Basics on Offshore Bank Accounts
Posted on By Ricky at 27 June, 2008, 6:02 amQROPS
Offshore banking usually refers to using the services of banks and financial services located outside the account holder's country of residence. Such banking institutions are usually located in jurisdictions considered as tax havens. Oftentimes investors and those who chose to expatriate are able to grow investments to maturity tax free. Other benefits of offshore banking include added confidentiality and privacy. Some offer anonymously numbered accounts and reside in countries that impose strong secrecy enforcement laws
Offshore bank accounts
Offshore accounts are frequently opened under the name of an offshore company. The reason for this is the increased privacy as all banking transactions, if traced, would be under the name of the offshore company, not the client. Establishing an offshore bank account in this way could cost between $350 to $550, plus the cost of setting up the offshore company. An offshore company typically costs between $1495 and $2,495. So, one could expect the total offshore account costs to be about the $1845 for both.
Offshore accounts
Offshore accounts have to be opened with an initial deposit to activate the account. Although, some offshore provider's bank account types, fees, interest rates, etc. Additionally, the interest rates tend to be higher than in the UK and EU, providing an extra benefit for those saving abroad. Process fees, courier charges and various small costs (for notary, etc.) will be incurred during the process of establishing an offshore bank account. The Offshore Company UK has helped thousands of individuals and companies open private banking accounts, offshore companies and corporations and can assist you in establishing the right offshore vehicles for you.
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