What is Offshore Banking?

Offshore banking consists of allocating your funds, in an offshore bank, outside your country of residence (tax haven). An offshore account gives you a broad range of benefits and opens the door to unique opportunities. Whether you are working abroad or generating income offshore you can minimize the tax impact on your income through offshore banking services.

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Offshore Banking Services

Offshore banking offers global solutions by giving you immediate access and availability to your funds wherever you are. Your offshore bank must offer automated telephone and offshore online banking services as a basic requirement alongside with a comprehensive website offering a wide range of product and services to manage your finances. The most common offshore financial and legal services are:

 

Offshore Banking: offering all the financial and legal advantages of an offshore bank - greater privacy, low or no taxation, easy access to funds and protection from financial or political instability.

 

Currency Exchange and Allocation: securing your funds in various offshore accounts among the most common currencies:

 

 

Investment Management: providing wealth and asset management, fund management and professional investment management services including elements of financial analysis, product selection (stock, asset and bond offshore), plan implementation and ongoing monitoring and re-evaluation.

 

Offshore Online Banking: conducting financial transactions on a secure online system (fund transfers and investment and loan transactions) and retrieving personal financial management services such as offshore cash card, debit card and credit card applications.

 

Offshore Trust – Offshore Trustee Services: forming an arrangement whereby funds and assets are managed by an offshore trustee (third person or organisation) under the laws of an offshore jurisdiction according to the local trustee act. The trustee powers can cover anything from offshore investment bond, stocks, assets, pension, offshore company and offshore trust fund.

 

Offshore Company Formation – Incorporation and Management: enhancing your financial privacy, anonymity and confidentiality through the offshore incorporation and management of any common-law company. Type of Offshore Companies:

 

·          Offshore Corporations (LTD, Ltd., Incorporated, Inc., Corp., PLC)

o         The British Offshore Company Model

o         The American Offshore Company Model

·          Offshore Limited Partnerships (LP, LLP, LTD.)

·          Offshore Limited Liability Companies (LLC, LC, Ltd, LDC, LLC)

·          Offshore Protected Cell Companies (PCC, ICC)

·          Offshore Specialty Companies

·          Offshore Trust

 

Offshore Custody Services: trading securities from country to country, managing associated portfolios and safekeeping the financial assets. The financial service provider – the custodian – is legally responsible for the protection and management of your financial assets; there are additional fees applied to this special service.

 

Offshore Investment Fund – Creation and Administration: Incorporating and managing collective investment schemes – mutual fund, investment fund and managed fund – with renowned offshore advantages.

 

Captive Insurance: providing a better risk management than the conventional insurance market: lower premiums, higher flexibility, faster and less bureaucratic claim procedures and efficient world-wide coverage.

 

Offshore Pension Funds - generating stable growth over the long term providing a tax-efficient financial security (Pension protection fund) for yourself or your employees when they commence retirement.

Offshore Asset Protection and Management – Ship Registration, Vessel Registration: overseeing the registration, management and asset protection plan under the offshore asset protection trusts shielding it from onshore civil money judgments.

 

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Offshore Banking Advantages

Whether you are opting for a private, corporate or trust offshore solution, offshore banking brings you great advantages:

 

Offshore Taxation – One of the greatest benefits of offshore banking is the low or no taxation offered by tax havens.

 

Secrecy & Confidentiality – Client’s privacy is paramount in offshore countries; it is normally considered a violation of the law to disclose client’s information.

 

Local Expertise – Most offshore countries now offer a complete range of in-house wealth management and legal services: international banking, trust companies, legal firms, accountants and brokers.

 

Exchange Controls – There is no exchange control over the flow of funds and assets into and out of the offshore country. For example, South Africa’s foreign exchange control restricts the flow of wealth out of the country. It’s important to note that according to exchange control regulations it’s illegal for a citizen to transfer funds or assets out of that country and into an offshore centre.

 

Communications – Most offshore banking centers have implemented advanced computer technology providing you optimal communication related services through Internet, telephone and fax. Also, some are a tourist attraction to clients and they have excellent connections by air or sea.

 

Geographic Distance – The wide range of offshore jurisdiction makes it easy for the client to choose from far to close locations depending of their interest. It is important to note that the distance to their home country is not related to the level of confidentiality.

 

Legal System – Offshore countries have a first class legal system designed to attract and protect foreign investors and international business. Their asset protection policy will fail to recognize the claims of foreign government in relation to the forced seizure of assets.

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