Offshore Banking

Offshore Company Banking Fact:

It has been estimated that 65% of the world's hard currency is held in offshore banks and that around 40% of world trade in goods are transacted through offshore finance centres. Offshore companies and/or offshore trusts are not the illicit hideaways that many would have you believe. They can in fact provide you with enormous tax savings and asset protection in a legal manner if set up correctly. They can also afford the ultimate beneficial owner a certain amount of anonymity.

Corporate offshore banking:

Everything you do in business revolves around money. This money needs to be identifiable at every stage of the transaction and of course the money also needs to be identifiable from your own personal finances. Opening a business bank account is the simplest way to achieve accountability and provide a good degree of transparency in your business dealings to enable government departments, creditors and auditors to accurately assess your business.

A business account will also give you credibility as your bank has, to a degree, assessed and accepted your business proposal.

When you decide to set up a new company structure with us, included in your set up will be an offshore or on-shore bank account.

You see, the fact is that where your bank account for your company is situated is irrelevant. What is important is how the company itself is structured to receive its income legally from any country
in the world.

Initially we will set up your company bank account with one of the major banks in Cyprus. Or if needed, we will open an account with one of the large international banks like HSBC or Barclays Bank. Included with the bank account you will be issued a Visa Debit or credit card and internet banking.

The opening of your bank account is executed after the company is duly registered.

Do you have to travel to open your account?

You are of course always welcome to travel to Cyprus to open your bank account and visit us, but it is not necessary.
We simply will send you the forms to fill and sign and you will be registered as the sole signatory if not otherwise
agreed.


General information about offshore banking:

What is offshore banking?

An offshore bank is simply a bank located outside your country of residence, usually in a low tax jurisdiction.
The appeal of offshore banking is that it offers:

  • Potential tax efficiency
  • Convenience: easy, international access
  • A safe haven for your money

Am I eligible for offshore banking?

Most people are eligible to hold an offshore bank account or offshore funds.
You could probably benefit from offshore banking if one of these statements applies to you:

  • You need to make international payments or have accounts in different currencies
  • You live outside your home country
  • You move regularly between different countries
  • You are looking for a safe haven for your money
  • You are thinking of retiring abroad

The benefits of offshore banking:

Banking offshore could offer you tax efficient accounts and investments, depending on your situation.

One of the advantages of banking and investing offshore is the potential tax benefit. When you move abroad, your tax situation may change. You may be able to benefit from this by paying less tax on your income from savings and investments.

  • Offshore income may not be subject to tax.
    Depending on where you live, income on an offshore bank account or investments may not be subject to tax in your country of residence, if that money is not remitted into your country of residence
  • No inheritance tax, capital gains tax or death duties.
    Jurisdictions such as Cyprus, BVI and Seychelles have no inheritance, capital gains taxes or death duties (probate may be required in certain circumstances)

Your tax situation and potential benefits of placing your money offshore will depend on your personal circumstances.
If you are planning on leaving your home country, in order to take full advantage of your situation,
it may be advisable to start putting your money into offshore savings and investments well before you leave.