Results 1 to 21 of 21
  1. #1
    Join Date
    Jul 2004
    Posts
    345

    Question Offshore Bank Account

    Hi Guys!

    Can anyone recommend a good offshore bank? Have searched thru the web and am bombarded with an overload.

    Was very interested in HSBC in the Isle of Man however they only open personal accounts, yet I need a business account. Something that has low fees yet a solid bank in it's country.

    Thank....

  2. #2
    what kind of company do you run ?
    / SM

  3. #3
    Join Date
    Aug 2002
    Location
    US
    Posts
    416
    where are you from?
    Offshore incorporation and bank accounts
    @offshoreoffer - offshore services, tax optimization info

  4. #4
    Join Date
    Jul 2004
    Posts
    345
    Am outside the USA. Business is online and incorporated in a tax haven.

  5. #5
    Join Date
    Aug 2002
    Location
    US
    Posts
    416
    If you are not from EU go for some bank from EU.
    Offshore incorporation and bank accounts
    @offshoreoffer - offshore services, tax optimization info

  6. #6
    Join Date
    Jul 2004
    Posts
    345
    Yeh, that's the consensus I had too, rather than going to the Cayman Islands etc... Just gotta find a nice bank in Europe.

  7. #7
    Join Date
    May 2005
    Posts
    98
    This might be a stupid question but why offshore, are you trying to hide money from someone? Is this illegal?

  8. #8
    Join Date
    Jul 2004
    Posts
    345
    Good question. Offshore because if someone sues me or wants to get my money, they don't know how much I have and where it is. So they can only touch my money that is local. Of course, it will all be legal. If I bring funds back to my country, they will be declared on my tax filing.

  9. #9
    Join Date
    May 2005
    Posts
    98
    OK so if they are offshore you don't pay tax until you actually "accept" the money in the country you're living in? I'm in the US so If I open an account in the UK and leave all the money there I don't have to pay tax until I take it out?

  10. #10
    Join Date
    Apr 2005
    Posts
    31

  11. #11
    Originally posted by detz
    OK so if they are offshore you don't pay tax until you actually "accept" the money in the country you're living in? I'm in the US so If I open an account in the UK and leave all the money there I don't have to pay tax until I take it out?
    No, that's not how taxes work. If you're in the US, then you must pay taxes regardless of when you receive the money. If you provide service to someone, and they PROMISE to you pay you... (that's called an account receivable)... then you must still pay tax on that promise.. even if you don't receive the money. Of course, if you don't receive the money, then eventually you can "write down" that loss of income against your current year...

    In Canada, citizens MUST declare their worldwide income, regardless of where it is stored or earned. This is the law... so having your money in an offshore account doesn't help, unless you plan to be dishonest and cook your books by not declaring the income.
    Want to sell domain names? Sign up today for an eNom.com reseller account from a trusted eNom ETP provider.
    * We provide support and service to over 3245 happy eNom domain name and SSL certificate resellers!

  12. #12
    Join Date
    May 2005
    Posts
    98
    So what is the purpose of getting an offshore account then, doesn't seem to do anything.

  13. #13
    Originally posted by detz
    So what is the purpose of getting an offshore account then, doesn't seem to do anything.
    Well, if you wanted to launder money or be dishonest then an offshore account would be helpful.

    Also, some people don't feel "safe" having all their money in their own country.. not every country has deposit insurance and things like that.
    Want to sell domain names? Sign up today for an eNom.com reseller account from a trusted eNom ETP provider.
    * We provide support and service to over 3245 happy eNom domain name and SSL certificate resellers!

  14. #14
    Join Date
    Sep 2003
    Location
    United Kingdom
    Posts
    245
    I can vouch for the Isle of Man banking and 0% companys tax. Try speaking to Isle of Man Bank www.iombank.com (Natwest Offshore) or RBS.

    Stuart
    | BlueWave Communications Ltd - The Island's Communications Provider
    | URL: http://www.bwc.im/ AS: 201898
    | Jersey | Guernsey | Isle of Man

  15. #15
    Join Date
    Jul 2004
    Posts
    345
    Why an offshore account? Because, the company tax rate for most IBC's is 0%. Hence, it's totally legal to leave open an offshore company bank account without the need to declare it. If the account was open under my name as a personal account, now that would be a different story then.

  16. #16
    Join Date
    May 2005
    Posts
    35

    Offshore Bank

    Hello,

    I have read your post in search for a good offshore bank. I have been in this field for many years and I honestly feel that your focus is in the wrong area. You said you have an offshore infrastructure my guess is a trust or IBC in an offshore jurisdiction and you want to conduct business in surpreme privacy without the authorities having access to your sensitive data. Each offshore jurisdiction have it's strength and weakness it is important to know them all. Please listen "IF" your so focus on bank please note banks are regulated by the Central bank and if the authorities request the accounts to be OPENED then open it is. The Bank itself plays a small part. For example: A guy who started a company had $20 million dollars in a bank in Antigua and the US was able to freeze the account due to his offshore infrastructure had too many loopholes. The banks you mentioned are all good banks off course there are also "BEARER ACCOUNTS" in which your issued a password and no one knows who owns the bank account, even if the authorities come there is no evidence, these banks exist in Eastern Europe, you can do internet banking and also other banking however their Cirtificate of Deposits interest rates are very low. To summarize what i said in plain English: The BIG boys can have their bank account in the US itself once their offshore infrastructure is strong enough, the authorities wont break the bank, based on evidence on tax evasion the surpreme court can order the bank to open the books as they did in Switzerland in the case of Hitler and the Jews. Needless to say Antigua and Switzerland are POOR choices for offshore protection.
    I have been in the offshore industry for many years, now i am trying to network myself with many web masters for my new e-commerce project. Perhaps we can help each other ?

    <<Signature to be setup in your profile>>
    Last edited by anon-e-mouse; 07-16-2005 at 06:51 PM.

  17. #17
    Nice bank in europe would be my suggestion

  18. #18
    Join Date
    Jul 2004
    Posts
    345
    Accounts in many offshore jurisdictions can only be open for inspection by another country's governement if illegal actifivities have taken place that are illegal in the place the bank account is situated.

    Tax evasion is not a valid reason to have an account's identity revealed etc.

  19. #19
    Join Date
    May 2005
    Posts
    35

    Offshore Bank

    Hello Columbus,

    Tax Evasion can be considered highly illegal and can generate a serious response from the authorities depending on the situation and also how much money in involved. Which municipal entity is requesting the information is an important factor also. Yes illegal activities is the prime reason why an investigation is launched into offshore accounts but then again due diligence is performed before the offshore account is issued unless you have acquired an exisitng IBC structure etc. To give an example the Central Bank would react diffrent from a request for John Doe who is doing tax evasion from the IRS VS Mr. Terror Bull who is doing something and the CIA is requesting the information. You made a statement about illegal activities this is a very broad claim the fact of the matter is most offshore clients do have something to hide as an offshore specialist i do not get into the technicalities of what legal in this country VS whats legal in that country, but to simply provide the offshore infrastructure to keep all municipal entities away. In regards to asset protection is depends on the asset and what kind of protection you need and lets not forget who you need protection from. And Columbus please do not forget about the patriot act thats sitting on the desk of every central bank in the world. For the record i do agree with you, i am not saying that your wrong i am simply saying that it is not just that black and white thats all.

    <<Signature to be setup in your profile>>
    Last edited by anon-e-mouse; 07-16-2005 at 06:50 PM.

  20. #20
    Join Date
    Jul 2004
    Posts
    345

    IBC and Nominee Directors

    Hello Supermonster,

    Owning an IBC with Nominee Directors appointed stops anyone from touching the funds held by the IBC (as long as there is no illegal activity). When I bring these funds back home, that's when I need to declare it as dividends. Simple as that in a nutshell.

    Also, tax evasion is not considered a reason by tax havens to give details of the account holder.

  21. #21
    Join Date
    May 2005
    Posts
    35
    Hello,

    Well your focused on an Offshore Infrastructure thats working in a "legal" capacity i am focused on an offshore infrastructure thats working in an "illegal" capacity. To say the US can ONLY attack if they suspect illegal activities is a broad concept. Listen I am sure you dont want a bullet proof vest that will work ONLY if the bad guys DONT shoot, I want a bullet proof vest that will work when the bad guys shoot. To be blunt i dont want an offshore structure thats based on legalities of a country i am not even a citizen of, I want protection from whomever regardless of their opinions of legalities or not. This is just me however. Columbus it has been very interesting talking with you. I do have one request however if you wish to continue this thread with me please PM me. this is a very sensitive topic.

    <<Signature to be setup in your profile>>
    Last edited by anon-e-mouse; 07-16-2005 at 06:49 PM.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •