Give me control over a nation’s currency and I care not who makes its laws.
Baron M. A. Rothschild
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1. Offshore Bank Account

Main Kw: Offshore Bank Account

Secondary Kw: Offshore Bank In UAE Dubai, Open Offshore Bank Account In Panama, Open offshore bank account in United Arab Emirates

Steps to open successful and access Offshore Bank Account

Often, offshore banking is related to financial sophistication of a very high level. The truth is that Offshore Bank Account can be opened by the average person within few hours. However, every foreign jurisdiction and the offshore bank are considered to have its requirements. hence, you need to undertake some research to understand better your specific requirements.

About Offshore Banking

People may be interested to open an account in an Offshore Bank In UAE Dubai or any other country. They are likely to be from any part of the globe. Hence, offshore banking is used typically to describe international investments, banks and companies. Few countries have become popular places to seek offshore banking solutions. It includes Cayman Islands, Bermuda, Switzerland, Dubai, Panama, United Arab Emirates, Belize, Dublin, Mauritius, etc.

People generally relate banking with the elite, celebrity and the rich. These institutions are commonly used by the wealthy and can now be done by ordinary people too. You are banking offshore, if you are an American citizen with a bank account opened in Dubai.

Many times, offshore banking seems to be discussed negatively. The reason is that most people use this avenue to hide their wealth as well as to avoid paying taxes. Others may use the account for illicit purposes such as tax evasion and money laundering. Such activities are, however, considered to be criminal, resulting in prosecution, heavy fines and even jail time. But this does not mean if you Open Offshore Bank Account In Panama, it is illegal. Your actions can be legitimate if:

·       You open an account in the country that you stay the most apart from your native country.

·       Have investments.

·       Run a business or have a partnership in a foreign country.

Many prefer to open a bank account in a foreign country to enjoy favorable tax treatment. A few countries do allow foreigners to invest their money and earn tax-free income.

What are the basic requirements to open an Offshore Bank Account?

The basics are very much similar to that of opening an account in your own country. You need to provide some personal information to the offshore banks. It includes your name, address, date of birth, occupation and citizenship.

You will also have to submit copies of your identifying documents like the driver’s license, passport or government-issued documents. Banks are likely to be more concerned with verifying your physical or residence address. The reason is that it could affect taxation issues. You can present your utility bill to satisfy this requirement or something relevant.

Banks will require you to authentic documents. In some cases, certain documents may be submitted in notarized form. However, a few offshore centers might prefer the apostilles stamp. It is considered to be a special certification mark used internationally. In such a case, you will have to visit the concerned government office in your state, country to get this stamp.

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Tips on how open as well as access offshore account

If you plan to open offshore bank account in United Arab Emirates or any other country, you need to do the following.

·       Verification documents: To open a bank account in a foreign country, you will require submitting some additional documents. These requirements are to discourage illegal activities, tax fraud and money laundering. Firstly, offshore banks may require financial reference documents provided by your current bank. It should indicate a satisfactory relationship and average balances. You simply can get hold of a bank statement for the last 6-12 months. Secondly, they would like to know how you would like to use the account. Although it might appear to be overly intrusive, these are steps taken to prevent illegal activity. Hence, additional documentation will have to be provided including the fund source to deposit. Thirdly, most offshore banks will be interested to know the nature of transactions to take place in your account. If it is used to make employer deposits, then the wage slip provided by your employer is likely to suffice. You may be required to provide information about your investments and their source. This will enable the bank to verify from where you derived your investment income. For real estate or business transactions, you will have to submit sales contracts or relevant documents. For insurance contract related funds, your insurance company has to provide you with a relevant letter. In case you have inherited money, then you may need to provide a letter from the estate executor to testify this effect.

·       Selecting the currency: Offshore Bank In UAE Dubai and other countries provide currency options to their offshore clients. In case, your domestic currency is expected to depreciate or become unstable, then this can be a wonderful feature. But you also need to be aware of the consequences of having different currencies in your account. You may earn interest along with foreign tax liability. For deposits and withdrawals, you are to exchange currencies. This will involve significant expenses depending on the offered exchange rates and fee structure.

·       Making deposits: International wire transfers support electronic funding in offshore bank accounts. However, free electronic transfers enabled by the system in domestic banking are not applicable internationally. Sending across a wire transfer is regarded to be a simple process. However, fees on international wire transfers are charged by all banks to send/receive funds. Moreover, charges also vary between banks. It is impractical to deposit funds regularly in person, while foreign jurisdictions do not accept domestic checks.

·       Withdrawals: You have the option to withdraw your funds in various ways. Most offshore banks offer their customers a debit card to allow easy fund access globally. But it comes with some fees. Checks are also offered, although not a much-preferred method of withdrawal. Checks issued from foreign accounts may not be locally accepted.

Therefore, getting to know the above steps will help you to open an Offshore Bank Account without any hassle. You should consult well-established and experienced tax professionals to ensure adherence to all tax regulations, both abroad and at home.

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