OFFSHORE BANKING
OPENING AN OFFSHORE BANK ACCOUNT
It’s
open secret that international banks impose growingly stringent entry
requirements to the offshore applicant desiring to open a bank account with
them.
I assist clients to have their accounts up
and running with minimum formal and financial obstacles.
What’s even more important, we introduce our
esteemed customers only to the banks, having proved:
• Long-term stable financial status
• High quality of services,
• Reasonable fees and charges.
ABOUT OFFSHORE BANKING
Your
world’s moving but your money doesn’t have to…
Finances designed for People Living and
Working abroad…
Wherever your career takes you and however
your lifestyle changes along the way, it’s reassuring to know that your
financial arrangements can remain constant.
One of the great advantages of living and
working abroad is the opportunity to maximize your income potential. However,
where do you start?
Some of the questions you may be asking are:
- How easy is it to open a bank account that
is tailored for my situation?
- How can I get immediate access to my cash
across the world?
- Does
my local bank understand the issues that face me now? For example, how to move
money across the world?
- Is
my money secure? Is it safe from political or economic problems that could
decrease the value of currency?
-
Where do I get reliable independent advice on how to maximize returns on my
money?
- Am I
minimizing the amount of tax I pay on savings and investments?
- How
do I find out about the tax system in a new country?
- What
financial advantages can I benefit from now that I’m living or working abroad?
- Does
my bank have language or cultural problems in helping me?
- Do I
have round the clock access in the currency of my choice?
- Do I
have to open a new bank account with all the subsequent admin problems every
time I move?
These could be some of the issues you’re
facing. In fact, that there are specialist financial services for people living
and working abroad.
You’ll find all the answers to all the above
questions, and more, in the offshore advantages section below.
WHAT ARE THE ADVANTAGES/BENEFITS OF BANKING
OFFSHORE?
Offshore banking can present solutions to
many of the issues facing people living and working abroad, providing a range
of “hassle-free” products and services designed especially for them. With
expats often needing to move their lives and their finances around the world,
offshore banking can help to ease the transition to a new country, company,
culture and financial system.
No matter where in the world customers are
located, offshore banking can offer a global service that is always close at
hand.
Instant access and availability are important
to people living and working abroad, as you are constantly “on the move”.
Account information needs to be accessible 24 hours a day, seven days a week.
Automated telephone and internet banking services are pre-requisites together
with a website offering a comprehensive range of product and service
information plus financial and lifestyle tools.
Current Accounts
Interest bearing current accounts, which
provide a flexible and secure foundation for offshore finances are available in
a variety of currencies e.g. Sterling, US dollars and Euro. These are a basic
necessity for day-to-day banking.
Debit Cards
Internationally accepted debit cards,
available in sterling and US dollars and with global payment and cash
withdrawal facilities, provide easy access to cash, wherever in the world you
might be.
Savings Accounts
Offshore banking offers an extensive range of
savings accounts in a variety of major currencies. Instant access, notice and
fixed term deposit accounts pay attractive interest rates which increase with
the size of the deposit so that you’re able to enjoy the highest qualifying
rate on the whole balance.
Investment Advice
Specialist teams of financial advisers can
offer a wide range of investment, property, and retirement planning solutions.
Qualified professionals give genuinely independent and impartial financial
guidance, selecting all products on strict performance criteria.
Mortgages in Sterling and Foreign Currency
You don’t have to live in the UK, to buy in
the UK. For those who are house hunting and require a mortgage facility, a
range of schemes is available for property purchases in the UK, either as a
primary home, second home or to rent out or live in. Property purchases in
France can also be arranged. Foreign currency mortgages are also available,
allowing you to make repayments in a range of currencies.
Insurance
A variety of schemes are available, which can
be tailored to meet the needs of you and your family.
Credit Cards
A choice of multi-currency credit cards are
available, all offering convenience and financial flexibility. With interest
free periods available, these cards can help you make the most of your money.
Internet Banking
Internet and Telephone banking enables you to
take control of your finances from the comfort of your own home or your
workplace. Ability to check account balances, send payments worldwide, transfer
money between accounts, check credit card transactions and set up regular
payments are a must, together with the support of a professional and
experienced team of staff round the clock, on hand to offer assistance if
required.
Tax advice
Regular financial reviews, plus suggestions
on how to exploit the possible tax benefits, not only whilst abroad but also
prior to moving away and upon returning home. A tax advisory service,
brochures, tax planning tools and country guides all help to take the mystery
out of tax matters.
Offshore Investing
What’s in it for your money?
- The
possibility of significant tax savings
-
Competitive returns
-
Diverse range of investments
-
Access to the world’s major markets
-
Security and confidentiality
-Investment
choices
Capital protected income generating capital
growth. The offshore market can offer whatever your money needs.
There is a huge selection of investment
products available in the offshore market place. When making a decision about
where to invest and how, it is often useful to first establish how risk averse
you are – and then select an appropriate investment portfolio.
EVERY ONLINE BUSINESS SHOULD KNOW
“Offshore Banking” - maybe this term conjures
up images of secret Swiss accounts, James Bond, and sipping Martinis at a
chalet in Liechtenstein. The fact is though that doing a portion of your
banking in a financial institution outside of your national borders is not only
easy, it also offers numerous benefits to those who make their living via the
internet.
Let us explore some of its benefits.
We will also try to answer some of the most
common questions regarding offshore banking in the hopes of demystifying the
topic for the benefit of all internet businessmen and others who make their
income online.
1. WHAT IS OFFSHORE BANKING?
It is
much like your conventional Banking, except that the bank is based in an
Offshore Jurisdiction or Tax Haven. Offshore Banks carry out the same functions
of transferring money into and out of accounts, you can have an offshore
savings account, set up card services, loans etc.
2. IS OFFSHORE BANKING ‘LEGAL’?
This is among the first questions asked when
discussing this topic. The answer is YES. Many of the largest companies in the
USA do their banking offshore including Exxon and Boeing, among others. You do
not need to be a giant corporation though to reap the benefits of an offshore
bank account.
You may wonder why you don’t see many ads on
the net for offshore banking. If you live in the US, the reason is that federal
law denies international banks the right to advertise within the borders of
America. Of course this is to the benefit of domestic banks.
Remember, you have just as much legal right
to a bank account offshore as you do to a domestic account.
3. WHY BANK OFFSHORE?
For
the internet businessman and any business that creates income online, there are
several benefits to having an offshore bank account. These benefits encompass
privacy, asset protection and wealth building.
One concern that offshore banking helps deal
with is privacy. The current laws in some countries, including the USA, allow
the government full access to anyone’s domestic financial information for
almost any reason at all. The act of creating a foreign bank account helps make
some of your assets harder to access by those who should be minding their own
business. A good foreign bank will usually not require your Social Security
number, they won’t answer questions from US sources about your credit and
banking history, and they will not provide your financial information to any
domestic data collection agency.
An offshore account can also help you with
wealth building. First, there are the tax advantages. Offshore accounts can be
arranged in jurisdictions that do not impose taxes on income earned abroad.
This can be very beneficial when arranged correctly. There is also the ability
to earn a higher return on your investments with an offshore account. Many
foreign banks are not as tightly regulated as domestic ones and can offer higher
interest rates on accounts. This is due to their ability to make more lucrative
investments and also the fact that the overhead to operate a bank is lower in
many countries.
Finally, the ability to expand your business
globally increases when you create an additional bank account outside your own
borders. Many offshore banks allow you to do business and hold your funds in
multiple currencies. This allows expansion of your customer base which in turn
can help increase profits.
4. ARE THEY HARD TO SET UP?
In recent times, due to increased vigilance
by authorities trying to avert criminals and terrorists, setting up bank
accounts has been more difficult than in the past. This is simply because if
the Bank requires increasing verification in the form of documentation of an
individual or company and their activities, (often call due diligence), but the
individual or company desires increased privacy we have a dilemma. Also some
governments are now enforcing anti-avoidance measures for tax purposes, and so Banks
in certain Tax Havens may have to declare the beneficial owner of the Bank
Accounts.
With the above in mind it is thus important
to get the right solution for your needs. We have for some time provided
offshore bank accounts in a number of Tax Havens with minimal ID requirements
and good privacy protection including Panama (some of the strictest privacy
laws in the world), St Kitts, Belize, Antigua and Latvia.
5. WHAT IS NEEDED TO SET UP AN ACCOUNT?
To open an online offshore bank account you
will typically need the original Certificate of Incorporation, Original
Articles of Incorporation (for your offshore company), Notarised Passport, copy
of ID with address on it. You will not need to visit the tax jurisdiction in
person as the online offshore bank account can easily be set up by sending the
relevant documents by fax email or courier.
However if you need a bank account with the
minimum documentation requirements or need a specific offshore banking
solution, then do not hesitate to contact us with your enquiry.
6. WHAT COUNTRY SHOULD YOU BANK IN?
Choosing the jurisdiction to do your offshore
banking in will depend on a combination of your business situation, asset
planning goals and even to some extent your personal taste. There are several
factors that should certainly be considered when doing your initial research
though.
Is the country you are considering a stable
country? You usually do not want your account in a country where “coup d’etats”
are a regular occurrence. On the other hand, if the financial system is strong
enough, it will withstand even political turmoil as in Panama when Manuel
Noreiga was forcibly removed by an outside government. Most of those with bank
accounts and corporations in Panama were not affected by this, since the financial
system had a solid backbone.
7. WHICH ARE THE COUNTRY’S BANKING SECRECY
LAWS?
There are still several countries with strong
banking secrecy laws who will go all out to protect your financial privacy as
long as you are not breaking the law. Switzerland and Panama come to mind
immediately for not bending to international pressure to allow outside
government agencies to peer into their customers’ accounts whenever they want.
How far away is the country? Some individuals
prefer their offshore accounts to be geographically close, since the time zones
are often similar and communication is a little more convenient. Americans
might prefer their offshore accounts to be located in the Caribbean or Latin
America, while a citizen of the U.K. might prefer an account at an institution
located on the Isle of Man, all other considerations being equal.
8. ACCESSING AND MANAGING YOUR MONEY
Thanks mainly to the internet and advances in
international communication technology, offshore banking is fairly
straightforward. Most accounts can be arranged with online access to your
information. Transfers of funds can be done online as well. As far as accessing
your money, most offshore banks will offer a debit card with your account so
you can retrieve your money whenever you want, wherever you are from most ATMs.
As you can see, accessing and managing your
funds in an offshore account need not be any more difficult than doing the same
with a domestic account.
9. ACQUIRING AN OFFSHORE BANK ACCOUNT
Once you decide that an offshore account is
right for you and you have done some further investigating to select the
appropriate country to open your account in, the actual process of acquiring
the account can be relatively straightforward.
There are a number of legitimate offshore
financial planning and asset management firms who will complete and submit all
the paperwork for you for a reasonable fee. The advantage to this is they
usually have connections with the banks they represent and can arrange your
accounts more quickly and easily. Also, they can often offer you added perks
such as secured credit cards, merchant accounts and incorporation services.
Be sure to compare the fees charged and
services offered and always get feedback from previous customers. Of course, be
wary of any offers that sound too good to be true, such as outfits offering
unsecured credit cards with your offshore bank account. This is almost
impossible to arrange with a new account, and anyone offering an unsecured
credit card offshore may just be planning on taking your money and
disappearing.
Otherwise, do your research, ask questions
and review testimonials. Deal with a reputable firm and you will be well on
your way to reaping the benefits of an offshore bank account.
OUR FEATURED OFFSHORE BANK ACCOUNTS
Offshore banking accounts can contain the
following features:
-
Multi-Currency
-
Online Offshore Banking (Internet Banking Offshore)
-
Phone Banking
- Use
of Cheques
-
Credit Cards(Visa)/Debit Cards (Maestro)for use in ATMs or Internet
-
Highest level of Privacy
- Tax
Free
- No
Credit History required
We hope the above information has helped not
only clear up any misconceptions about offshore banking, but also given any
internet businessman pause to consider this financial tool as part of their
overall wealth building and asset protection plan.
Regards
WW
Regards
WW
