What Types Of Offshore Bank Accounts Exist-footman

Business An offshore bank account .es with a host of advantages to the foreign investor who selects their offshore banking jurisdiction wisely. A person can enjoy large tax reductions on in.e earned in their home country by moving it offshore while also earning interest on their investment while it is deposited in the bank offshore. A properly set up asset protection plan incorporating an offshore bank account can provide privacy and confidentiality while protecting liquid assets and real estate through banking secrecy laws in the country housing the bank account. Setting up an offshore bank account can cost anywhere between $0 and $1,400 USD depending on the vendor which an astute investor will recoup quickly through the savings accrued while holding the account. An additional optional cost to consider is consulting fees with an offshore banking expert or asset protection lawyer. Paying a little extra money before making an offshore banking .mitment can actually be a way to save money in the long run. Offshore Bank Accounts: What is Available? In general, there are three main types of offshore bank account available depending on the jurisdiction being considered; personal bank accounts, corporate bank accounts and merchant accounts. Personal Bank Accounts A personal offshore bank account can be held by an individual person only. It .es with most of the .mon financial benefits like tax alleviation, asset protection, banking secrecy and increased flexibility. The cost of opening personal account is much less than a corporate account. With a personal offshore bank account, you can get a debit / credit card that can be used anywhere in the world depending on the bank selected. Most banks only require notarized proof of identity, passport photocopies and full address information to open such an account. Corporate Bank Accounts To hold a corporate account offshore an applicant must first register a corporation in that jurisdiction which .es at an additional cost over and above the cost of setting up the bank account itself. Depending on the asset protection structure being used it is possible to set up both the corporation and bank account itself without a person’s name appearing on the the corporate or bank account documents. If an asset protection structure, such as a non profit foundation owning the corporation which owns the corporate bank account is used (which is available in Panama) greater secrecy and privacy can be achieved. Merchant Accounts A merchant account is typically utilized by businesses or websites that need to do credit card processing. While it is fairly easy to set up a merchant account with a local bank in your country moving your processing offshore can actually make your transaction processing less expensive; a savings you can pass on to your customer. About the Author: 相关的主题文章: