Foreign banking refers to doing banking outside of one’s country of residence. Foreign banking is also called offshore banking if the bank of choice is located in an offshore tax haven. Offshore or foreign banking is being carried out in the following countries: Cook Islands, Dubai, Cyprus, Dominica, Anguilla, Switzerland, Barbados, Belize, Panama, Cayman Islands, British Virgin Islands, Nevis, St Kitts, Andorra, Bahamas and many other countries around the world. Foreign banking has many benefits which regular onshore banking does not provide. Foreign banking is opened to corporations and individuals looking for secure banking and excellent banking services.
Foreign banking can be done at the most reputable banking institutions. Offshore banking services are offered at well established banks. The authorities in the offshore tax havens are very strict as to who offshore bank license are being granted to. In order to protect banking customers authorities issue banking license to well established banks and other trustworthy companies who intend to engage in offering banking services to the public. Some offshore jurisdictions protect the tax havens by setting up a limit as to the number of offshore banks or bank agents who can offer offshore banking services from within the offshore jurisdiction.
Our firm is dedicated to providing offshore solutions for planning and safeguarding investments. One of these involves dual citizenship which is available through the St. Kitts and Nevis Citizenship -by-Investment program is also known as the Saint Kitts and Nevis second passport program or the Saint Christopher and Nevis second passport program. Dual citizenship programs like these create an opportunity for people to have dual nationality by acquiring a second passport which will be a St. Kitts passport. The second passport program is the Dominica economic citizenship program which is longstanding and makes it possible for a Dominican citizen to travel to over 80 countries worldwide with her or his second Dominica passport. Anyone who qualifies for second citizenship does not have to renounce his current citizenship in order to become a citizen of Dominica. Likewise, a citizen of Dominica is able to acquire another citizenship after having successfully applied for Dominican nationality/citizenship.
Offshore banking services are of vey high standards. Foreign banks offer the services which are given by onshore banks and the services include services which are not available at regular banks. Individuals and corporations can deposit funds into offshore bank accounts and can also take loans. Personal accounts and checking accounts are also available. At foreign banks accounts in multi currencies can be set up at offshore banks. These types of bank accounts are especially beneficial to offshore corporations and individuals who travel frequently. Having a multi currency account makes it easy to pay in foreign currencies and may remove the need for currency exchange which usually results in loss due to constant changes of the rate of money. Internationally recognized debt and credit cards are issued at offshore banks. Secure Internet banking which is very important in this technological age is offered at most offshore banks.
Foreign banking may be one of the most secure banking which is available. To do offshore banking in an offshore tax haven is a wise move as offshore banks provide privacy and confidentiality which is part of legislation in the offshore jurisdictions. All information in offshore bank accounts is considered to be private and cannot be given out without the permission of the offshore bank account holder. Any offshore agent, bank agent and other bank official who give out these details are punishable by law. Offshore banks enforce this strict law and some even go as far having employees take oath. There are special circumstances under which offshore bank account information can be given out, for example, a judge can give a court order requesting offshore bank account information if the offshore bank account holder is being investigate for serious crimes which would include money laundering, drug trafficking and others.
Foreign banking can be tax free banking if the offering bank account is set up in an offshore bank in an offshore tax haven. The offshore tax havens are known for their tax leniency on income and other assets which are earned outside of the offshore jurisdiction. Offshore bank accounts are therefore not subjected to any form of local taxation. Foreign banking means reducing on tax liabilities. The offshore banks may charge service fee on the different services which they offer, some banks have no fees or the fees are set at very low rates. Another advantage of setting up offshore bank accounts is the lack of exchange controls in some of the offshore tax havens which allows the offshore bank account holders to transfer and receive funds with ease.
Offshore banking is entirely legal banking. The offshore tax havens which offer this offshore service all have stable economies and are also stable politically. Foreign banking is done in countries where there are well regulated bodies in place for supervising and regulating the offshore banking and the services which are offered. Individual looking to set up foreign bank accounts must choose jurisdictions with a suitable offshore bank with all the characteristics which are being sought.
Setting up foreign bank accounts is a process which is not at all difficult is the procedure is followed. Employing an offshore agent may be the best way to set up an offshore bank account. To set up an offshore account bank and personal references are needed for the signatories to the bank account, picture identification, verification of address, corporations must present certifies copies of corporate documents, the signatures for persons who will have access to the bank account and complete application forms. Application forms can be accessed on the websites of offshore banks or persons can make appointments to visits at the offshore banks.