrusive government regulations.

Peter Macfarlane’s article about the OECD, G20 and Much Ado About Nothing in the Offshore Banking World explains why this whole show is really nothing more than a publicity stunt by Messrs Brown, Obama and Sarkozy, and why the advice in the Practical Offshore Banking Guide 2009 is still very much valid…

With that, we wish a very happy and peaceful weekend spent relaxing with loved ones to all our Q Wealth readers, wherever in the world they are. We too will be signing off and continuing to do business internationally to help the world’s entrepreneurs generate and create wealth.

By Peter Macfarlane, Offshore Banking Expert for The Q Wealth Report. Part of the mini series on Secrets of Offshore Banking and Asset Protection.

Clients often ask me “what is the best offshore bank?” However, there is no correct answer to that. The best answer I can give is to respond to the question with a question. Best offshore bank for what? For privacy? For wealth management advice? For corporate accounts? For e-commerce? All these require different types of banks and services, which is why there is no single “best offshore bank.”

Below are just a few factors you should consider when looking for the best offshore bank for you. Let’s talk first about privacy or bank secrecy, because that’s what is on most people’s minds at the moment.

Your Country of Citizenship and Residence as beneficial owner of the account is a major factor, even if technically you are opening an account for a corporation or foundation from the other side of the world. In order to enhance your banking privacy, you should be looking to bank in a jurisdiction where you home country does not have undue influence. Europeans, for example, should look to other continents, to countries that are not covered by the European Union Savings Tax Directive. That means avoid all European countries, including Switzerland, Liechtenstein etc. Avoid also territories of European countries – like the Cayman Islands, which are British, or Curacao which is Dutch. Panama might be a good option, or Uruguay, or a wilder card country.

For Americans, however, Panama is to be avoided. Even the best offshore banks in Panama cannot be regarded as private for Americans, because of the US influence in Panama going back nearly a century. Switzerland no longer offers good banking privacy to Americans – since long before the current UBS fiasco. The Caribbean is also too much within the US sphere of influence. Americans looking for the best offshore bank for privacy should look to some lower-profile European countries, or maybe to the Middle East or Africa.

Another important factor to consider is what do you want out of your bank? For some people, the best offshore bank may be one where you have a great relationship with a private banker who knows you, advises and supports you, and takes you to lunch in a nice restaurant when you visit. Others couldn’t care less about that, but prefer great technology – online access to markets 24/7, without the hassle of trying to get hold of a private banker by telephone to execute buy or sell instructions.

Some people know exactly what they want – while others don’t have a clue and therefore need good, impartial wealth management advice.

Also important – how strong is the bank? Very important these days as most offshore centres do not have deposit protection or guarantee programs like the FDIC. That said, reputable offshore jurisdictions really don’t need such programs. The banks being bailed out are in the USA and Western Europe. Small, private offshore banks generally have a much more conservative profile and are not exposed to so much risk. We haven’t heard of any tax haven banks going under during the crisis, have we?

Next question o your mind – does Peter have specific recommendations for banks? The answer is yes I do. I deal with a number of the best offshore banks, right from small ones through to the biggest, physically located in many different jurisdictions around the world. I can put you in contact with them so you can open your account directly, with no need to deal through intermediaries. This information, however, is reserved for paying subscribers of The Q Wealth Report. Specifically, you will find my recommendations for the best offshore banks in the Practical Offshore Banking Guide 2009 that you can download right now in the Members’ Area, as soon as you have signed up. If, after reading this guide, you need more help making a decision, members are welcome to contact me for a personal one-on-one consultation. If you are considering membership of The Q Wealth Report, then the Practical Offshore Banking Guide 2009 is just one excellent reason why you should sign up now!

Coming Next: Wealth Management Advice – Whom Can You Trust?

by Peter Macfarlane, Offshore Banking Expert at The Q Wealth Report

I’m writing today with a pint of Guinness in front of me from a pub in County Cork, Ireland, where I have just arrived to prepare for the Q Wealth event with Richard Cawte and Thomas Bolther this weekend. Over the next few days here on the Q Wealth blog I’ll be giving you very brief sneak insider preview of something I’ll be talking about this Saturday to a select group of readers who have chosen to join us here in Ireland.

In essence, I’ll be talking about the changes being brought about in offshore banking by the UBS case, and the pressure from the USA, France, Germany and elsewhere by means of the forthcoming G20 summit in London. Is it hot air and hype? Or will the offshore banking business as we know it be irreperably damaged? Which are the best private banks for wealth management long term? Are Swis banks still good? These are just a few of the questions I plan to answer.

I’ll also be talking about the strengths, weaknesses and contingency plans of the various private banks and offshore brokerages featured in our 2009 Practical Offshore Banking Guide, and of course I’ll be talking about my new Gold Report – both of which are available right now for download in the Members’ Section here on site.

Check back here over the next three or four days for this series of mini-postings that I’m going to call “The Truth About Offshore Banking and Asset Protection.” This information is absolutely free, as is our Secrets of the Super Rich email course. If you haven’t signed up for the free course yet, please do go ahead and do so! For further information you might enjoy learning about our opinions on the best offshore banks.