Do You Need an Offshore Bank Account
When you think of offshore bank accounts do you see shady characters carrying around bags full of money? Today's modern bank legislation does not allow banks to accept cash deposits or transfers of US$ 10.000 and up without presenting proof of the source of funds.
All serious establishments will ask you to fill out forms known as KYC or know your customer. Find out more about KYC: Know Your Customer This is not only to be able to give you better service but to protect themselves in case you are accused of money laundering. These forms also allow the bank to know your sources of income. Knowing your cash flow the bank will not ask you to prove the origin of the funds every time you make a transfer.
Even though you have filled out a KYC form the bank may or may not at its discretion allow you to start a relationship with them.
What's the difference between your local bank and an offshore bank? Basically any service you will get locally will be available offshore. Then why open an offshore account.
Offshore banking is no longer a handy way to conceal income from illegal activities or unreported business profits.
There are many justifiable monetary reasons to open an offshore bank account. As a resident in a country with an unstable political and economic history, you want your money in a safe place. The government could impose foreign exchange restrictions or there may be a bank run. A coup d'etat may make your money inaccessible.
Non-residents usually pay minimal or no taxes on interest or profits from investments. Depending on your citizenship, country of residence and if you use an offshore company as the account holder you may still have to pay taxes.
Many large international banks have branches or are incorporated in tax havens. To be on the safe side, you would probably be better off not using a bank that has branches or is incorporated in your country of residence.
American citizens must file an annual tax return no matter where they live and include offshore holdings. Starting July 1st, 2005, tax havens which are British 'dependant territories', will apply the European Union's Saving Tax Directive of 2005. Initially this is 15% on returns of savings paid to nationals of EU Member States. Corporations are exempt from this withholding tax.
Always consult a tax specialist who has experience with the jurisdictions involved before starting your offshore tax journey. You do not want any costly surprises after you open offshore company and bank account.
David Jones is a freelance writer and world traveler who writes about the use of offhsore companies, finance and subjects in which he has apersonal interest. Offshore Banking
Related Articles:
Finance North America Offers Real Estate Financing and Mortgage Lending of U.S. Property for citizens of Canada, Europe, Asia, Latin America and Austr
UK, Europe, Asian, Australian and the Americas citizens can now purchase and finance their U.S. property mortgage through Finance North America.
The Orchard Bank Credit Cards: The Answer To Bad Credit
There are few more stressful things than dealing with dinged credit. Millions of Americans have experience with it, so there is a large pool of experience and options to draw from. The important thing to realize is that if you are determined to repair your credit, the right tools are available to help you. One option is The Orchard Bank MasterCard.
Choose The Very Best Credit Card For You
The question is which credit cards are right for you. Not all credit cards are the same. Some have a fixed rate, which simply means the APR doesn't change, or at least not that often. Most credit cards are open lines of credit, that you can use to make purchases. Most of them are unsecured, while a few are secured or prepaid. Prepaid credit cards are offered by a lot of major companies and act some what like a debit card, because you will need to open an account and your credit card will be funded by this account. These are great for people starting out with little or no credit or rebuilding credit. Low interest rate cards, are ideal for people with good credit that would like to take advantage of reduced interest rates. Some credit cards h...
RouteOne Announces Direct Link to Toyota Financial Services' FS Presentation Tool through Integration Services Provided by StoneEagle
FS Presentation Seamlessly Integrates to the DMS and RouteOne to Increase User Efficiency
How To Use Your Credit Card
Although credit cards can be an invaluable financial asset, unless you use them wisely you will find yourself drowning in debt. However, if you use your credit card wisely then you can save yourself money and be able to purchase the items that you could not afford in one lump sum on your current wages. Here are some tips about how to use your credit card wisely.
What You Need To Know About Your Credit Report
Your credit report is a very important document. In fact, the information contained on your credit report will help determine whether or not you qualify for loans and, if you do qualify, it will help the lending institution determine how much interest you will have to pay on your loan.
Shopping For Bad Credit Mortgage Brokers
You like to shop. You know you do. It's nothing to be ashamed of. You like to get out there bedecked in your fashionable hot pants and flip flops, scout the malls and markets, and find the best deals there are. Shopping takes a great deal of time and effort but you're perfectly happy to do it anyway. If only you put half as much heart in searching for the best mortgage deals there are! You would never end up with an unscrupulous bad credit mortgage broker.
Electricity 4 Business Announces Energy Trading Deal with Morgan Stanley and a Structured Finance Arrangement with KBC Bank
Britain's leading independent electricity supplier strikes a unique energy trading agreement with Morgan Stanley and a structured finance agreement with KBC Bank.
Humana and Republic Bank to Offer Innovative Healthcare Card: HumanaAdvance(SM) Visa(R) Card helps with healthcare related
Humana Inc. (NYSE: HUM) announced today that it has entered into a partnership with Republic Bancorp, Inc. (NASDAQ: RBCAA), parent company of Republic Bank & Trust Company, to offer the HumanaAdvance(SM) Visa(R) Card. The new, innovative healthcare card issued by Republic Bank will be offered to a select set of Humana's employer group customers beginning this month.
Antony Mitchell Joins Imperial Finance & Trading, LLC as Chief Executive Officer
Imperial Finance & Trading, LLC is pleased to welcome Antony Mitchell as Chief Executive Officer. Mitchell will oversee the company's growth and development, aggressively pursuing all avenues of business development. He has already formed partnerships with an exclusive group of international financiers and hired an experienced executive team that will work closely with Mitchell to implement his vision for Imperial's future.
