Your needs have to match your best offshore bank. This is the point that you must understand before choosing the right jurisdiction for you, since offshore banking has always been the cornerstone of international companies and entrepreneurs to secure their wealth and provide a blanket protection of offshore banking institutions.
The hanging question now is where do you start? And how do you choose, well we have laid down some of the most important advice that we can give you so you can select the best offshore bank to secure your wealth and assets at.
Start with a stable offshore country
This is the main basis in choosing the right jurisdiction to setup your offshore banking. First thing to ensure is that the jurisdiction must be economically welcoming, has a stable political environment, and a reputable image in the global offshore scene. All these factors will affect the banking sector of these countries, regardless of the situation or suitability in their banking practices.
Banking laws and regulations must be proper
Whether you like it or not, banking laws and regulations are the foundation of a secured banking system for any offshore jurisdiction. This is very important since these protocols must be suitable and appropriate to your existing needs and requirements. Laws on banking privacy and anonymity is also key in making sure that you are in the right jurisdiction. There are various global banking practices that is not suitable for personal and company needs, and this would include the Common Reporting Standard (CRS), wherein some offshore jurisdiction has a bilateral agreement with some countries to report any companies or individuals holding and maintaining bank accounts in their offshore jurisdiction. In other words, if you choose the wrong offshore jurisdiction, and that offshore location has an existing CRS agreement with your country of origin where you hold your tax residence, then they are required to report all your banking activities in their offshore banks.
Select a superior bank
Oftentimes, entrepreneurs and companies would make a mistake in choosing an offshore bank where they would get a 100% approval. However, this would backfire in case that bank is not a stable institution and has loopholes in their system wherein they will not be able to cater to you pre-existing needs. Based your selection and vetting process in the reputation of the bank. Once you are able to determine that bank then do a little due diligence on their background in order to dig out any information on their banking practices. Good thing most of these kinds of information are readily available online with just a click away in google search. Another approach is to get as much information in the offshore community so you could make an informed decision. However, the best way in this scenario is to acquire a specialized offshore banking financial intermediary just like us to give you all the banking insights that you will never get from anybody else, and who could help you navigate in the offshore banking without being problematic.
Check tax rates
Double check on tax practices and regulations in the country since this would affect you directly as a bank account holder in their jurisdiction. As much as possible, try looking for jurisdictions that imposes zero rated corporate taxes on companies and business.
Presence of double taxation agreements
Most offshore jurisdictions have an existing DTA with other countries. In case your country of tax and residency has a DTA arrangement with your offshore banking preference, then you will benefit further from this arrangement since DTA’s are bilateral treaties to avoid being double taxed from corporate profits and other source of revenues.
Aside from what are have been mentioned, costs in running an offshore banking activity should also enter your mind, as well as the registration process in applying for an offshore bank account, since you need to comply with pre-existing regulations and protocols in the on-boarding process of these offshore banks.
If you need an expert advice so you can choose the right offshore bank for you, we can help you in this direction. In fact, we can even provide a specialized service to help you open your offshore bank account under our supervision and guidance.
Contact us now and know more about how we can help you!