Offshore Banking

Offshore banks and accounts are often associated with exotic tropical islands and the overplayed image of the wealthy European male clad in a loose Hawaiian shirt, khaki shorts and large straw hat, as he sips on a cool tropical cocktail and stares out at the sea as it glides gently onto a desolate white sand beach.

Offshore accounts, though branded as “tropical” and “secretive” mediums for putting away huge sums of money, have existed for several years in Europe and were eventually established in small islands that were able to develop advanced telecommunications systems, stable growing economies, provide economical administrative costs and implement preferential tax regimes. The “mystic” that grew around offshore banking and offshore accounts is more of an illusion in itself since any account can be an “offshore account” so long as it is held in a country in which the holder is nonresident and easily accessible via internet banking services and bank cards which are so commonly used these days. Offshore banking in this way, though not done through an offshore bank, still provides privacy and possibly might offer tax benefits.

In essence, however, what distinguishes an account held in an offshore bank from any other is the protection that it receives from stringent offshore banking privacy laws which protect the personal details of offshore account holders and their transactions from being divulged. Offshore banking institutions exist all over the world and are available to practically anyone so long as the necessary requirements and standards for offshore bank account opening are met. While offshore Swiss bank accounts have earned the trust of millions of people throughout the world, newer offshore banking institutions are increasingly strengthened by the enactment of strict offshore banking laws, anti-financial terrorism measures, the establishment of local regulatory authorities and formation of partnerships with international institutions which set standards that would continually improve the caliber and nature of offshore banks and their services.

Offshore banking has surely brightened the face of business as new offshore banking services emerge along with technological advancement, which greatly contributes to more secure, convenient, flexible and versatile banking facilities. These features, along with stable legislative frameworks, allow for the continued growth, development and trustworthiness of offshore baking as a vehicle for protecting assets, accumulating wealth and exploring investment opportunities worldwide.

Offshore banking has benefited offshore companies, like Seychelles company, such as International trusts and International Business Companies as tax savings are increased, asset protection is further enhanced and being able to do business internationally is broadened by the multiple facilities that are today available to businesses and individuals by offshore banks. Multicurrency accounts, being able to bank via the phone and internet and have access to professional legal and financial advice from trained offshore bank consultants are only a few of the goodies that offshore banking has to offer.

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