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  Professional offshore incorporations and offshore banking services since 1996

offshore bank accounts, made SIMPLE by OffshoreSimple.com

Personal offshore banking, offshore bank accounts, offshore credit, debit and virtual cards

So you want an offshore bank account?
 

and you think about a PERSONAL offshore bank account?

Why this is NOT a good idea?

read on...

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?

Answer: A CORPORATE offshore bank account:

Let us explain this: The person 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.”

So, 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
legal, simple, cost efficient, safe and confidential?

 

How does i work?

The directive 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 account.

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.

Taxation may 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 an 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 situation): -

You establish an offshore company in the Seychelles, or 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 advice. 

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
 or Contact us and explain your requirements and we'll advise accordingly.

We also have ready-made, shelf companies, already incorporated, immediately available.

 
Offshore, Tax- Free
Complete Packages


This Month Special: €999 

Offshore Company
+Offshore Bank Account,
+Offshore Debit Card to spend your income.
+Merchant account to accept credit cards on-line.

 

 

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