by carl formby
Many banks in different countries of the world offer offshore bank accounts. However, before you open a bank account it is very important to understand the various considerations. Many offshore banks offer a full range of private banking services, but have certain terms and conditions that need to be met by their clients. This article will look at some considerations that need to be taken into account before entering into any relationship with an offshore bank.
The main points any individual must consider before opting for an offshore bank account depends mainly on the status of offshore accounts in the country where the bank is located and in the country of residence of the prospective account holder. But the main considerations that any individual should keep on mind to avoid unfamiliar circumstances are as follows:
1. LEGALITY: An individual must know whether it is legal or illegal to open an offshore bank account in their country of residence. Failure to do so could result in negative tax consequences and/or criminal charges. That said, opening an offshore bank account is totally legal in many places and it is sometimes a vital requirement for individuals and companies to transfer their money around the world.
2. BENEFICIENCY: Before deciding to open an offshore bank account an individual needs to know whether he is actually going to be benefited by it or not. People wishing to live in any other country or businessmen having assets in other countries are those that derive the maximum benefits from an offshore bank account. Make sure that there are advantages to opening an account before you do so.
3. ADVANTAGES: Better interest rates are always among major benefits derived from an offshore bank account. It also solves the problem of conversion of money into different currencies. The transactions made in these banks are totally secured and private. Individuals can easily have other facilities regarding loan, mortgage, credit and debit card acquisitions. The advantages of offshore bank accounts are covered in more detail at http://www.offshorebankbenefits.com
4. TAX AND INTEREST CONSIDERATIONS: Depending upon the size of assets and bank balance individuals will be liable to pay taxes. To seek knowledge of tax legislations individuals should take advice from independent offshore financial advisers or tax consultants. Depending upon the investment account holders also receive interest.
5. CONFIDENTIALITY: Some offshore bank accounts provide complete security and personalized services help to keep confidentiality of transactions, while some do not. If confidentiality is important to you, then make sure the account provides this.
6. COMPARISONS AMONG VARIOUS BANKS: The number of banks offering offshore bank accounts is huge and each has its own advantages and disadvantages. Considerations of account and transaction fees are important. Therefore, it is very important for individuals to differentiate among various banks and choose the best option depending upon his personal requirements.
7. HOW TO OPEN THE ACCOUNT: Individuals need to know the complete procedure to open an offshore bank account, since the procedure can vary in complexity from bank to bank and jurisdiction to jurisdiction. Before applying for the account, individuals should make themselves aware of how much paperwork is involved and the normal amount of time it takes for the account to be opened.
As can be seen, there are several considerations to be taken into account when opening an offshore bank account. Each person should take time to research various banks and jurisdictions before choosing the one that fits best with his or her personal circumstances.
Carl Formby owns and operates http://www.offshorebankbenefits.com, a website dedicated to information and resources about Offshore Bank Benefits
Thursday, October 11, 2007
Friday, August 17, 2007
Getting An Offshore Bank Account Via The Internet
by T. O Donnell
There is no need to use the many middleman websites you will find via a search engine. Most of these are *bogus*, even the slick-looking ones. More and more banks are offering offshore bank accounts direct. Just get a list of banks in the country you're interested in, and go to their web sites.
Opening an offshore bank account is like opening one in your high street; meet their criteria, and you're in. The only difference is you're not there in person.
The first thing is to find out whether they will accept citizens or residents of your country. For example, Swiss banks tend not to want US customers; they don't want the hassle from the IRS.
You will need to prove your identity, and the legal existence of your company, if you wish to open an account for it.
If applying by mail, DO NOT PART WITH ORIGINAL DOCUMENTS. Get copies notarised by a notary public. Originals can be used for fraud or identity theft. Or they can get lost.
A Notary Public is a public officer commissioned by the State to perform notarial acts. A Notary is an impartial witness. The notary is empowered to issue an apostille.
Apostille - Is a method of certifying a document for use in another country pursuant to the 1961 Hague Convention. With this certification by apostille, a document is entitled to recognition in the country of intended use, and no certification or legalization by the embassy or consulate of the foreign country where the document is to be used is required.
In practice this means you provide evidence to this man that you are who you say you are, and/or that your company is what you say it is. You take an oath on the Bible. That's right, it's not a joke.
Due diligence: Banks need to show they have checked who their customers are, and how they came by their money.
Passport - If you apply by post a notarised copy is needed;
Information about yourself - name, date of birth, address, phone number etc.
Your economic background - documents showing how you earn your money (work contract, bank statement, tax return, company documents);
Origin of your deposits - documents showing how you earned them. If you sell a house, proof of the sale, a copy of the estate agent's listing, and so on;
Information about your deposits - how much you plan to deposit, and what you plan to do with the money once you've banked it.
If opening a company account, you send an apostilled copy of the certificate of incorporation to the bank providing your account, along with evidence of your identity, an application form, and any other documents they ask for.
If you want to get an offshore bank account, *consider visiting the bank in person*. If you can, travel to the country in question, and open a bank account there. You probably live near one tax haven at least. This especially applies if you are planning to deposit large sums; find out who you're dealing with!
NOTES:
1. Don't pay a middleman to open a bank account for you. See above.
2. Do not use services which offer bank accounts in Eastern European countries.
You are likely to be cheated, possibly by the bank itself. Avoid Latvia!
3. Avoid web sites where:
The business address is a P.O. Box, or a 'Suite';
The site is on a free web host;
The site is badly translated into English;
You have the sense you are dealing with Africans or Eastern Europeans;
The site has not been updated recently e.g. the Copyright reads 2001;
They've only been running for a few years;
They offer a range of dubious products - second passports, citizenships, anonymous debit cards;
You cannot pay via credit card - it's much harder to get refunds on banker's drafts, Western Union and e-Gold etc;
They require you sign a confidentiality agreement, or you have the sense you are entering quasi-legal or illegal territory.
Bogus offshore banking sites can threaten to report you to your tax authority if you question their methods. It's an old con trick; get the mark involved in something illegal, then he can't go to the authorities.
Offshore bank accounts and company formations are just like their onshore equivalents; there's no big mystery about them. If you want a company formation, contact a local registration agent, who speaks English, in the country of registration. Then use another local agent to check what the first one's done.
Open your bank account yourself.
One last thing: *don't think that because your bank account and company are offshore you can do business in your home country, and/or with fellow residents, and avoid taxes there*.
You'll find plenty of websites that'll purport to help you, right up until the time you get a small brown envelope from your country's tax inspectors, inviting you in for a little chat.
T. O' Donnell is an author and credit broker running websites about unsecured, personal and home loans in London, UK
There is no need to use the many middleman websites you will find via a search engine. Most of these are *bogus*, even the slick-looking ones. More and more banks are offering offshore bank accounts direct. Just get a list of banks in the country you're interested in, and go to their web sites.
Opening an offshore bank account is like opening one in your high street; meet their criteria, and you're in. The only difference is you're not there in person.
The first thing is to find out whether they will accept citizens or residents of your country. For example, Swiss banks tend not to want US customers; they don't want the hassle from the IRS.
You will need to prove your identity, and the legal existence of your company, if you wish to open an account for it.
If applying by mail, DO NOT PART WITH ORIGINAL DOCUMENTS. Get copies notarised by a notary public. Originals can be used for fraud or identity theft. Or they can get lost.
A Notary Public is a public officer commissioned by the State to perform notarial acts. A Notary is an impartial witness. The notary is empowered to issue an apostille.
Apostille - Is a method of certifying a document for use in another country pursuant to the 1961 Hague Convention. With this certification by apostille, a document is entitled to recognition in the country of intended use, and no certification or legalization by the embassy or consulate of the foreign country where the document is to be used is required.
In practice this means you provide evidence to this man that you are who you say you are, and/or that your company is what you say it is. You take an oath on the Bible. That's right, it's not a joke.
Due diligence: Banks need to show they have checked who their customers are, and how they came by their money.
Passport - If you apply by post a notarised copy is needed;
Information about yourself - name, date of birth, address, phone number etc.
Your economic background - documents showing how you earn your money (work contract, bank statement, tax return, company documents);
Origin of your deposits - documents showing how you earned them. If you sell a house, proof of the sale, a copy of the estate agent's listing, and so on;
Information about your deposits - how much you plan to deposit, and what you plan to do with the money once you've banked it.
If opening a company account, you send an apostilled copy of the certificate of incorporation to the bank providing your account, along with evidence of your identity, an application form, and any other documents they ask for.
If you want to get an offshore bank account, *consider visiting the bank in person*. If you can, travel to the country in question, and open a bank account there. You probably live near one tax haven at least. This especially applies if you are planning to deposit large sums; find out who you're dealing with!
NOTES:
1. Don't pay a middleman to open a bank account for you. See above.
2. Do not use services which offer bank accounts in Eastern European countries.
You are likely to be cheated, possibly by the bank itself. Avoid Latvia!
3. Avoid web sites where:
The business address is a P.O. Box, or a 'Suite';
The site is on a free web host;
The site is badly translated into English;
You have the sense you are dealing with Africans or Eastern Europeans;
The site has not been updated recently e.g. the Copyright reads 2001;
They've only been running for a few years;
They offer a range of dubious products - second passports, citizenships, anonymous debit cards;
You cannot pay via credit card - it's much harder to get refunds on banker's drafts, Western Union and e-Gold etc;
They require you sign a confidentiality agreement, or you have the sense you are entering quasi-legal or illegal territory.
Bogus offshore banking sites can threaten to report you to your tax authority if you question their methods. It's an old con trick; get the mark involved in something illegal, then he can't go to the authorities.
Offshore bank accounts and company formations are just like their onshore equivalents; there's no big mystery about them. If you want a company formation, contact a local registration agent, who speaks English, in the country of registration. Then use another local agent to check what the first one's done.
Open your bank account yourself.
One last thing: *don't think that because your bank account and company are offshore you can do business in your home country, and/or with fellow residents, and avoid taxes there*.
You'll find plenty of websites that'll purport to help you, right up until the time you get a small brown envelope from your country's tax inspectors, inviting you in for a little chat.
T. O' Donnell is an author and credit broker running websites about unsecured, personal and home loans in London, UK
Monday, July 16, 2007
How To Find Safe Offshore Banking You'll Be Happy With
by T. O' Donnell
You might want an offshore bank account in order to:
- Expand your business;
- Minimise your taxation;
- Simplify business administration;
- Asset protection;
- Estate planning;
- Financial anonymity;
- Tax-free investing.
Those who engage in international or online business and who generate a large tax exposure can legally ease their burden through an offshore account. Bear in mind that the Swiss government, for example, charges a 35% withholding tax on interest earned by accounts held by foreign residents.
Also, cheques are not used any more in Switzerland. This is a nuisance if you're used to dealing in them.
Many people think that a Swiss bank account is somehow dodgy or unsafe because they are not banking in their home country. This is untrue. Some Swiss banks have been around for over a hundred years. They are the same as your local bank account; just in a different country.
You can pay revenues from your offshore company into it, transfer funds to your other accounts, such as a local bank account used to pay daily expenses and bills, or cover any outgoings that you may still have in your home country.
Participating in international commerce is even easier now because of the World Wide Web. Many businessmen have signed up for Swiss bank accounts in order to manage their funds, protect their privacy, increase financial security and the tax haven benefit.
Offshore savings accounts offer preferential interest rates acting like any other regular savings account. You can make deposits and withdrawals, earning interest calculated on your account balance at the end of each day, which is added to the account twice a year, or more often, depending on your contract.
One of the most common misconceptions is that offshore savings accounts and general offshore banking can legally prevent assets from being subject to personal income tax on interest.
Certainly some have low or no taxation. However this exception is generally associated with certain persons' accounts meeting fairly complex requirements.
The 'no-taxes' conception is incorrect as the personal income tax of most nations makes no distinction between interest earned in local banks and those earned abroad, adding clauses to enforce tax payments.
For example, all individuals and corporate entities subject to US income tax are required to declare, on penalty of perjury, all the offshore bank accounts they may have and pay the corresponding taxes.
While some offshore banks report their clients income to other tax authorities, most of them do not, but this does not make the non-declaration of the income or the evasion of the tax on that income legal.
Offshore savings accounts are not for evading taxes but for investors who want to take advantage of the foreign exchange allowance diversifying their assets by placing some of their funds in a secure offshore location.
There are no guarantees provided on offshore savings accounts but, as with any regular local savings account, your capital is secure and so is the published rate of interest on your capital.
These accounts are classified into:
No Notice Accounts, which are those that do not require notice to be given to withdraw funds. Account features include:
- Minimum balance requirements;
- Minimum amount of transaction;
- Limits to the number of withdrawals;
- Rate guarantees and bonuses may vary depending on which account you choose.
Monthly Income Accounts: These are accounts that pay monthly interest. They may be no notice accounts, if they do not require it, or notice accounts, that mean those where notice must be given to withdraw funds without penalty. Account features are similar to No Notice Accounts.
Interest Paying Current: These are accounts offering the facility of a chequebook or cash card that does not require any notice to be given to withdraw funds. Due to their nature, these accounts vary in the facilities offered such as debit cards, check guarantee cards, overdrafts, etc. Account features are similar to No Notice Accounts.
Notice Accounts - are those accounts requiring notice to be given to withdraw funds to avoid any penalty, including loss of interest. The amount of notice that needs to be given varies with the account you choose. Account features are the same as previous and in the case of bonds there will be a maturity date that marks the end of the account term.
T. O' Donnell http://www.ttoffshorebanking.com is a licenced credit broker based in London, UK.
You might want an offshore bank account in order to:
- Expand your business;
- Minimise your taxation;
- Simplify business administration;
- Asset protection;
- Estate planning;
- Financial anonymity;
- Tax-free investing.
Those who engage in international or online business and who generate a large tax exposure can legally ease their burden through an offshore account. Bear in mind that the Swiss government, for example, charges a 35% withholding tax on interest earned by accounts held by foreign residents.
Also, cheques are not used any more in Switzerland. This is a nuisance if you're used to dealing in them.
Many people think that a Swiss bank account is somehow dodgy or unsafe because they are not banking in their home country. This is untrue. Some Swiss banks have been around for over a hundred years. They are the same as your local bank account; just in a different country.
You can pay revenues from your offshore company into it, transfer funds to your other accounts, such as a local bank account used to pay daily expenses and bills, or cover any outgoings that you may still have in your home country.
Participating in international commerce is even easier now because of the World Wide Web. Many businessmen have signed up for Swiss bank accounts in order to manage their funds, protect their privacy, increase financial security and the tax haven benefit.
Offshore savings accounts offer preferential interest rates acting like any other regular savings account. You can make deposits and withdrawals, earning interest calculated on your account balance at the end of each day, which is added to the account twice a year, or more often, depending on your contract.
One of the most common misconceptions is that offshore savings accounts and general offshore banking can legally prevent assets from being subject to personal income tax on interest.
Certainly some have low or no taxation. However this exception is generally associated with certain persons' accounts meeting fairly complex requirements.
The 'no-taxes' conception is incorrect as the personal income tax of most nations makes no distinction between interest earned in local banks and those earned abroad, adding clauses to enforce tax payments.
For example, all individuals and corporate entities subject to US income tax are required to declare, on penalty of perjury, all the offshore bank accounts they may have and pay the corresponding taxes.
While some offshore banks report their clients income to other tax authorities, most of them do not, but this does not make the non-declaration of the income or the evasion of the tax on that income legal.
Offshore savings accounts are not for evading taxes but for investors who want to take advantage of the foreign exchange allowance diversifying their assets by placing some of their funds in a secure offshore location.
There are no guarantees provided on offshore savings accounts but, as with any regular local savings account, your capital is secure and so is the published rate of interest on your capital.
These accounts are classified into:
No Notice Accounts, which are those that do not require notice to be given to withdraw funds. Account features include:
- Minimum balance requirements;
- Minimum amount of transaction;
- Limits to the number of withdrawals;
- Rate guarantees and bonuses may vary depending on which account you choose.
Monthly Income Accounts: These are accounts that pay monthly interest. They may be no notice accounts, if they do not require it, or notice accounts, that mean those where notice must be given to withdraw funds without penalty. Account features are similar to No Notice Accounts.
Interest Paying Current: These are accounts offering the facility of a chequebook or cash card that does not require any notice to be given to withdraw funds. Due to their nature, these accounts vary in the facilities offered such as debit cards, check guarantee cards, overdrafts, etc. Account features are similar to No Notice Accounts.
Notice Accounts - are those accounts requiring notice to be given to withdraw funds to avoid any penalty, including loss of interest. The amount of notice that needs to be given varies with the account you choose. Account features are the same as previous and in the case of bonds there will be a maturity date that marks the end of the account term.
T. O' Donnell http://www.ttoffshorebanking.com is a licenced credit broker based in London, UK.
Wednesday, February 21, 2007
Google and Spam
Interesting today I received an email from Blogger that I am a spammer when all I do is promote my own which is all original content. Though, I have noticed that Google does not seem to know what its right hand is oing something while the left hand totally disagrees and is off doing something quite contrary.
My blog does not even show up in the search engines and I don't even get google alerts for it.
So, adieu as even if google approves my blog I will remove it from blogger and move to a more accomadation host. I will have to start from scratch as my lose the content.
My blog does not even show up in the search engines and I don't even get google alerts for it.
So, adieu as even if google approves my blog I will remove it from blogger and move to a more accomadation host. I will have to start from scratch as my lose the content.
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