Offshore Bank Accounts

Offshore banking is becoming increasingly popular as more people recognize exactly how they could benefit from the Offshore Bank Accounts and because the set up process is straightforward. If you've ever wondered whether you could benefit from an offshore bank account, or you're considering opening an account but you're not sure which one to go for, this guide has been written with you in mind.

Generally speaking anyone is free to open Offshore Bank Accounts. In fact, offshore banking has been widely used for many years by both individuals and organizations worldwide. Specifically an offshore bank account can also be of benefit to some expatriates residing in low or no tax countries as any interest earned on offshore bank deposits is paid without the deduction of taxation.

Simply defined, an offshore bank account is an account held in a bank that is located outside your country of residence. When a foundation owns a corporation, which owns a bank account, this is the only powerful privacy protection offshore structure you will ever need. So if you have your offshore corporation within a foundation, you can conduct your business through the Offshore Bank Accounts and plan your income taxes accordingly.

Most countries have no restrictions on where your business interests, investments or bank accounts are located; it is simply your responsibility to report any income you earn to the appropriate tax authority. You will need to establish a suitable structure in a tax friendly country to gain access to some of the better opportunities available, which is reason enough to go offshore for some even ignoring the tax benefits.
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