Offshore Bank Guillotine Accounts
Types of offshore bank accounts
Definition An offshore bank guillotine account was a bank account in an offshore bank that had standing wire instructions. In the event there was ever any sort of an inquiry pertaining to this account from any source whatsoever the funds in the bank account would be swept out and immediately wired to another offshore bank in another country. Nice and convenient but currently these guillotine bank accounts are no longer allowed.
Alternatives First off there is no way an offshore bank or an onshore bank can agree to anything like this today without putting themselves in jeopardy. What can be done is civil contracts can be arranged with Panama Foundations where the protector of the Panama Private Interest Foundation can be removed from office if he/she is in jeopardy. Changes can be made by a protector if a beneficiary of a Panama Foundation gets into a jeopardy situation. Jeopardy can mean ? blackmail, extortion, kidnapping, partial or full loss of mental capacity, physical incapacitation like a coma, hospitalization, entry into drug/alcohol rehabilitation programs, marriage, divorce, travel to high risk countries or any other conditions that you feel are appropriate to include in the secret instructions pertaining to the Panama Foundation.
In the event of entry into a jeopardy situation assets can be moved and title/control of assets can be changed temporarily or otherwise.
About the Author
Smythe Bradley is an expat living in The Republic of Panama. He has published many articles on offshore asset protection in panama, panama visas and residency, as well as many other expat issues
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