How to withdraw money from offshore bank account?

Dear Anthony. 

Regarding the terms of wire-transfers I have to say that it is quite relative. Usually, with all the technology that financial entities use the wire transfer should not take more than 3 days. However, in some cases, what can take time is an internal control that some banks do before they accept the money from other financial entity (especially offshore accounts) and deposit it on your account. 

In any case, if you don't hear anything from your bank in America within a week, we advise you to contact them and get informed about possible problems with the transfer. 

Regards

Dear Charity, 

Thank you for getting in touch with our company. Usually the clients are not required to pay for incoming payments. What we can recommend you is to get in touch with customer service of your bank and leave a claim regarding this payment, asking for a better explanations of the reasons they want to charge you that amount.

If the situation doesn't get solved after that, we recommend you to contact any local lawyer. 

Regards

Dear Hamza, 

In order to enjoy all the advantages of offshore bank account it should be opened in a jurisdiction different to your country of residence or the country of origin of funds.

If you decide to transfer your profit to your country of residence you have to declare it and pay tax. 

We would highly recommend you to contact a local Turkish lawyer who would advise you on tax regime in Turkey and why you were obliged to pay this amount without being a resident in this country. We hope you will be able to solve this issue. 

Regards

Dear Amy, 

Thank you for getting in touch with our company. Regarding your question we recommend you to contact a lawyer who is specialized in banking law. All financial entities and offshore jurisdictions have their own requirements and regulations and without knowing well your situation it is hard to provide your with correct guidance. 

Regards

Dear Sunil, 

One of the options that you friend has is to open a personal account in another offshore jurisdiction, where she is not a fiscal resident and transfer the money there. Then, with ATM withdrawals she can use it little by little. However, depending on the nationality, her country might have an agreement of exchange of financial information with the country where she wants to open an account. Therefore, she should choose well before transferring her funds to any account. 

If she decides to transfer the funds to her country of residence, then yes, she will have to pay tax on this money in order to be able to use it legally.

Regards