An offshore bank account – definition
An offshore bank account is a bank account opened outside the country of incorporation or residence of an individual. An offshore bank can provide services only to non-residents of the jurisdiction. In other words, offshore banks registered in Cyprus are entitled to provide banking services to residents of any country except Cyprus. Furthermore, when making the decision to open a foreign bank account, be aware that you do not necessarily need to open an offshore bank account in the country where your company is registered.
In order to have an account in a foreign bank it is not necessary to be a large company with a high turnover. Companies opening accounts can be as product corporations, trade agencies, consulting firms and holding companies consisting of one person whose sole job is to keep the stake of another enterprise, or to perform other functions required by the owners.
Banks that offer offshore accounts usually are based in jurisdictions with lower tax rates and provide a range of financial and legal advantages. Opening an account outside the jurisdiction of the country of the depositor provides protection of his funds from various contingencies. The reason for opening an offshore bank account can be modified taxation in the host country, protection from enemies or legal actions. Besides the presence of an offshore bank account allows you to get quick access to cash anywhere in the world.
When choosing a bank to open up an offshore bank account the important criteria to follow include: bank rates, list of services of the bank, the bank’s claims to the client, as well as the purpose for which the account is required. In some banks it is profitable to keep money in offshore accounts a long period of time to obtain the maximum percentage from the storage facilities, and in others – it is better to have an offshore account settlement for the rapid and efficient management of funds.
Advantages of an offshore bank account:
- Low administrative costs
- Offshore Bank has extensive tax exemptions
- No exchange controls
- Increased confidentiality
- Offshore banks are free from local banking regulation
- Multi-currency deposits manoeuvrability
- Professional management account
- Access to an international network of correspondent banking accounts
- Access to international credit markets
If you are looking for such service we would be happy to assist you and will do our best to satisfy your needs.BRIS GROUP will be happy to provide you with information, quotation and services.
