Offshore banking has been seen as a taboo among many new to business. Contrary to what the common misconception is, offshore banking is not illegal and instead provides many companies a Safe Haven from heavy taxing and risk of asset loss through law suits or debt.
Offshore banking offers several benefits including,
- Greater privacy and anonymity
- Nonrestrictive regulations and easy access to deposits
- Protection against financial, political, and local instability
- Low or no tax on business revenue and deposit interest
- Low or no tax on personal assets; secure account exempted from tax assessments
The most important benefit that offshore banking provides is that the account is strictly private and protected from creditors, and other interested parties. Offshore jurisdictions typically exempt offshore companies from paying taxes.
Choosing offshore banking is a legal right for both private citizens and businesses. Offshore banking is a proven option for securing your assets no matter where you might be.
Tips to Remember
When choosing a destination for offshore banking, look for stable countries and strong economies, and a developed financial and economic sector. A jurisdiction with a good reputation is as important for security as it is for offshore banking.
Several great offshore banking locations include Bermuda, Swiss, British Virgin Islands, Panama, Austria, and the Isle of Man.
You can find more details on Offshore baking and preferred locations by clicking here.
Harbor Financial Services (HFS)
Harbor Financial Services is a professional company that provides offshore financial advice and investment services to its clients. HFS recommends offshore products and services to suit any personal and/or business need. The company has helped clients find solutions to meet their long-term financial needs. HFS has the experience and the expertise to create the best offshore package for you. Visit http://www.hfsoffshore.com for more information about the company’s products and services.
Disclaimer: Many countries have laws regarding offshore entities and accounts. For example, citizens that form offshore entities, (for example an offshore corporation, offshore trust, offshore partnership, offshore limited liability company, etc.) own stock in offshore entities or hold positions within offshore entities may need to file a tax return. Citizens that form an offshore trust, move assets into an offshore trust or are the beneficiary of an offshore trust may need to file a tax return. Citizens that sign on offshore bank accounts or offshore investment accounts may need to disclose this fact to their government and pay taxes on any interest or capital gains. We strongly recommend consulting with a local, licensed professional to obtain tax and legal advice in order to understand the law and to fully comply with all applicable laws and reporting requirements regarding offshore companies, offshore trusts, offshore bank accounts and offshore investments.