Offshore Banking

The offshore bank plays a key role in worldwide business activities. Offshore banking facilitates financial dealings for both personal and corporate business. It is referred to as offshore banking since the bank account holders are non-resident individuals or corporations. The money into the account is not generated in the place where the bank account is.

Offshore banking is an activity that is rigorously regulated by both domestic and international institutions. To protect both customers and the banks themselves, regulations are imposed so that certain standards are adhered to by the banks as institutions and their staff, as well as by customers to ensure that transactions are transparent. As a result of this, both offshore banks and customers are expected to meet specific due diligence requirements.

Offshore banks must first be certified by the jurisdictions in which they function. There is an application procedure and due diligence requirements that an offshore bank must go through in any jurisdiction. The procedures and requirements for licensing an offshore bank will differ from one jurisdiction to the other. Offshore banks so have to meet certain solvency margins and are generally licensed according to the type of banking business that they plan to conduct; for this reason general and restricted offshore banking licenses are issued, including different classes of licenses.

Holder of offshore bank accounts operated the account remotely using secure online banking. Opening the offshore bank account, accessing offshore banking features and services, is also done remotely. The account holder never has to step foot into the offshore territory to open an account.

Offshore banking is one of the offshore services which are offered in offshore tax havens. Only the offshore jurisdictions which have passed offshore bank legislation can offer offshore banking and banks in offshore tax havens where there is no offshore banking legislation cannot offer this service. Offshore banking services are of the best quality and offshore banking comes with very little service fees. Offshore registered agents in eh tax havens can help clients (individual and corporation) choose the best offshore tax havens ad the best offshore banks for opening offshore bank accounts. The offshore services providers also help clients with bank introduction and they also help with opening offshore accounts.

Offshore bank accounts can be established by offshore companies, similar to Panama companies, and individual. Offshore banking benefits include tax exemptions and privacy. All incomes in offshore accounts which have been gained outside the offshore jurisdiction where the offshore bank account has been set up will be exempted from all local forms of taxation. Offshore banking also provides privacy for clients who own offshore bank accounts. According to offshore bank legislation all information which is in an offshore bank account will remain private and cannot be disclosed by any bank employee, bank official, and offshore agent and other person who may contact with this information. Offshore bank account information can be given out if the offshore bank account holder has given his or her permission. In extreme cases a judge can issue a court order for the release of offshore bank account information if the owner of the account is being investigated for crimes such as drug trafficking, money laundering and others.

Offshore banking is done by offshore banks which have obtained the necessary license to provide offshore banking services in an offshore tax haven. The offshore banks which have license are well established financial institutions some of which are amongst the world more established and prized banking institutions. In order to protect their standing many offshore jurisdiction only give out a small number of offshore banking license and these are given out to what are regarded as offshore banks with good reputation.

Offshore bank services for offshore corporations and individuals are savings account (corporate and personal), checking accounts, and bank accounts in different currencies, debit card, credit card, loans, internet banking and other services. Some offshore banks also offer investment services and advice and act as brokers offering offshore brokerage services to clients. Offshore banks have a specific minimum balance with which an offshore bank account can be started off. Offshore banks make it easy for offshore bank account holders to access offshore bank accounts. Offshore bank accounts can be accessed via internet banking, telephone banking and other sophisticated offshore banking tools.

Offshore banking is offered as an offshore service in the following offshore jurisdictions: Panama, Dominica, Nevis, British Virgin Islands (BVI), Cayman Islands, Bahamas, St Kitts, Belize, Switzerland, Jersey, Isle of Man and many others.

Offshore Banking Privacy

One of the rewards of offshore banking is the privacy that customers receive. Privacy is important in that it allows account holders to take legally sound discreet measures to invest on a global scale, safeguard their wealth and minimize their tax burden. Due to the amount of privacy that offshore banking clients are endowed with laws are passed to put into action measures for stiffer due diligence policies that enable offshore banks to obtain more private details from their customers.

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