Offshore Accounts

Offshore accounts are set up in offshore banks for both individuals and offshore companies. Offshore banking is one of the popular offshore services which are offered in the tax havens. Offshore accounts are not difficult to set up at offshore banks. The requirements for offshore bank accounts are similar to those which are required by normal banks. Offshore banks follow the rules and abide by regulations of international banking standards.

Offshore accounts can be personal or corporate and these offshore accounts recovered excellent offshore banking services in the offshore jurisdictions. Offshore banks in the tax havens are licensed by a regulatory commission in the offshore tax haven which ensures that offshore banks operate within the law. Offshore banks are investigated with deliberation before offshore banking license can be handed out. Only the best offshore banks or offshore banking agencies are selected for offering offshore banking services.

Offshore accounts can be set up in multiple currencies which give an advantage to offshore corporations like Dominica corporation which are involved in trade in different countries where currency can be an issue. By setting up an offshore account in multiple currencies will get rid of the need for currency exchange and this will help save money which would otherwise get lost in unstable foreign currency exchange rates. Offshore accounts in multiple currencies are also offered to individuals. Other offshore services which are offered to offshore banks include checking accounts, credit and debit cards, loans, savings accounts, internet banking, banking via telephone and other great services. Offshore accounts are easy to set up at the offshore banks it the jurisdictions. Offshore registered agents can do bank introductions for clients and can help set up the offshore bank account on behalf of clients. It is very important to choose an offshore jurisdiction which is stable and an offshore bank which has a good reputation when setting up offshore bank accounts. The offshore jurisdictions with no taxes for incomes gained outside of the jurisdictions are the best to use for setting up offshore bank account for persons who are into tax planning.

For setting up offshore accounts the following must be presented to the offshore bank.

  • An application form from the offshore bank which must be completed
  • The signatures of the individual who will access the offshore bank account
  • Bank references for offshore corporations
  • Personal references for opening offshore bank accounts
  • Corporate documents for offshore companies which must be certified
  • The names and addresses of the individuals opening the account
  • The name of the corporation
  • The registered address of the corporation
  • Source of income must be declined
  • Some offshore banks ask for the purpose for opening offshore bank accounts

Offshore accounts all benefit from privacy laws in the offshore jurisdictions which prevents persons from releasing information in the offshore bank account without the consent of the offshore bank account holder. Offshore accounts also benefit from tax exemptions in the offshore tax havens.

Back to top