Offshore bank account opening is more a keyword for marketing purpose than a reality in 2020.
Opening a corporate bank account for an offshore company is, and hopefully will remain, attractive for many entrepreneurs.
The notion of offshore bank account opening is clearly misleading, because of the Common Reporting Standard and to shorten a long explanation – because your country of tax residence will know about your bank balance.
An offshore bank account opening is (was?) understood as a secretive bank account where to receive undeclared income, and today because of the Automatic Exchange of Financial information the badly advised entrepreneurs will end up with either penalties and/or imprisonment in some countries .
A corporate account for a Hong Kong Company claiming offshore profits is a totally different scenario, a company located in a low tax jurisdiction with local substance is a solution.
Opening Offshore Company is also the same concept as a marketing scam, although everybody has the right to incorporate a company in a so call offshore jurisdiction, a low tax jurisdiction being more appropriate, the concept of offshore isn’t well understood.
Exchanging with your local tax advisor is a must, in many countries the tax authorities will consider the offshore profits as they are: a grossly exaggerated tax optimization.
“Offshore bank account opening” and “opening offshore Company” are keywords used in the search optimization (in short to appear on Google), the target being to attract unaware clients selling an “offshore” solution which will appear very costly in few years.
Business freedom isn’t dead, confidential solutions are implemented everyday by professionals. Paying low taxes is legal.
The world is changing fast, 2020 reality is harsh and the risk diversification is not only a good concept but also a MUST for many entrepreneur.
Forget about offshore bank account opening and search for non-resident bank account opening. Forget Opening offshore company and replace it with low tax jurisdiction company registration. Your entrepreneur’s life will be better!
