Offshore Bank Account

Offshore Bank Account | Be Careful Where You Open It

Offshore bank account: Advantages, where to open, fund transfers and presence required

Please invest 2 minutes of your time to watch the offshore bank account video below. It spells out how you can benefit. Or if you prefer to read, then feel free to skip the video and go straight to the text below:

 

Offshore bank account: Get a free quote now by filling in the box on the right and discover the advantages of having one

Offshore bank account: Advantages

1. If you are residing in a country that does not have a freely convertible currency an offshore account allows easy travel.

2. You can use your offshore account to buy a property or invest in shares and mutual funds.

3. There are many offshore funds that have higher yields because they are taxed at a lower rate. In most cases, they are easier to buy via offshore accounts.

4. Generally confidential. However, make sure that your offshore tax haven hasn’t entered into a Tax Information Exchange Treaty (TIET) with your home country.

Where to open

There are over 40 countries that offer services by law.

Some of the offshore centers that provide bank account services include Guernsey, Cayman Islands, Panama, United Arab Emirates (UAE) and Belize.

To provide an additional layer of protection between you and those seeking information about your activities, it is better to open the bank account in the name of an offshore company.

Many offshore banks have minimum deposit requirements. Switzerland requires, at least, US$ 500,000.

However, the UAE has a much lower minimum starting at US$ 10,000.

Before you choose the country for your offshore account check:

  • Know Your Client (KYC) documentation required
  • Minimum deposit requirements
  • Whether the offshore jurisdiction has a TIET agreement with your country
  • Confidentiality laws of the offshore jurisdiction
Offshore Bank Account | Be Careful Where You Open It

Varal Team Member

Funds

Post 9/11 banks have become leerier of being prosecuted for money laundering and have become obsessive about the source of funds.

They have become reluctant to take large cash deposits and will ask you questions about where your funds are coming from.

Be aware that confidentiality doesn’t always mean that your transactions are known only to you.

Presence

In most instances, your presence will be required at the time of the bank account opening.

This is part of the KYC due diligence undertaken by the banks.

Seychelles and Mauritius don’t require your presence. Dubai, United Arab Emirates is also a tourist and business destination in addition to being an offshore center.

Dubai also has many Swiss banks registered in its financial center.

So if you travel to Dubai you are not obviously traveling to a tax haven.

Many offshore banks allow internet banking and some also offer credit and debit cards. So you may only need to visit your bank occasionally.

Offshore Bank Account | Be Careful Where You Open It

Varal Team Member

Offshore bank account: Get a free quote now by filling in the box on the right and discover the advantages of having one

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Offshore Bank Account was last modified: June 17th, 2019 by Manu Raj

Manu Raj

Has a positive attitude towards the job, is friendly and a team player.

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