I was reading an article in the Daily Herald saying that money is not protected in St. Maarten if a bank goes bankrupt...
I currently have some money at RBTT in an offshore account and I am concerned.

Can anyone suggest another bank that provides an offshore account and will insure my money, should they go bankrupt?

Please advise because I am really concerned!

RBTT is not what we can call an Offshore Bank, but do offer "offshore accounts" for non residents, and since it is not an Offshore Bank, I believe that in case like that, any where, offshore accounts are not protected by the banks’ insurance policy and that in case your depository bank abroad goes bankrupt all your savings will not be recovered. That's kinda part of the gamble of putting money in offshore accounts... Maybe try Anguilla, maybe they have a better protection but I am not sure... I remember the scandal of the Rasmal Bank in the early 90's. The bank was supposed to be an Offshore Swiss/libaneese bank, and was located in Front Street (where was also formerly located the Barclay's Bank). Many people had they money (that they were making on the side, off the book...) deposited in that bank so they would not be subject to taxes. One sunny monday morning, there was a line in front of the door, and people were wondering why nobody was opening the bank yet, that nobody was already behind the desk inside the building, and wondering why they were going to open late... Looking a little bit closer through the windows, they could have seen that the bank was empty... gone!... very few people were happy since they had loans to pay with that bank, a lot of people were in dismay since they had lost everything.
Not saying that the RBTT or the Windward I. B. is this type of bank, but just noting that it is always risky to use real "offshore" banks IMHO

Kind Regards,
Philippe



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" Many people had they money (that they were making on the side, off the book...) deposited in that bank so they would not be subject to taxes"

And they deserved to lose it. Too bad it wasn't to the government, who had the right to it.

I didn't dare to say it...

Kind Regards,
Philippe



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RBTT was part of the Royal Bank of Trinidad & Tobago, a bank with pretty deep reserves based on the oil & gas income of Trinidad. The whole Company was recently purchased by a large Canadian Bank so there is a lot behind this bank.
On the local level, RBTT and most of the SXM banks are extremely conservative,
with large down payments required and tremendous amounts of documentation/proof of income etc also required. So there is no expectation that any of these banks will fail.
There is a risk in banking in Dutch SXM and that is that all accounts, whether $ or whatever are ultimately valued in Netherlands Antilles Guilders. So if there was ever any sort of revaluation of the guilder,the $ accounts would be affected. It hasn't happened in years if ever, I don't recall,but any one banking here with any kind of substantial funds, should be aware.

Markhan
what about the article in TDH that the original poster mentioned... that said money here is not insured..that although legislation was passed years ago to protect accounts, it was never actually signed into effect.
is that true?

[barcann.livejournal.com]

There is a link below with lots of info on NA central bank...

The prudential supervision of banking and credit institutions is aimed at controlling the soundness of the financial system in the Netherlands Antilles and at safeguarding the deposits of creditors at commercial banks. This supervision is pursued mainly through the Bank’s analysis of the solvency and liquidity development of banking and credit institutions. [www.centralbank.an]

The Herald did put out an article last Friday which stated that the above is correct, no money in sxm is guaranteed, SCARY, even with the strict measures with borrowing.

So this still leads to the question: Does anyone know of other banks that offer offshore and will insure the money should they go bankrupt??? (Turks and Caicos, Barbados)

Elaine Wrote:
-------------------------------------------------------
> " Many people had they money (that they were
> making on the side, off the book...) deposited in
> that bank so they would not be subject to taxes"
>
> And they deserved to lose it. Too bad it wasn't
> to the government, who had the right to it.

eXCELLENT POINT. If your hiding money in the first place sucks to be you but dont think you really have anything to complain about.