Offshore Bank Accounts for Personal or Business Use

Taking a look at personal and business offshore bank accounts, who they suit and who can benefit from them

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.

First things first it’s worth mentioning that directives such as the EU Savings Tax Directive have been implemented to crack down on cross border tax evasion.  Such a directive affects those with personal offshore bank accounts as do many other international decrees and rulings – business offshore accounts are often not affected by such cross border and international rulings. 

If you do require a flexible international back account solution then yes, you could open a personal offshore bank account…

Such an account is opened in your name, it should be with a reputable bank with an international presence to allow you to earn money anywhere in the world and have it deposited in your account and also allow you global access to funds and the ability to conduct international transactions.

If you wish to go the personal offshore banking route and open such an account you have to make yourself fully aware of the reporting requirements that exist in the nation/s in which you are tax resident and you have to abide by those requirements otherwise you will be acting illegally.  Where you are not sure of requirements placed upon you, you must take professional advice.

If you are looking for a secure bank account and you’re concerned about protecting the privacy of your transactions from the prying eyes of business competitors, ex-spouses or clients perhaps and you also want tax efficiency and the maximum in terms of account flexibility then an offshore business bank account could very well suit your needs.

Depending on your personal circumstances of course, you could purchase an off the shelf offshore company in a secure, no tax, no reporting requirements, respected offshore tax haven and in the name of the company you could then establish business accounts in major currencies such as dollar, euro and sterling. 

One of our strategic partners has established connections with a major international bank which is –AA Rated with Standard & Poors, which is over 125 years old and which has 120 branches worldwide.  Because of our strategic partner’s standing and reputation, if they are able to take on your business (i.e., if you legally qualify for such a secure, tax efficient and flexible banking solution) they will open your company and your accounts at the bank without you needing to undergo a credit check or even submit a personal bank reference.  Click here to enquire about the service they offer.

Remember, we are not qualified tax advisers - any information we give does not constitute advice.  We always recommend you seek qualified taxation and financial advice such as that provided by our strategic partners – please note, it is illegal to ignore any reporting requirements placed upon you by the jurisdiction in which you are tax resident.