Offshore banking

Questions and Answers

What are the advantages and disadvantages of offshore banking?

A) The answer depends on which country you live in. In the UK it can be advantageous to have an offshore bank account denominated in foreign currency. You would do this becase if you transacted often in, for example, US$ and didn't want to be affected by day to day currency fluctuations. Alternatively, you may want to hold a bank account in a country that has a much higher rate of interest - New Zealand is a popular example. There is no tax advantage though as you are obliged to declare the interest in the UK and pay tax on it (there are issues about double taxation agreements so it is not that straightforward!) For most average people there is no great advantage to an offshore account.

Who here works in hedge funds, private equity, private banking, offshore finance structures or hedge funds?

Q) Please share one good and one bad experience in business, and please tell something good about a deal close etc.

A) one good and one bad experience in hedge funds, private equity, private banking business: Good, making crazy money Bad, after being in the same room with most investment banking types, I feel like bathing with brillo. http://wallstreetradionetwork.com/

Where can offshore companies have bank accounts?

Q) Hi I'm contemplating forming an offshore company to save tax. Can the offshore comapny have a bank account in UK? or do I need a offshore bank account as well? If I can have it in UK then is the money become taxable? Even thought comapny is in offshore? Thanks Vishy

A) You can open a bank account almost anywhere including in the UK. If you use a bearer share corporation you will have the highest degree of privacy. Many banks/countries don't recognize bearer share corporations so getting a bank account is difficult onshore. The money would not be taxable if it was the property of the offshore corporation. The problem is becomes this. Who will benefit from this money? How will it be spent? If effectively this money is used for your own benefit then this will likely not hold up. There are ways to get what you want done. I recommend you visit http://www.searchallinone.com/offshore-banking or better call us at 44 20 300-27962 for details beyond what you will find by browsing the web.

Loan From offshore babk?

Q) I’m based in Oman and had a loan for $ 20.000 from offshore bank in Isle of man UK , due to some finical difficulty im not able to pay for this loan , the bank called me many times and I didn’t reply to the calls and to the letters also as I have nothing to say , T& C says the contract between me and the bank are governed by the laws of the Isle of Man, i. You and the bank submit to the non-exclusive jurisdiction of the court. What the action the bank will take agonist me and can the bank recover the debit by the court in Oman

A) Doubt very much they will bother persuing this small amount. Stay in Oman!

I had unsecured personal loan from Nat west offshore bank, after ew months I stopped paying the loan?

Q) and guaranted cheques amount a bout 5000 pound due to some finical difficulty, the Bank called me and told that they will send this case to the court, I offered the bank to pay the loan but on my ability with no extra interest but the bank refused as its will take long time to cover my loan, now if the case went to the court , the court can send the Judge to the Interpol , Internatinal police and charge me in Malaysia as natwest has branch there , I dont have a UK citizenship and working in Malaysia, the loan contract with me and Nat west Isle of Man and no things happened with Natwest malyasia , all my documents with the bank is original no fraud.

A) ?????

I work overseas. I would like to open an offshore bank acct. Can I do this online?

Q) I am currently living and working overseas. I have outstanding credit and bank debts in the UK. Will this affect my application? I currently hold a bank acct in the country where I am living? Any advice would be much appreciated and recommendations Thank you.

A) I am a Brit living overseas too - I have an offshore account with the HSBC mainly because I am in Asia, and obviously they have a large presence here. I know the Bank Of Scotland offer offshore banking to British nationals too, but I'm pretty sure with all offshore banking, you need a minimum deposit which, as I recall, is fairly high. Your debts in the UK may preclude you, but it's worth asking. I do all my offshore banking online - you could find out more at: http://www.offshore.hsbc.com/1/2/hsbc

How can I verify the existence of an Offshore Bank in the UK?

Q) They have a webpage, and I have been in e-mail contact with them.

A) if they are off shore, they are precisely that, registered outside of the UK. What have you found about them on search engines? Are they named as one of the main Uk banks, they have off shore facilities, email me the details as my husband will know more about Off shore banks than I do

Offshore accounts but bad credit history?

Q) Can you open an offshore account if you have unpaid credit card/bank loans/overdrafts in your country of origin?

A) Yes you may but for most offshore accounts, you are required to place a minimum sum in them otherwise there will be service fee imposed.

can I use my personal account in the UK for my offshore company?

Q) my company is registered offshore and not in the UK yet. im the sole representative of the company in the UK. recently we had the first business with a UK client and I was mainly involved with it. as my company is not registered in the UK yet it doesn't have a bank account here in the UK. the client complained about the fee incurred to them for international money transfer and i was wondering if I could get the transfer to my personal account in the UK on behalf of my company. It's completely fine with the taxation law of the country where the company is registered. but I wonder how it works in the UK and if there is any possibility of tax charge to myself or the company.. and we provided research/analysis/translation service and my company is exempt from VAT where it's registered..but i don't know if we have to follow UK taxation rule regarding that as well.. any advice will be greatly appreciated.. thank you!

A) NO,. WHEN THE OWNER WITHDRAWS MONEY OR OTHER ASSETS FROM THE BUSINESS AND TRANSFERS THE ASSET TO PERSONAL ACCOUNTS IT BECOMES RECLASSIFIED FROM A BUSINESS ASSET TO A NONBUSINESS ASSET.

Another Load Of Bull?Dont Fall For This?

Q) MRS JOANA WELSH LONDON, UNITED KINGDOM. PLEASE UTILIZE THE FUNDS JUDICIOUSLY FOR HUMAN BENEFIT. I am the above named person from LONDON. I am married to MR PATRICK GERALD WELSH who worked with BRITISH HIGH COMMISSION in CANADA for nine years before he died in the year 1999. We were married for eleven years without a child. He died after a brief illness that lasted for only four days. Before his death we were both born again Christians.Since his death I decided not to re-marry or get a child outside my matrimonial home which the Bible is against.When my late husband was alive he deposited the sum of£7.5 Million(Seven Million five hundred thousand pound sterling)with an OFFSHORE BANK here in UK.Presently, this money is still under the safe keeping of the BANK. Recently, my Doctor told me that I would not last for the next SEVEN months due to my cancer problems.Though what disturbs me most is my stroke .Having known my condition,I decided to donate this fund to church or better still a christian individual that will utilize this money the way I am going to instruct here in. I want a church that will use this fund on orphanages and widows propagating the word of God and to ensure that the house of God is maintained. The Bible made us to understand that Blessed is the hand that giveth. I took this decision because I don't have any child that will inherit this money and my husband relatives are not Christians and I don't want my husband's hard earned money to be misused by unbelievers and in an ungodly manner. Hence the reason for taking this bold decision.I am not afraid of death hence I know where I am going. I know that I am going to be in the bossom of the Lord. I know that the lord will fight my case and I shall hold my peace.I don't need any telephone communication in this regard because of my health. As soon as I receive your reply I forward your personal information to my husband's Attorney in London who will contact the BANK and introduce you as the legal owner of this fund before transfering the fund into your nominated Bank Account in your country. You will be issued a letter of authority by him that will empower you as the original- beneficiary of the funds. I want you and the church to always pray for me because the lord is my shepherd. My happiness is that I lived a life of a worthy Christian. Whoever that wants to serve the Lord must serve him in spirit and truth. Please always be prayerful all through your any delay in your reply will give me room in sourcing for a church or christian individual for this same purpose. Please assure me that you will act accordingly as I stated herein. Your response should be send to me via my private email address:joanawelsh100@yahoo.co.uk. Hoping to hear from you as soon as possible. Remain blessed in the name of the Lord. Yours in Christ, Mrs Joana Welsh.

A) A load of crap. I received it six times in the past few weeks

Offshore banking?

Q) I am a EU citizen and resident. I income is derived from my technician job aboard ships doing oilfield work in the Middle East and Mediterranean. I have heard that many of my colleagues have their salaries sent to offshore banks. Do government tax agencies have access to your account information? Would it be worth sending my paychecks to an offshore account ? If so, can you reccomend any reputable banking institutions which keep your information private? Thanks in advance.

A) Goverment Tax Agencies do have access to your acount information but they need a Court Order and to get a Judge to sign a Court Order they need a good reason (For example you are a terrorist, drug dealer or arms dealer under investigation) if you are an ordinary citizen with no criminal records and you pay your taxes on time every year nobody is going to investigate your bank accounts. Some countries have treaties to exchange data. For example the UK gives the US the names of every United States of America citizen with a bank account in the UK and the US gives the UK the names of every British citizen with a bank account in the US and they will investigate your finances. Obviously if you open your account in a country with little or no cooperation with your country you will be fine. you can drop me a line with your country for more detailed information. Yes, it would be wise to send your checks to an offshore account. There are many ways to hide your identity from banks. Top 4 Answerer in Business & Finance. (Vote for me)

Offshore banking?

Q) I am a EU citizen and resident. I income is derived from my technician job aboard ships doing oilfield work in the Middle East and Mediterranean. I have heard that many of my colleagues have their salaries sent to offshore banks. Do government tax agencies have access to your account information? Would it be worth sending my paychecks to an offshore account ? If so, can you reccomend any reputable banking institutions which keep your information private? Thanks in advance.

A) Most reputable banks operate offshore operations legally. It is VERY important to choose the right bank in the right location. I suggest you make contact with your own bank or one which has a very good reputation in your country of origin. For example the main UK banks all have operations in the Channel Islands and these are very safe places to keep your money. In certain situations government agencies can force offshore banks to share information about clients particularly if they are big tax dodgers. From what you say the use of an offshore bank is perfectly reasonable given your length of time outside the EU. Once you have decided on a bank then they should be able to advise you of the best course of action. I think your existing bank if it has an offshore operation, should be your starting point as this may prove easier than going somewhere new. You can get more info on offshore centres and links from http://www.islandsguide.co.uk/offshorebanking.htm

OffShore Banking?

Q) What's a good Offshore bank that does little backround checking and no taxation with the ability to use a debit card? This is for a US Citizen.

A) Have you been reading about all the people they are putting in jail for avoiding taxes in offshore accounts. Places that used to be safe are not now. True, the jail they put you in is real nice, but who needs that? Grand Cayman used to be safe. Surprise. Even Switzerland is not like it used to be. But it is your best bet.

Offshore banking?

Q) Any recommendations for an offshore bank with low international wire transfer rates and low collateral for credit cards? And possibly no need to send notarized id's of everyone in the company, just the signers? I am aware of the IRS, yes

A) Today the best offshore jurisdiction is Panama. The banks there can get over 100 billion dollars in assets. They are modern and well regulated. they have anonymous corporations and foundation with extreme bank secrecy. They offer online banking and secured Visa cards with deposits of 110% of credit limit. Wires fee rates run about $40. For more information on offshore banks go here: http://www.panamalaw.org/offshore_bank_account.html http://www.panamalaw.org/attributes.html http://www.panamalaw.org/tutorial_offshore_bank_account.html http://www.panamalaw.org/panama_economy_and_banking.html

Offshore Banking any good ideas?

Q) I am curious to find out if anyone is familiar with any proven and secure offshore banking methods to minimize U.S taxation for my business. I know that many large corporations and wealthy individuals do it (which is why they remain wealthy). Does anyone have any advice on this topic they can share with me.

A) Going offshore could be tax advantageous but you need a tax lawyer of accountant in your own country to specifically advise you. The subject can get complex. Most offshore jurisdictions like Panama will not tax you if your income is offshore derived (not coming from inside of Panama). Capital gains are not taxed in Panama. A lot depends on what you do, where you do it etc. Often people bank offshore for reasons pertaining to asset protection - avoiding loss of assets through ordinary civil litigation. Try these web pages for some information: http://www.panamalaw.org/offshore_bank_account.html http://www.panamalaw.org/tutorial_offshore_bank_account.html http://www.panamalaw.org/panama_bank_secrecy.html

Best banks for online offshore banking with best facilities & opening account instantly easily uncondionally?

Q) What are world s top banks offering offshore online banking with maximam facilities without use less inquires and condition opening with 0 deposits and activating with funding (deposit from any where for transaction with out the copulsory condition of activating first with some deposit) automatically

A) Looks like you are asking for too much. With Anti Money Laundering laws in place, hardly any world top class will open an account without much inquiries.

is this a legal offshore banking??

Q) Im in US, is it legal to offshore bank like withdrawing most of your cash through check "payable to cash" and deposit it to another bank outside the US (like Canada, UK, Switzerland) without knowing by the government and the bank (that's why I write it in check as "payable to cash!) what will I do to the cash I withdrew so it would decrease tax? is this ok or not?(analogously, this is like withdrawing most of your cash in "cash" and keeping it inside your house only regardless of its increase in value - as a result - decrease tax)

A) NEVER< EVER write a cheque out to cash. You have no way of tracking it. anyone can cash it and anyone who tells you to do it is trying to scam you. Anytime you deal with a real bank, you write a cheque to yourself, and it is deposited into your account. Anything else, you will probably lose your money. Don't deal with " Offshore" banks. Do you know they really are banks?

How is offshore banking different from private banking different from asset management?

A) Offshore banking is restricted to doing offshore transactions; Private banking is dealing with hi-end customers and asset management is managing assets for corporations or individuals.

any idea on offshore banking?

Q) i live in the USA and i need a bank out side the country, to deposit large amount of funds.

A) Go to Canada or Mexico.

what does offshore banking mean? thanks?

A) Offshore banking is just depositing funds in a bank outside of the United States. Investors do this to get out of paying tax on their investments. US banks are required to inform the IRS of your annual interest earned so your taxed on it. By depositing and establishing an off shore account, funds can be moved and invested to get out of paying taxes. Its a wealth persons tax dodge put most simply... A favored location is the Grand Caymens since it is fairly close to the United States...