Offshore Trust Bank Accounts
Offshore bank accounts are a service provided by offshore banks in offshore tax havens around the world. __ Offshore bank accounts can requested by offshore entities, such as Panama companies, offshore trusts and foundations and individuals, many offshore banks are reluctant to provide personal bank accounts therefore getting a corporate bank account is recommended as this is much easier to obtain. Offshore bank accounts can be set up in the following offshore jurisdictions; Dominica, British Virgin Islands (BVI), Nevis, Anguilla, Cyprus, Luxembourg, Switzerland, Tanzania, Isle of Man, St Lucia, Singapore, Hong Kong, Panama, Bahamas, Cayman Islands and many other countries.
There are many advantages to setting up offshore bank accounts; banking privacy, tax exemptions and a wide range of banking services and investment opportunities. Opening an offshore account can be easy depending on the offshore jurisdiction and the polices of the bank chosen. For the most, the offshore banks have very affordable minimum initial deposit requirements.
Offshore bank accounts are a safe means of keeping funds offshore. The offshore banks require that applicants submit basic information. This information and any other details provided by the client for opening offshore bank account will remain private and bank employees are advised not to make this information to third parties unless in extreme cases where the holder of the offshore account is being investigated for crimes and a Court Order has been issued by a judge. In any other situation the consent of the bank account holder must give their consent for information to be divulged.
Banking privacy laws make offshore banking very attractive for many clients, offshore banking privacy laws lay down the strict fines for corporations and also prison terms for individuals who divulges offshore bank account information without the consent of the offshore account holder, in order to maintain banking privacy some offshore banks go as far as having employees take an oath.
Offshore bank accounts are easy to set as offshore bank follows the same procedure for opening accounts as onshore banks, the requirements are basically the same; a copy of passport pages or national identification card is acceptable, proof of address (recent utility bill), bank and personal references and a complete application form is required for setting up offshore accounts. Offshore corporations must submit copies of incorporation documents, detailed explanation of business activities (source of funds) and a declaration signed by the directors is also required.
To obtain an offshore banking account an interested party can deal directly with the bank or have an agent do introduction on their behalf. The latter is recommended since offshore banks tend to be very picky and whilst some deal with clients directly the majority prefer to use intermediaries (agents for introducing new clients. Offshore agents provide bank introduction services for clients.
Offshore bank accounts are exempted from local taxes in the tax havens. Clients who wish to set up offshore accounts in European countries must be wary of the EU Savings Directive where it is recommended that corporate offshore accounts is the best option as these accounts are not affected by the EU Savings Directive.