The world's major companies and wealthiest investors often can hoard their money away into offshore bank accounts in Europe. A conservative investor can put money in foreign banks that have top-rate credit ratings. More American banks and savings & loans collapsed due to corruption in the 1980s than in any other country. I live by the maxim, "Investigate before you invest." Investing offshore is as safe as walking across the street, if you look in both directions first.

Much has changed in international banking since the days of the infamous numbered and bearer Swiss bank accounts. Switzerland has come under much scrutiny through scandals relating to money laundering and holding assets belonging to Jewish families confiscated by the Nazis. Switzerland , therefore, is no longer a jurisdiction of choice. However, it is still possible to find bank accounts that have significant asset protection benefits in other European countries.

Privacy laws are still strong in these European jurisdictions. Despite efforts of the European Commission to eliminate such accounts, certain countries have been slow to respond and even if the EC succeeds, the accounts set up before time limits are set by the EC will almost certainly be "grandfathered".

Normally, a well connected facilitator is required to open a secret account. This person, (who basically functions on behalf of major law firms and banks), will thoroughly vet the client. The primary concern is to make sure that the money is clean and that all taxes due the United States will be properly paid (sensible offshore banks do not want to take on the U.S. Treasury and neither should you). The facilitator will require a non-disclosure letter as well as suitable comfort from either an attorney or CPA that the money is clean and that all taxes have been and will be paid. Once these preliminary hurdles are cleared, the facilitator will proceed to open the account (which will be at a Fortune 500 level banking institution).

For various reasons, offshore bank accounts in Europe have been tagged as "unsafe", "risky", "illegal" or "for the wealthy", let's separate the facts from the bull!

First off, one must understand that it is normal for those that know little or nothing about something (besides what they hear from other even less knowledgeable people) to be afraid and suspicious about it. Misinformed financial planners, attorneys and accountants may know economics and the law in the United States or their country of residence, but few know about handling business outside their domicile.

A secret bank account must not be utilized to hide money from the IRS. It is simply a good and effective tool to keep assets out of the hands of creditors.