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Tax Engineering

Offshore accounts

Opening offshore bank account is often associated with money laundering and illegal activities. The truth is that any individual or legal entity can be an owner of an offshore bank account and take advantage of international tax planning.  

Due to the latest regulations and agreements singed by the governments of many countries the banking sector of tax havens has gone through very important changes. The main goal of anti offshore policy is to eliminate anonymity and banking secrecy, two core characteristics of this sector that play the most important role when choosing whether going offshore or not. The latest anti fraud regulations have established international collaboration between more than 100 countries that agreed to report mutually the information related to bank accounts of non-residents to fiscal authorities of their countries of residence.       

However, this treaty has a small peculiarity that consists in that not all the countries that have signed it will exchange the information automatically. In order to obtain the information of its residents who have offshore bank accounts the government of a country has to sign a bilateral agreement with another country that has a mutual interest in the exchange of banking information. For example, Germany is interested in knowing who of its residents has an offshore bank account in Panama but Panama is not interested in receiving the same information about its citizens or sharing the list of German residents who own offshore accounts in its banks. Therefore, since there is no common interest between these two countries, most probably, they will not sign a bilateral agreement and will not exchange banking information automatically. 

What you have to know before you open offshore bank account

Everyone who decides to go offshore has its personal reasons and intentions. Some look for financial or political stability, some for asset protection and flexibility and others for tax saving. Whatever is the reason, it is very important to do a proper research before deciding to open offshore bank account because the number of financial centers, offshore banks and financial entities is constantly growing and you have to choose the best option for you among them. 

Further we have listed the main points that any future offshore account owner has to take into consideration.       

Opening offshore bank account is completely legal. 

Any physical person or legal entity has a right to decide in which country and in which currency he wants to keep its money. If a client doesn't decide to transfer the savings to its country of residence there is no income that he has to declare. Therefore, there is no tax fraud.    

Check requirements before you decide to open offshore bank account.

Each bank has its own list of requirements and documents that a future client has to present. Since in majority of the cases the process of application is done remotely, the bank officer can not see you personally and ask you questions regarding your past, commercial activity or financial situation. Therefore, it is very important to prepare all the documents and fill out correctly all the forms before sending it to the bank. In case you are not able to fulfill the requirements, the responsibility for the account being rejected falls on your shoulders and you loose money paid to an introducing agency for bank account opening.

It is fast and affordable to open offshore bank account and in majority of the cases it can be done remotely. 

Depending on the jurisdiction, in some banks it might take 3-5 days to approve your account. However, in some of them the process of due diligence takes longer and the employees of the bank take its time to get to know the future client and the risks it might bring to the entity. The average cost of keeping your income in offshore is from 500 to 1000 GBP, which is not expensive for being able to keep your anonymity. However, you have to make sure that the minimum deposit that you will be asked to transfer once the account is activated is affordable and you have this amount on-hand. Also, don’t forget to ask for annual maintenance and transfer fees and make sure that they correspond to the services that you have required.   

When in doubt, declare. 

The duty of each citizen is to declare his world incomes. If you are a physical person the most logical solution is to declare your offshore bank account to your local tax authorities and then, using double taxation agreement, pay the difference between the tax rates of both countries. In case you operate through an offshore company you have a possibility to delay or avoid tax payment. How can you avoid paying taxes? Any company, offshore or onshore, can decide to invest the generated benefits to the maintenance and the growth of the company or convert it into dividends for the final beneficiary of the company. In this case a company declares zero benefits and is exempt from paying taxes due to unfavorable economic performance. However, if the final beneficiary decides to repatriate the dividends, paid by an offshore company, to his country of residence he will be obliged to declare it and pay with a delay the taxes on this additional income.      

Use several offshore bank accounts for a better tax planning. 

Not all the countries have signed automatic exchange of banking information treaty and internal bilateral agreements. Therefore, you will be able to use this gap to your advantage and save on tax payments. Keep in mind that, sometimes, complete asset protection and reduction of your tax liability can involve larger structures and you might need to register an offshore company to operate as a legal entity and not as a physical person.              

To open offshore bank account choose a right professional. 

While surfing on Internet one can find a lot of consultancies or legal teams that promise optimal solutions and guidance through the process. However, not all of them have experience or work directly with offshore banks. OBS E-Commerce Consulting is official introducer who has agreements with many financial entities and banks all over the world. We work directly with local law firms and assure the best solutions for our clients.    

Open offshore bank account: Advantages  

  • Privacy 
  • Foreign currency exchange services 
  • Low or no tax payment 
  • Foreign currency exchange services 
  • Maximum flexibility when using offshore bank account
  • Protection against unfavorable financial or political situations
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Evaldas Zarnauskas
Dear Sir or Madam, I am writing to you, because I am looking for possibility to open crypto friendly bank account and I found you website, so I'm considering if you could help me with that. I am from Lithuania, European Union, but banks in my country does not tolerate assets from cryptocurrency, so I am looking for a bank elsewhere around the world. Priority is that I could open an account remotely and bank would issue me a debit card. Could you recommend me any solution for this? Also, I am looking at Cayman Islands banks as a possibility, what's your opinion about this? Caymans are just an option, if you would have any better suggestions, I would be happy to hear it. Hope we could find a way to collaborate together, waiting for your reply. Regards Evaldas Zarnauskas
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Admin

Dear Evaldas Zarnauskas, 

Thank you for contacting our company. 

Yes, we can help you to open an offshore account that accepts transactions and activities related to cryptocurrency. This bank account can be opened in United Kingdom without your physical presence and also, as you request, the bank will issue adebit card that you will be able to use for cash withdrawals and payments. 

Here is a general list of requirements that you will have to present in order to proceed with the process. Keep in mind that the bank has a right to ask for some other confirmation of funds or additional identification document. 

Please contact us via e-mail, Skype or WhatsAap (the contact information can be found on a main page) to obtain more information and begin with bank account opening

Regards

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Gus
Hi. I opened a new company in the cayman Islands last year and have had trouble opening a bank account in the caymans. After initial contact and delivery of my business plan it seems I don't fit the banks client profile. So I am looking for a business account for my company preferably in a tax haven. Can you Assist? I would need to open remotely and have either a debit card or Internet access to transfer funds out. Thanks.
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Admin

Dear Gus, 

Thank you for getting in touch with our company.

I am sorry you had this experience, in most of the cases the banks don't provide a client with a bank account due to the commercial activity that he company develops, because of the nationality of the shareholders or because of the origin of the funds that enter the account. In your situation, since we don't have a lot of information, we can not tell you exactly what could be the problem, but we can help you to open an offshore bank account remotely. You will be provided with a debit card and bank account information (Swift and online banking) for incoming and outgoing transaction. 

Please contact our team via contact form or through e-mail, Skype or WhatsApp that you can find on the top of the home page. Once you explain a little bit more about the commercial activity of your company, origin of funds and indicate your nationality we will be able to choose a financial entity that will satisfy your needs. Also please check out all the requirements that you will have to present to the bank for identification. 

Waiting for your information, Regards

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Pradeep
If I have money jn an offshore bank account lets say Georgia and if I withdraw funds through their debit card in India does the government track me for having offshore account please clarify I'm planning to open an offshore account soon
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admin

Dear client, 

Thank you for getting in touch with our company. First of all we highly recommend you to get informed about the regulations applied to owners of offshore accounts in your home country. 

Regarding your question, we did not have any cases when the client was traced withdrawing funds from ATM machines in his country of residence. Of course, all cases are different, but if you use different entities and don't withdraw large amounts there should not be any problem. 

Please don't hesitate to contact us if you need any further assistance.

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Paulo

Which country is the Best to open a offshore banking account that would give me almost total secrecy, including Sending and receiving money wires (that is, my name not appearing in any send or receive money wires, only a ONLY-number IBAN)?

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Admin

Dear Paulo. 

Thank you for interest in our services. We would like to inform you that there are several options for opening an offshore bank account with IBAN and SWIFT for wire transfers. The account can be opened on the territory of Europe or outside, for example bank account in Belize or Saint Vincent, it all depends on the requirements you have. 

However, all personal bank account are attached to a physical person and for that reason while sending a wire transfer the receiver will be able to see your name. The only way to avoid it is through registering an offshore company with a corporate bank account where the information displayed in each transfer is a company name and not your personal one. 

Please don't hesitate to contact us in case you have more questions.

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Val
I am about to sell my home here in Canada and will like to invest back into my country of birth St Vincent and the Grenadines, looking for good investment and how to go about it, I will be retiring in about 5 years and would like to make some good return on my funds.
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Admin

Thank you for getting in touch with our company. 

Regarding the offshore investments that could give you a good return on funds we would recommend you to contact an investment company because offshore bank accounts don't offer high interest rates on deposits. Offshore bank accounts and especially those accounts in St. Vincent and the Grenadines, are mostly used to save on tax o to work in an international environment where the income comes from all over the world. Please don't hesitate to contact us in case you have any other questions.

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hilary ncube
Hi. I am an online forex trader and need an offshore bank account for my deposits and online transactions. Am in Zimbabwe and the political situation on ground is very volatile and the monetary policy is anti development. Will please assist?
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Admin

Dear Hilary. In order to assist you in bank account opening process we will need to know the following information: do you manage the funds of third parties (in case of a positive question please indicate if you have a license), do you want to open a business account (on a name of a company) or personal account for your savings. Please contact us via email, Skype or WhatsApp (the numbers can be found on a main page) and provide the information I have mentioned above, together with the requirements, and we will be able to help you with the process.

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Mark Gibson
Dear Support We would like to open bank account in Seychelles for our client’s trust in Pakistan. Can you open it? Please let me know Best Regards, Mark Gibson
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Admin

Dear Mr. Gibson. Thank you for your interest in our services. We can offer you a bank account in Seychelles and other jurisdictions with the same characteristics that can also suit the needs of your client. However, we will need a little bit more information about the business activity of your client that will help us to introduce him to a financial entity. As you know all the clients of the banks have to go through Due Diligence process and the bank will ask you to justify the origin of funds that will enter and leave the account, present the documents regarding the nationality of your client and country of residence. In order for us to choose a right bank for you, please contact us via email or Skype providing this information and we will do out best to help you.

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Azzedine Fekar the need of our presence
We have to make deposit of large sums of money coming from contracts backed with legal documentation We need an effective online bank account without the need of our physical presence as we are in Algeria. First depost may reach from Hong Kong Can you inform us please Best regards Dr Azzedine Fekar International Consultants Investment Advisers and Turnkey Projects Development
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Admin

Dear Dr. Fekar. We can provide you with the service that you are looking for, however, we will need a little bit more information that will help us to introduce you to a financial entity. As you know all the clients of the banks have to go through Due Diligence process and the bank will ask you to justify the origin of funds that you will receive, present the documents regarding your nationality and country of residence and in general you will have to explain the final purpose of your account. In order for us to choose a right bank for you, please contact us via email or Skype and we will do out best to help you.

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