Tax havens offer tax benefits to non-residents, or foreign residents, who use their facilities. They've set themselves up to provide services to those who want to protect their assets. It's the basis of their economies.
So what are the advantages of having an offshore bank account UK? The obvious one is tax minimisation - doing business where tax is legally not payable. Another is privacy. Most offshore locations have laws in place which guarantee your financial privacy.
There are three reasons for setting up an offshore bank account UK. First, taxation is less on interest earned on deposits. Secondly, there will, or should be, be no active onshore bank accounts in your own country to muddy your case for non-resident classification with your revenue body. And, third, an offshore bank account UK should be strictly confidential.
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My advice to you is to avoid offshore bank account UK web sites which are light on information, especially about who, exactly, is offering the service. Who owns the site? Where is it based? Just who, exactly, are you dealing with?
Offshore bank account uk: very convenient nowadays, as reduced taxation liability, operation simplicity, general asset protection and other features make this an attractive choice.
Take advantage of the fewer reporting requirements. Some jurisdictions require your offshore bank account information to be reported much less than others. There are also places where your company information reporting will be required only under extreme circumstances.
One of the advantages of an offshore bank account in the UK is that they provide access to politically and economically stable jurisdictions. People who are resident in areas where there is corruption within the banking system, or where there is a risk of expropriation, or where bank officers may become liable to the influence of or pressure from criminal gangs e.g. Eastern Europe.
An internet site can:
- Facilitate your access to offshore private banks;
- Introductions to banks in all major jurisdictions;
- Open personal, corporate or offshore accounts;
- Manage these accounts;
- Arrange or transfer letters of credit;
- Creating trust structures;
- Sort out debit and credit cards and
- Online banking.
Since many of those facilitators and banks are established in haven countries, with exceptionally low, or even no, income taxes, offshore accounts are offered with free web gateway software to accept payments for ecommerce and 'bricks and mortar' businesses.