If you are looking for a personal offshore bank account then it is important to cosier some key points. Any bank account that you open outside of your home country can be considered an offshore bank account. An offshore bank account can be opened by an individual (personal account) or by a company (corporate account). Many people decide to form an offshore company for the sole purpose of holding a bank account because it can substantially increase confidentiality. The main appeal for opening an offshore bank account becomes clear when tax time comes around. This is why many large companies and very wealthy individuals choose to open an offshore bank account which allow greater freedom. Offshore bank accounts are now opened for very legitimate reasons and people see them in an extremely positive light.
There usually isn’t too much of a difference between the service offered by the high street banks that you know well and the banks offering offshore services. The banks are well established and offer allof the services you are used to, you can even manage offshore accounts online. If you choose an offshore account you will be able to use a credit or debit card, make contact with your bank online, by fax or by phone.
Companies that have been incorporated in the Great Britain will have to pay tax on their worldwide income no matter which country the income comes from. This is of course with the exception of charitable companies, there are not any tax exempt companies in the United Kingdom. Offshore companies and trusts are not now seen in a negative light when people consider the tax benefits. When you are looking for an offshore place for your foundation one must consider the following points; freedom from taxes which includes inheritance tax, the ease of passing assists to beneficiaries, ease of operation and the cost it costs to bank there. Your priority should be to minimise your tax liabilities whilst maximising your company’s income.
Offshore banking has widely been used by many individuals for years now, there are plenty of options available to you. So make sure you do your research, compare everything that is on offer to you. As with any type of bank account you must find the offshore account that best suits your needs and requirements. It is good to remember that offshore banking is not only about saving on taxes, you will also get access to investment products and services that might not be available at your bank back home – look for an offshore bank that will give you more than your domestic bank.