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Who can legally open and hold an offshore account?
Where should an offshore account be established?
Who can benefit by putting their money offshore?
Is it convenient to use offshore banks?
What are some of the general advantages of banking offshore?
Do I have to pay income tax on income I've earned offshore?

Who can legally open and hold an offshore account?

Generally speaking anyone is free to open an offshore bank account. In fact, offshore banking has been widely used for many years by both individuals and organisations worldwide.

Where should an offshore account be established?

It is important that the proper jurisdiction be selected when deciding which jurisdiction to use as an offshore banking jurisdiction. The majority of the offshore jurisdictions have prudent, sound regulations in place geared towards safeguarding the deposits and maintaining their confidentiality. However, some weigh their benefits in taxation, while others in confidentiality, and so forth. Though they all offer a comparatively confidential and secure environment, it bears consideration to outline what the banking goals are and then choose the jurisdiction accordingly.


Who can benefit by putting their money offshore?

You could benefit if you're planning to move or retire abroad, or are already living in another country. You may also benefit if you have homes or commitments in more than one country. If you live in a country which is politically or economically unstable, you may choose to place your money offshore in order to protect your assets more effectively.



Is it convenient to use offshore banks?

Yes. With the Internet, e-mail, fax and telephone banking and the use of ATMs, your money is just as accessible as it is from your local bank account. You can easily and quickly transfer your money around the world by electronic transfer and can effectively bank wherever you are.

What are some of the general advantages of banking offshore?

There is no definitive answer to this question as every individual’s circumstances are unique, and there are so many different types of account available in so many different locations in the world, and each offers the individual customer different features and benefits! But for an expatriate living and working overseas, for example, offshore banking could have tax benefits, as interest earned on offshore account could be paid without tax being deducted. And if you were to transfer your current savings and investments offshore, you may also be in a position to further reduce your tax liability in your home country. Other general benefits not limited to expatriate account holders may include asset protection, estate planning, privacy and confidentiality, better interest returns, lower taxation burden, the chance to exploit active business interests overseas in low to no taxation jurisdictions, and global access to assets and income.


Do I have to pay income tax on income I've earned offshore?

Some countries, like USA, require residents to declare their income on a worldwide basis, so tax is payable on all your income. In certain circumstances the income of an entity which you control may also be taxable. For this reason, most countries have no restrictions on where your business interests, investments or bank accounts may be located. It's your responsibility to report or not report your income to your appropriate tax authority. If you are not resident in a country that has reporting requirements you may not have to declare any income you earn.

 

History of Offshore Bank Accounts.  - What is an offshore bank? - Offshore Banking Myths - What is bank account?

How do I open and access an offshore bank account? - Is there any restrictions regarding citizenship? - In which currencies can I open offshore account? - What is the minimum deposit required to open an offshore account? - What documents are required for the opening of a bank account? - How long does it take to open a bank account? - Who will control my bank account? - Is my bank account guaranteed when I pay your fee? - What happens, if a bank declines my account application?

Is offshore banking safe? - Am I guaranteed absolute privacy and confidentiality from an offshore bank? - Can I view my offshore accounts and investments online? - Can I get cards to access my money with an offshore account?

What is saving account? - What is deposit account? - What is current account? - What is numbered account? - What is bank secrecy? - What is private banking?

 

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Money back guarantee : if for any reason the bank will reject your application we will give your money back.

 

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