What’s Safer Than a Personal Offshore Bank Account?

Summary: Why personal offshore bank accounts are no longer private, tax efficient vehicles and why offshore business bank accounts are

Is having a personal offshore bank account a secure way to protect your own personal and transactional privacy from prying eyes or is there a more secure solution available?  Well, ever since the EU Savings Tax Directive came into force back in 2005 a personal offshore bank account is a pretty useless and redundant entity for many people actually.  So, what’s safer than a personal offshore bank account?

A business offshore bank account – this is because the person requiring the account can not only distance themselves from ownership of the account through the use of an offshore company, but because the EU Savings Tax Directive’s policies of information sharing and/or the application of withholding tax on an account do not apply to business offshore bank accounts.

It’s true, and in the very words of the Inland Revenue when commenting on the directive - “the directive applies only to individuals and not offshore companies.” So, how does one go about opening an offshore business bank account and is it legal, simple, cost efficient, safe and confidential?

Well, first things first it is imperative to note a couple of points – firstly we are not qualified tax advisers and any information we give does not constitute advice which is why we always recommend you seek qualified taxation and financial advice. 

Secondly, not declaring income and assets held offshore to your taxation authority may well be against the law and is therefore unwise!  To get up to date and relevant advice about your own personal taxation situation and whether an offshore business account can be of any personal benefit to you, please complete our offshore advice form and we will put you in touch with the best placed strategic business partner of ours to help you.

Thirdly, you have to have an offshore company to have an offshore business bank account and one of the most efficient, cost effective, simple, secure and taxation efficient ways of structuring your offshore company and offshore business bank account is as follows…(remember this structure may not be available to you or absolutely applicable to your personal situation): -

You establish an offshore company in the Seychelles which is considered to be a secure and superior offshore jurisdiction and where costs of incorporation are modest; the jurisdiction is tax free for offshore companies, there is no requirement to file accounts, beneficial owners’ names are not kept on record, you can have bearer shares and there are minimal annual re-registration and maintenance fees. 

This bearer shares Seychelles offshore company can even trade or hold your personal assets, and when real property, cash or even intellectual property is placed within the offshore company it becomes the property of the offshore company and therefore your company can also act as an excellent offshore asset protection device.

Aside from this additional benefit, your Seychelles offshore company can now open an offshore business bank account in Cyprus for example, where banking laws are based on British laws, where regulatory practices are very highly regarded, where taxation is low and where you can have access to accounts in multiple currencies which you can access online, with a debit or credit card, via international transfer etc., etc.

This approach is legal, simple, totally safe and confidential – and it is just one way that someone seeking an offshore bank account can ensure they get the most flexible and efficient solution for them.

If you want more information about such a structure or you need advice about banking or opening a company offshore, please complete our offshore advice form and our strategic partners will be in touch.

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