Offshore banking is simply banking in a jurisdiction other than the one in which you live. Offshore banking in certain areas could have tax benefits, i.e. interest on offshore accounts and investments is paid without the deduction of tax. You may also be able to reduce your tax liability in your home country by transferring savings and investments to an offshore bank account. Added benefits include high levels of confidentiality, security and convenience, as well as global access.
To open an account you never actually have to visit your offshore bank. You can simply bank from wherever in the world you live, via Internet, e-mail, post or telephone (either through a touchtone phone or by contacting your banking representative or registered agent.
Millener and Partners specialize in setting up offshore bank accounts for their investment clients. We have terms of business with some of the leading banking organization worldwide situated in the most tax efficient environments. A consultation with Millener and Partners will be required to organize these facilities.
Offshore banking has been routinely and legally used for many years by individuals and organizations worldwide. Because many countries encourage international trade and enterprise, there are usually only limited restrictions on residents doing business or having bank accounts in other countries. However, reporting requirements on these accounts differ from country to country.
It can not be easier to operate your offshore banking facility. With the use of the Internet, e-mail, fax and telephone banking and the use of ATM's, your money is just as accessible as it is from your local bank account. You can easily and quickly transfer your money around the world by electronic transfer and can effectively bank wherever you are.
Some countries require residents to declare their income on a worldwide basis and tax is payable on all your income. Though most countries have no restrictions on where your business interests, investments or bank accounts may be located. It is your responsibility to report income to your appropriate tax authority.
There are many other reasons to bank offshore apart from minimizing your tax liability. Other reasons include asset protection, estate planning, confidentiality, better returns and the chance to exploit active business interests overseas from a zero tax jurisdiction with near hermetic confidentiality.
The offshore jurisdictions offer extraordinary levels of confidentiality but they cannot offer absolute secrecy. All financial institutions have a legal obligation to report suspicions of serious criminal conduct. Foreign authorities can seek information, through the legal system, where there are well-founded suspicions of serious crime. A serious crime is defined as anything which is a crime in the offshore jurisdictions and would warrant a prison sentence of at least twelve months.
Otherwise, all personal data is subject to modern data protection legislation, and there are civil and criminal penalties for breach of confidentiality and unauthorized disclosure.
- AA+ rated banking facility
- Easy access to your funds
- Tax efficient environment
- Low minimum deposit
- Multi currency accounts
- Internationally accepted debit card