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One of the biggest advantages to having an offshore bank account is that your money is not subjected to taxation laws within your own country.
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Offshore account is an account held in a jurisdiction known for its legislation which generally favors a low tax or tax free environment. • There is a ton of people who use offshore bank accounts for a variety of reasons for example investment purposes or asset protection. • These types of accounts are provided by both local banks with branches in offshore banking centers such as citigroup as well as international banking institutions such as HSBC. • Opening of offshore accounts are banned in some countries but opening of these types of accounts are legal in many countries like US and Canada.
Because offshore banking organizations will also allow customers to conduct all banking account opening activities via the internet, e-mail, post, fax or telephone. Opening the Offshore Banking Account There are offshore banks accounts available from three different multinational banking institutions. These are HSBC, LLoyds TSB and Barclays. Nowadays you neither have to visit the offshore jurisdiction in which you wish to bank, nor do you have to travel to the country for the continuance of your banking activity and account maintenance.
Usually banks ask for following documents to open an account: Bank application form filled out and signed by you A sample of your signature Copy of your passport certified by a public notary Confirmation of your address
Advantages of Offshore Banking Account One of the biggest advantages to having an offshore bank account is that your money is not subjected to taxation laws within your own country. Another great advantage to offshore bank accounts is the ability to protect your assets against local creditors. The funds you hold in your offshore bank account are protected.
Offshore account allow you to make international transactions with little or no hassle and red-tape This type of account will allow you to transfer even relatively small amounts or bigger amount online effortlessly. Offshore accounts offerS FOREX and Trading accounts, allowing you to instantly buy and sell at the click of a button from a tax-free offshore base.
