Offshore Banking
Offshore Banking by Shelter Offshore in Money Offshore
Published on 10 June 2008
Grenada is an interesting offshore tax haven – it’s certainly famous as one of the most corrupt international financial centres in the history of offshore - but now, because the economy requires something of a boost as the nation has had to rebuild after two devastating hurricanes, the authorities in Grenada are said to be restructuring and positioning legislation for the re-emergence of the nation’s offshore banking sector.
However, has enough time lapsed between the catastrophic collapse of licensed yet corrupt banks for would-be investors to have any faith in jurisdiction, is there truth in the rumours that the nation wants to become a reputable tax haven and is Grenada’s offshore banking industry really re-emerging?
Published on 22 April 2008
With the global financial situation seemingly impacting each and every one of us, we thought we should impart some essential offshore banking advice for expats and would-be expats today.
For example, is the offshore world a shelter from the current fiscal turbulence and credit crunch, should you open an offshore bank account to avoid currency problems such as the falling dollar or the strengthening euro, and what advice should you take before you leave the UK and go and live abroad? All these questions and more are answered below…
Published on 15 January 2008
According to a London Stock Exchange report, Alliance and Leicester, which is a leading British onshore banking provider less well known for their offshore and international banking facilities and services, has commissioned an in depth survey of expatriate offshore banking behaviour so that they can understand their potential client-base better.
The survey reveals what we at Shelter Offshore really already suspected – although there is one rather surprising finding! So, let’s take a look at the expatriate offshore banking survey from Alliance and Leicester and see what they discovered about expat banking patterns and behaviour.
Published on 04 January 2008
From the first of January 2008 one of the leading players in the world of offshore private banking has changed its name from Coutts & Co to RBS Coutts…as you can guess, the name change has to do with the fact the RBS group now owns Coutts which is commonly referred to as ‘The Queen’s Bank’.
RBS acquired Coutts and Co when it took over NatWest back in 2000, but until now the bank has continued to trade under its original name by which it has been known since 1822. The significance of the name change is quite far reaching; many clients are believed to have been unhappy with RBS for even considering renaming this incredibly famous and historic offshore private banking institution.
Published on 03 January 2008
The partial taxation amnesty offered by HM Revenue and Customs (HMRC) last year to UK residents with undeclared offshore bank deposits and financial assets has proved relatively successful in terms of the taxation and fines raised. However, the amount paid into the Revenue’s coffers to date is actually far short of HMRC’s initial predictions.
According to the Sovereign Group, partly as a result of the fact that the amount of revenue received by HMRC is well below that expected, the British tax authorities are currently contemplating extending the partial reprieve to include customers of over 170 additional banking institutions - although they are likely to face opposition from the banks in question. There is a fine line between the banks’ requirement to supply information about account holders suspected of illegally avoiding taxation due and their legal duty to maintain their customers’ personal privacy. When it comes to offshore banking and HMRC however, the Revenue is not in the business of letting outstanding taxation slip through its fingers.
Published on 13 November 2007
It’s that time of year again when all the headlines are about to be dominated by tales of magnificent bonuses received by the best in the banking industry in the City. Jealous journalists may question the thinking behind the million pound bonus, but for those in receipt of the cash the fact of the matter is, they face high stress in a job that most of us would not actually want to get up in the morning and do!
If you’re in receipt of a cash lump sum or a bonus what’s the best way to protect that cash? Pop it into property, gamble it back on the stock market, lock it away in a long-term savings plan – or are offshore bank accounts for city bonuses the way to go? In this article we examine the potential benefits of offshore bank accounts for those with a cash lump sum to squirrel away.
Published on 20 September 2007
Regular readers of our website will be well aware that we have solutions in place through our network of strategic partners to assist with everything from yacht registration to providing ready set up and running offshore companies with open and un-traded bank accounts for example. This is because it is not only our mission to provide impartial yet comprehensive information about every aspect of the offshore world, but to facilitate those readers who wish to go offshore.
As part of the provision of this service we are always working with our strategic partners to ensure new and beneficial services are added to those they can offer Shelter Offshore readers. Today we are pleased to announce that our partners can now offer superior private banking services for Shelter Offshore readers.
Published on 12 September 2007
After extensive consultation with our preferred offshore advisors, solution providers and international taxation specialists and in direct response to the tremendous amount of articulate and targeted feedback we receive from our sagacious and valued readership, we are now able to offer a brand new and exclusive comprehensive company and bank account solution…
The solution is exclusive only to ShelterOffshore and it is in the form of an off the shelf offshore company in one of the most highly regarded jurisdictions together with an already opened and therefore guaranteed and working yet un-traded offshore business bank account. The account will be with a major European bank which is - AA rated by Standard & Poors and which has been in business for over 125 years – because it is a business bank account it falls outside the remit of the EU Savings Tax Directive and this incredibly flexible, secure and private solution is ONLY available to our readers!
Published on 21 August 2007
Natwest Bank have claimed that there is a general “lack of understanding” about what benefits offshore banking can potentially offer people retiring abroad
Natwest head of international private banking Julian Gourge said that many people still think of offshore banking in terms of the tax angle, despite many changes over the past ten to fifteen years. This misconception, he claimed, means that many people feel a “nervousness” about using such overseas facilities.
At Shelter Offshore we tend to agree, so many people we speak to seem to equate offshore banking with something less than lawful, more associated with tax evasion or money laundering than prudent overseas financial planning for retirees abroad. This isn’t the case, there are many “100% legal” benefits open to retirees abroad who take advantage of offshore banking facilities and the advice offered by highly reputable international banks such as Natwest, who will offer free advice and full explanations about the many advantages of banking offshore.
Published on 06 August 2007
With the global crackdown on money laundering in the wake of 9/11 many international directives have been implemented to remove the layers of privacy that were previously synonymous with banking offshore and as a result it now seldom makes sense to have a personal offshore bank account except for reasons of flexible banking.
Nowadays anyone seeking a robust, efficient and private banking solution is going the business bank account route. In this particular article we discuss offshore bank accounts for personal or business use, how you can use such accounts, get the most out of them and what is and is not legal and possible.
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