subject: Personal Versus Corporate Offshore Accounts [print this page] Personal versus Corporate Offshore Accounts
There are tax advantages, banking privacy, and convenience to offshore banking in trusted locations such as Belize. In today"s high speed world many live outside of their country of origin and do business in other foreign countries. For many it makes excellent sense to take advantage of offshore banking. The reasons for banking off shore may differ for those wishing to establish a personal account versus those wishing to set up a corporate account.
For both personal and corporate offshore accounts in tax advantaged locations such as Belize offer the convenience of easy access to assets. In addition such accounts benefit from strict banking regulations governing account information, banking privacy. Offshore banking has a long history of use by international corporations. It may be time for you to consider an off shore account.
Personal Offshore Banking
Personal offshore banking is ideal for privacy. Offshore accounts are often the best vehicle for depositing funds into international investment products. Personal offshore accounts can be opened for as little as $250 US. Such accounts virtually always offer an ATM card allowing you to withdraw funds from ATM machines anywhere in the world. Make sure that the account you open takes advantage of support from a personal account manager.
Corporate Offshore Bank Accounts
If you do business overseas or have a trust or corporation formed in an offshore location an offshore bank account will often be an integral part of your business and investment strategy. A corporate account is opened and held in the name of your offshore corporation or trust. Such an account can greatly facilitate international money transfers. Such an account can do so while protecting asset privacy.
The mechanics of setting up a corporate offshore bank account are really the same as setting up a personal account except that all account information is corporate and not personal.
In order to set up such an account the individual needs to set up his or her offshore company first, typically in the same jurisdiction as the offshore bank account. However, this is not necessary and, at times, may not be the best choice. The individual should be guided by sound business principles in setting up each of these entities in order to derive the maximum benefit. This will include dealing with competent authority in setting up both offshore companies and offshore bank accounts.
A typical setup fee for a corporate offshore bank account is $500 US and the account will include an ATM card usable worldwide. There will also be support for international money transfer (SWIFT/BIC).
Large, international corporations and wealthy investors have used offshore companies, trusts, and bank accounts for years. They have done so to facilitate their business activities, legally reduce taxes, and do their business without their competitors knowing their every move. The business tactics available to international corporations are available to you too. You just need to be willing to do a little research into the opportunities available offshore in trusted jurisdictions such as Belize.
