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Tax Engineering

Offshore bank cards

It is advisable to apply for an offshore bank card when opening a bank account in order to have another means of payment in case wire transfer fails. Bank cards can be used for cash withdrawals, inside and outside of country of residence of a card holder. Even though debit and credit card are the most expensive method of payment, due to the high commissions of Visa, MasterCard and issuing bank, currently it is the most used one all over the world. 

Offshore bank cards are very convenient for online stores and purchases in regular stores. Depending on the card you order, always choose the option of purchase notification. This way you will always be informed about all the outgoing payments and your final balance. These cards are connected to online banking from where you can top up your account, download transactions list and change password.   

The disadvantages of using offshore bank cards is the limit for ATM withdrawals set by the card issuers. Usually the bank cards have limits between 2000 and 4000 EUR per day for withdrawals of cash and 5000 - 10000 EUR for purchases of goods in stores. 

Offshore cards for cash withdrawals or Cash cards

In English this kind of cards are known as "Cash Cards". Usually the daily withdraw limit of these cards is up to 2000 EUR, but if you plan to withdraw money daily or monthly the amounts that you get are considerably high. To this day you can withdraw money with a bank card associated with an offshore bank account without local authorities being able to identify the cardholder. The explanation to this is very simple; the ATM will read only the number of the card but not the name of its owner.

Debit bank cards  

In English this cards are known as "debit cards". They are usually used for purchases and require the signature of the cardholder and this way identifying him. As a result these cards leave more traces than cash cards. If you are looking for anonymity and don’t want to be identified as a cardholder, it is advisable to use it outside of your zone of residence and in small purchases. The transactions of the debit cards are immediate and it takes only seconds to receive the authorization or decline of the transaction charged to the bank account of the bank card. The bank debit cards usually have very low maintenance fees that can be charged from the account of the cardholder on daily basis or at the end of the month. In majority of the cases the purchases and cash withdrawals come free of charge. 

Credit bank cards  

In English this kind of cards is known as "Credit Card" and it gives customer a freedom to withdraw cash or make purchases without having actual money for it on its card. Usually in order to obtain this card the banks oblige you to block some amount of money in the bank account as security. Payments due usually bear an interest rate depending on the amount granted by the bank and should be paid at the end of the month. However, more and more banks offer its clients an option to pay amount due in several installments for the convenience of the client. Credit cards are an easy and flexible way to dispose of money around the world anywhere you are. The credit cards of the greatest value and customer service are "American Express" and "Diners Club."  

There is also the possibility to apply for an anonymous credit bank cards. Normally the financial entities that issue this type of cards are registered in tax-free offshore jurisdictions and the same financial entities are the official cardholders of these cards and not the cardholder. These cards are very opaque since it is very difficult to identify the director and the shareholder of the financial institution issuing the card and probably the country of their fiscal residence is different to their tax residence.

Requirements to apply for an offshore card

Necessary requirements that a physical person needs to present in order to apply for an offshore card are the following:

Requirements Copy of Passport
Apostiled and certified by a notary
Copy of Personal Identity Card
Apostiled and certified by a notary
Copy of one utility bill not older than 3 months
Electricity, water, gas, telephone or bank statement.
Bank Reference or bank certificate not older than 3 months
In English


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Recharge the offshore card through wire transfer

The offshore card can be recharged by several payment methods, including bank wire transfer. Once you receive the offshore card you will receive the bank details so that you can recharge it and using a unique customer code your clients or you will have to enter it in the option of the concept of the transfer.

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Monthly limits to recharge offshore cards

The limits of offshore cards withdrawals at ATMs are 4,000 euros per day in the customer's local currency or where the customer is located at that time. As a general rule, the maximum recharge that an offshore card accepts monthly will be 40,000 euros.

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Transfer money from card to card

Currently for debit and credit cards it is not possible to transfer money from card to card or from card to a bank account and less to an account that you are not the owner of. If you want to receive your money in a bank account and have a card associated with that account, I recommend opening a personal bank account.

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Plastic cards

The future of cash is increasingly uncertain and according to some experts it will gradually disappear. Many countries are thinking of abolishing cash and replacing it with plastic cards for fiscal reasons. Physical money gives many problems to tax agencies, as it is quite easy to convert legal money into black money and vice versa. With plastic cards this problem would disappear because the money deposited in the account can be traced easily. On the one hand there is a physical person who makes the payment for goods or services and on the other there would be the POS virtual, the receiver of the money. Other problem that has cash is that it has a physical location and can be stolen by anyone cre

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