“My question is for Lief Simon.
“First, I want to say thanks for all the information in the Simon Letter. I am a recent subscriber and look forward to reading my future issues.
“I started to look into setting up an offshore bank account in Belize, and
I was surprised as to the relatively high fees associated with the account at the bank where I inquired—for example, monthly account service charge, 3% deposit fee, and 3% withdrawal fee.
“Are these fees typical of what I will find for offshore banks?”
–Thomas S., United States
No, those fees sound unreasonable…or maybe misunderstood. One bank we’ve worked with in Belize is Caye Bank. I just checked their fee schedule. They do charge a 3% fee for depositing cash, but they do not charge a withdrawal fee of any kind.
It’s not typical (or recommended) to deposit cash in an offshore bank. Typically you deposit a check or send a wire.
Continue reading: 10 Questions You Must Ask Before Buying A Home Overseas