Foreign Banking» Foreign Banks

Foreign Banks

Foreign - Offshore banks are banks which are found in offshore jurisdictions and can be used by individuals and corporations which are non-residents of the country where the foreign or offshore bank is found. Foreign or offshore banking is a legal banking system which makes of exceptional banking services. Foreign Banks- offshore banks can be found in the following countries; Dominica, Belize, Panama, Nevis, Seychelles, Cook Islands, Anguilla, British Virgin Islands, St Kitts and Dubai among other offshore banking jurisdictions.

Offshore banking has many advantages which includes no taxation, privacy and good quality banking services. Offshore banks or foreign banks are legal banking institutions which are licensed to accept deposits and give loans among other services. The banking services which are given at offshore banks are checking accounts, corporate accounts, personal accounts, ATM cards, debit cards, credit cards, internet banking, banking via telephone and other banking services.

Special support is available for second citizenship applications.  Information is provided on how to apply and the relevant application procedures and requirements. The citizenship program which offers second citizenship in Saint Kitts and Nevis offers two principal routes to persons wishing to obtain dual citizenship and a second passport from the Federation of St. Kitts and Nevis.  The first involves an investment in real estate to be able to qualify for citizenship in St. Kitts and a St. Kitts and Nevis passport, and the second deals with donations from applicant families who wish to get St. Kitts and Nevis second nationality.  Dominica economic citizenship program also has two routes and is a well administered way of becoming a Dominica citizenship as an investor.  Citizenship by investment helps to expand wealth and increases personal safety. Dominica second passport program is carried out through licensed agents.  Grenada citizenship program is indefinitely suspended although it is common for questions on whether this program second passport in Grenada will be reintroduced.  Information on dual nationality is provided by capable agents.

Foreign banks- offshore banks in the offshore tax havens are well regulated. Offshore banking laws are very modern and protect the bank account holders. Offshore banks are supervised by financial authorities in the offshore tax havens. The offshore tax havens keep a very close eye on banks which operate as offshore or foreign banks and for this reason most offshore jurisdictions scrutinize every bank before any banking license can be given out. The offshore tax havens are very protective of the offshore financial sector and any offshore tax havens regulate offshore banking activities by issuing very few banking license. When foreign bank- offshore bank license are issued they are given to the most reputable foreign banks-offshore banks.

Foreign banks-offshore banks are known to provide high levels of privacy for offshore bank account holders. These offshore banks must enforce privacy laws which are stated in offshore banking legislation. Some banks go as far as making employees take an oath to ensure that the privacy of offshore clients is maintained. Foreign banks-offshore banks must know the clients which services are extended to but the privacy of these persons is still maintained within the offshore bank. Legislation makes it illegal for persons to divulge information in a foreign bank account to third parties if the owner of the offshore bank account has not granted permission.

Foreign banks-offshore banks are able to provide services to clients which are exempted from taxes. Offshore bank accounts kept in the tax havens are exempted from any form of local taxation. Tax exemptions are given on the following taxes; capital gains tax, withholding tax and inheritance tax among others. Foreign banks- offshore banks may charge service fees which are very affordable for banking services. An advantage of having a bank account in offshore tax havens is the lack of exchange controls which sometimes exist in these countries making it easier for offshore bank account holders to transfer funds from one country to the next. This removes the need for declaring source of funds and paperwork and reporting to the authorities which are normally associated with these types of transactions. This is particularly beneficial to offshore corporate accounts.