| Make sure you are happy with the jurisdiction | | | | - Introductions to banks in all major |
| where the bank is located. Find out which | | | | jurisdictions; |
| well-known international banks are sited | | | | |
| there. Research the bank's history and find | | | | - Open personal, corporate or offshore |
| out who its real owner is. Ask about staff | | | | accounts; |
| turnover, especially if you are looking for | | | | |
| investment help. | | | | - Manage these accounts; |
| | | | |
| Consider what you want from an offshore bank. | | | | - Arrange or transfer letters of credit; |
| Deposits, current account, savings, money | | | | |
| transfer, or investing? Take your time to | | | | - Creating trusted structures; |
| discover as much as you can about whether the | | | | |
| bank offers the services you need. | | | | - Sort out debit and credit cards and |
| | | | |
| People mainly use offshore private banks to | | | | - Online banking. |
| protect assets from third parties. They can | | | | |
| deal in cash, securities, investing etc. The | | | | Offshore corporations associated with these |
| identity of the owner can be protected by | | | | accounts can't conduct business inside their |
| offshore legislation or can even be | | | | country of incorporation. |
| anonymous. | | | | |
| | | | They are often completely tax-free: they are |
| One can keep control over one's assets yet | | | | exempt from tax on their profits or assets. |
| third parties can't link the assets to the | | | | They do have to pay a small annual licence |
| beneficial owner. They are far more | | | | fee, usually a couple of hundred dollars. |
| lawsuit-resistant than assets held by in | | | | Ideal offshore bank accounts should not need |
| one's home country. | | | | to file annual accounts or returns. They are |
| | | | usually as easy to incorporate as a limited |
| However, one of the most common, false | | | | company in the U.K. or the U.S.A. |
| beliefs is that offshore private banks can | | | | |
| legally prevent assets from being subject to | | | | Offshore shelf companies are companies that |
| personal income tax on interest. | | | | have already been formed, with the intention |
| | | | that someone will buy them later. Such a |
| Certainly some have low or no taxation, this | | | | company will not have traded, and can be |
| exception is generally associated with one's | | | | transferred to the customer immediately. The |
| accounts meeting complex requirements. The | | | | only drawback of such a company is that you |
| 'no-taxes' idea is wrong as the personal | | | | can't select a name in advance. |
| income tax of most nations makes no | | | | |
| distinction between interest earned in local | | | | Consider asset protection. When you look for |
| banks and that earned offshore, adding | | | | an offshore bank account, have in mind that |
| clauses to enforce tax revenue. | | | | there are some ways to get your assets |
| | | | protected from any form of liability. You |
| Some things to look for before opening an | | | | should get an expert to help you manage your |
| offshore account are the benefits you will | | | | corporation, at least for some initial |
| receive regarding privacy, taxes, and | | | | advice, so that they are protected from any |
| security. You will also want to see how long | | | | kind of liability. |
| the bank has been operating, the rules and | | | | |
| regulations it follows, policies and so on. | | | | Also, there are some general requirements |
| | | | almost all offshore banking institutions |
| Once your account is established, you are | | | | require before an account may be opened. |
| issued a bank card, then after that you can | | | | These include: |
| use the bankcard to withdraw cash and to pay | | | | |
| for everyday expenses. Some facilitators | | | | - Copies of identification or passports of |
| provide them for 'free' as part of an | | | | the company owners; |
| incorporation package. The account is only | | | | |
| set up once you've established an IBC or an | | | | - Copy of bylaws and articles of |
| offshore Trust. | | | | incorporation for the company; |
| | | | |
| An offshore broker site can: | | | | - Bankers reference (sometimes two required); |
| | | | |
| - Facilitate your access to offshore private | | | | - Completed application forms, and |
| banks; | | | | |
| | | | - Banking information. |