Personal offshore banking,
offshore bank accounts,
offshore credit, debit and virtual cards
So you want an
offshore bank account?
and you think
Why this is NOT
a good idea?
Ever since the
EU Savings Tax Directive came into force back in 2005 a personal
offshore bank account is pretty useless, and possible dangerous,
for many people.
Is today a personal offshore bank account
the secure way to
protect your wealth?
Or is there a more secure solution available?
So, what’s safer
than a PERSONAL offshore bank account?
CORPORATE offshore bank account:
Let us explain this:
requiring the account can not only distance themselves from
ownership of the account through the use of an offshore company,
(which is a different legal entity than yourself), but because the EU Savings Tax Directive’s policies of
information sharing and/or the application of withholding tax on
an account do not apply to business offshore bank accounts.
It’s true, and in the very words of the Inland Revenue when
commenting on the directive - “the directive applies only to
individuals and not offshore companies.”
why not invest about $900 for your peace of mind, security or
even freedom... to incorporate your offshore company
and an offshore business bank account which is
simple, cost efficient, safe and confidential?
How does i
applies to Personal accounts. They want to tax all money
you have in a PERSONAL account (that is in YOUR name).
If you establish
an offshore company, and open a bank account for this company,
the account will be a CORPORATE account, not a personal account,
even if ONLY YOU will have access to the funds in that
This company is
supposed to pay income taxes in the country of incorporation,
but the beauty is that offshore companies do NOT pay any income
tax at all, nor have to prepare or ever submit accounting
records, so there in NO tax on your funds you keep in the
offshore corporate bank account.
occur, only if you decide to pay dividends, or a salary, from
the offshore corporate bank account to your Personal bank
account. In this case, you will declare the income you paid
yourself, and be taxed on these funds.
But YOU decide if
you want to pay yourself dividends or a salary.
Most of the
clients prefer to use a debit card linked to that account to
anonymously withdraw funds from an ATM, or pay in shops.
But is this
safe to use an debit or credit card you wonder now?
What trail is left behind?
You should know that even if on
the ATM card
will be imprinted the company name and your name, using a
card is safe, because in
the ATMs only the card numbers are stored. The names are NOT!
When you withdraw cash from ATM or use the card in shops to pay for goods, the
ATM sends to card issuer (VISA or MasterCard) only the card numbers, the issuer
will send the numbers to the issuing bank, the bank check to see if there are
funds in the card account, deduct the amount you withdraw, and reply with OK or
NOT OK, than VISA or MC forwards the reply to the ATM, and you can withdraw the
money if the bank answered OK, or you will get "insufficient funds" error if you
don't have enough funds in the card account.
Only the bank knows the details behind that card number, and these details are
protected by bank secrecy laws and can
not be disclosed to any third party without a court order.
We would say that the ATM cards are very safe to use.
So how do you open an offshore business bank account?
You have to have an
offshore company to have
offshore business bank account and one of the most efficient,
cost effective, simple, secure and tax efficient ways of
structuring your offshore company and offshore business bank
account is as follows…(remember this structure may not be
available to you or absolutely applicable to your personal
You establish an offshore company in the
Panama which are
considered to be secure and superior offshore jurisdictions and
where costs of incorporation are modest; the jurisdictions are tax
free for offshore companies, there is no requirement to file
accounts, beneficial owners’ names are not kept on record, you
can have bearer shares and there are minimal annual
re-registration and maintenance fees.
This offshore company can even trade
or hold your personal assets, and when real property, cash or
even intellectual property is placed within the offshore company
it becomes the property of the offshore company and therefore
your company can also act as an excellent offshore asset protection device.
Aside from this additional benefit, your offshore
company can now open an offshore business bank account in
Barclay bank in Seychelles, or HSBC in Panama
for example, where banking laws are strict, where
regulatory practices are very highly regarded, where taxation is
low and where you can have access to accounts in multiple
currencies which you can access online, with a debit or credit
card, via international transfer etc., etc.
This approach is legal, simple, totally safe and confidential
– and it is just one way that someone seeking an
offshore bank account can ensure they get the most flexible
and efficient solution for them.
But let's make
it clear: It is imperative to note a couple
of points – firstly we are not qualified tax advisers and any
information we give does not constitute advice which is why we
always recommend you seek qualified taxation and financial
Secondly, not declaring income and assets held offshore to
your taxation authority may well be against the law and is
therefore unwise! To get up to date and relevant advice about
your own personal taxation situation and whether an offshore
business account can be of any personal benefit to you, please
consult with your accountant or a local, licensed advisor.
Read in our site information about
offshore jurisdictions, and bank accounts
Contact us and
explain your requirements and we'll advise accordingly.
We also have
ready-made, shelf companies, already incorporated, immediately available.