Make sure you are happy with the jurisdiction which the bank is located. Find out which well-known international banks are sited there. Research the bank's history and find out who its real owner is. Ask about staff turnover, especially if you are looking for investment help.
Consider what you want from offshore private banks. Deposits, current account, savings, money transfer, or investing? Take your time to discover as much as you can about whether the bank offers the services you need.
People mainly use offshore private banks simply to protect assets from third parties. Offshore private banks can deal in cash, securities, investing etc. The identity of the owner can be protected by offshore legislation or even be anonymous.
One can keep control over one's assets yet third parties can't link the assets to the beneficial owner. They are far more lawsuit-resistant than assets held by in one's home country.
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However, one of the most common, false beliefs is that offshore private banks can legally prevent assets from being subject to personal income tax on interest.
Certainly some have low or no taxation, this exception is generally associated with certain persons' accounts meeting fairly complex requirements. The no-taxes idea is wrong as the personal income tax of most nations makes no distinction between interest earned in local banks and that earned offshore, adding clauses to enforce tax revenue.
When you go online you will find many offshore private banks, but remember it is important to evaluate them properly. Some things to look for before opening an offshore merchant account are the benefits you will receive as an account holder regarding privacy, taxes, security, and other relevant benefits. You will also want to see how long the bank has been operating, the rules and regulations it follows, policies and so on.
Once your offshore private bank account is established, you are issued a bank card, then after that you can use the bankcard to withdraw cash and to pay for everyday expenses. Some offshore faciliators provide them for 'free' as part of an incorporation package. The account is only set up once you've established an IBC or an offshore Trust.
An offshore provider 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 trusted structures;
- Sort out debit and credit cards and
- Online banking.
Participating in international business is even easier now because the Internet offers so many opportunities. Many businessmen have signed up for accounts with offshore private banks in order to manage their funds, increase security, protect privacy, and the tax haven benefit such accounts give.