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Tax Engineering

How to withdraw money from offshore bank account?


How can I withdraw money I have saved in my offshore account and use it in my country of residence?


Customers can withdraw their money from offshore bank account in their country of residence with debit or credit card. When the client opens offshore bank account, he requests a VISA or MasterCard debit or credit card to make purchases or withdrawals of cash. Can I withdraw money at any ATM in my country of residence? Yes, 99.99% of ATMs accept VISA or MasterCard and you can withdraw cash without any problems. What fees will be charged to my card for each withdrawal? Depending on the jurisdiction where the bank account is opened, you may have higher or lower commissions. Normally the commissions that are charged for the withdrawal of money are from 2.5 to 3.50 euros per each 600 euros. 

Another way to have the money from your offshore bank account in your country of residence would be by bank wire transfer but note that if you transfer the money from a personal offshore account opened in your name to another personal bank account of yours the transfer gets registered in both banks. As a consequence, the tax authorities of your country of residence will know that the person who sends the money and the person who receives is the same one and you will be obliged to pay all the taxes for the income obtained in your offshore account. In order to avoid this situation we recommend opening a numbered account in Andorra or registering an offshore company so that the name of the person who sends the money does not appear. This way you can have the money from your offshore bank account in your country of residence and maintain your anonymity.

The most unusual way to have the money from the offshore bank account in your country would be to visit the bank and make a withdrawal in cash. Once you have your cash you can bring it to your country of residence. However, before choosing this option please check crossing boarder regulations for the limits of money in cash you can bring in to your country of residence. 

offshore accounts

I have a friend who has a predicament. She inherited a large sum of money from her deceased father but it is in an off-shore account. When she tried to get the money transferred to her bank account in the U.S., she got an email saying a very large amount of tax had to be paid before the money could be transferred. Unfortunately she does not have currently the means to pay this tax before receiving the money. What options does she have?

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