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You are here: Experts > Real Estate > Banking: U.S. > Using Banks and Bank Accounts > Privacy of overseas banks with USA branches
Expert: Alexander J. Hay
Date: 8/20/2008
Subject: Privacy of overseas banks with USA branches
Question
How protected are overseas banks from US creditors if those banks also have USA operations? For example HSBC or Standard Charter. Can a USA creditor easily serve the bank's US branch to extract information (or freeze/garnish money) on a person's holdings in another country?
Answer
First of all, an oversea bank WILL NOT PROTECT YOU. There is nothing that setting up and oversea bank account will do to protect you or your assets. The only thing that will protect your assets is a properly designed, effective asset protection strategy and structure. This may or may not involve offshore accounts and entities. In fact some of the best asset protection strategies for US residents and citizens involve only US Domestic entities. Properly established you can often obtain greater security and privacy. Just putting money in a foreign bank will not protect your assets in any way.
If you would like information about asset protection, see:
http://www.squireorg.com/wpf.shtml
Good luck and feel free to contact me if you have any questions.
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