Offshore Banking

Offshore banking should be considered as a priority if intending to engage in international trade and investment activity. This is because offshore banking facilitates international transactions, which primarily is what offshore banks are designed to do.

Offshore banking provides businesses with specific advantages that would not ordinarily be obtained at a domestic bank. For one, as a non resident of the country where a bank operates, opening a local bank account would not be possible. Offshore banking is targeted at nonresident non nationals who wish to access banking services overseas, be it for privacy, to get more advanced services and ultimately, a more satisfying banking experience.

To further capitalize on the opportunities available for wealth preservation, our company works closely with registered agents for the Dominica Economic citizenship program https://www.dominicacitizenship.com which enable investors and families to apply for Dominican citizenship. There are many benefits to be derived from such dual nationality programs whereby foreign nationals can forge new business partnerships and families can safely plan estate. Our company also facilitates offshore company incorporation and the purchase of ready-made companies.

Privacy is among one of the reasons why local investors use offshore banking to facilitate their transactions. Another reason for banking offshore has to do with being able to bank without fear. Some countries are more social- and politically unstable than others and as a result compel local customers to seek alternative offshore banking solutions.
The absence of both privacy and social stability may cause the citizens of a country to lose confidence in local banking institutions and the banking system on a whole. This is why turning to banks offshore where economies are stable, more prosperous and strict regulatory measures are established becomes important and often tend to lead to a heavy outflow of capital from one country or region to another.

Another aspect of offshore banking that is worth mentioning is taxation. Capital outflows into low tax jurisdictions are usually motivated by restrictive investment environments and burdensome tax regimes. Individuals as well as businesses generally tend to seek alternative locations, be it within the very same country or externally. A simple example would be a company’s transfer of assets from Iowa to Delaware, which is known for its friendly, low tax regime. This kind o f movement would generate more offshore banking activity in one jurisdiction than another.

Offshore banking helps to reduce tax burdens, as offshore banks themselves are not taxed, and in turn allow funds to be repatriated or transferred free of taxes. While this is facilitated through offshore banks, it is also a benefit of low and zero tax jurisdictions that exempt nonresident non nationals from exchange controls and other major charges that would be applicable in a regular onshore bank.

In addition to this, offshore banks facilitate the use of offshore companies through specialised financial services. An advanced offshore bank would normally offer offshore brokerage accounts and facilities, offshore trust services, tax planning consultancy services and legal advice for tax matters. For the high end customer, one would find that offshore banking is ideal for private banking, as not only is there privacy, but sophisticated services for estate planning and investing as well.

Offshore banking is mainly conducted via the internet. Businesses therefore access offshore bank accounts through online banking, which is available to the customer all day long, all year round. This helps to eliminate time zone differences and enable offshore banking customers to conduct their affairs seamlessly.

Banking offshore is continuously becoming a more sophisticated business. Services are upgraded in line with technological advancement and as well as to adapt to changing business patterns and climates internationally. Because of their worldwide presence, some major banks are able to provide customers with customized services that are adapted to the market or country in which the offshore bank operates.

Hence, a major bank with branches in Hong Kong, the Bahamas, the United States and Panama would be better positioned to offer services to European customers that wish to invest or do business in any of these locations.

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