OFFSHORE BANK ACCOUNTS
Why You Should Consider Opening An Offshore Account
The Offshore banking activity has increased all over the world since the mid-1960s because of the development and liquidity in world financial markets. The full range of financial services from offshore banks include: credit facilities, investment custody, deposit taking, money transmissions, foreign exchange, trade finance, investment management, fund management, corporate administration and trustee services.
Offshore banks provide access to politically and economically stable offshore jurisdictions creating a safe environment for investors. Many offshore banks offer services that may not be available in one's country of residence. Offshore banks in several nations are part of a mandated bank account deposit protection insurance system. Many offshore banks may even provide higher interest rates than banks in your home country.
Most offshore banks operate within a highly regulated environment and under national monetary bodies such as Central Banks, Financial Services Commissions, etc. Such banks are required to maintain capital requirements that are in accordance with international standards. They must submit quarterly financial reports to regulators on the current state of their business.
One false impression about offshore banking and offshore accounts is that they can legally prevent assets from being subject to personal income tax or interest. For persons who meet fairly complex requirements, this conception is not applicable because the personal income tax of most countries do not make a distinction between interest earned in local banks and interest earned abroad. For example, people who pay US income tax are required to declare any offshore bank accounts that they may have.
Is Offshore Banking For Everyone?
Offshore banks provide access to politically and economically stable jurisdictions. This may be an advantage for residents in areas where there is a risk of political and economic chaos and who fear their assets may be frozen or seized during an economic crisis etc. A regulated banking system offers the same advantages in terms of stability.
Some offshore banks may operate with a lower cost base and can provide higher interest rates than the ones offered by your local bank due to lower expenditure and a lack of government interference.
Offshore finance is one of the few industries (along with
tourism) that remote island nations can competitively take on. Offshore
finance can help developing countries attract investments, expand economies
and can help redistribute world finance from the developed to the developing
world.
Offshore banks will pay interests without deducting taxes and this is a
big advantage to individuals who do not pay tax on international income.
Some unconventional products offered by offshore banks are: anonymous offshore bank accounts. In this case the client can use structures such as Offshore Corporations or Private Interest Foundations. These structures have specific tax and asset protection advantages.
Offshore banking creates additional tax and banking competition allowing people to choose an appropriate balance of services and taxes.
Panama Dollar Bank Account
Setting up a Panamanian Bank Account Learn More!
Euro Accounts in Panama
Setting up an Euro Bank Account in Panama Learn More!
Danish Bank Accounts
We recommend setting up a Panama Corporation or Private Interest Foundation, and then open a Bank Account in the name of the structure in another jurisdiction. That is why we are introducing the Flex Account. We can set up a Bank Account for your Corporation or Foundation outside of Panama with a prestigious Bank located in Denmark. Some of the advantages of having a Danish account are:
* No Danish taxation on interest earnings and capital gains.
* Strict banking laws that provide security to the customers’ funds.
* The Guarantee Fund for Depositors and Investors for DKK 300.000 (approx. USD 50.000,00)
Please read carefully about the advantages of our Flex Accounts.
Flex Account
A Flex Account is most suitable for the customer who wants easy access to his/her funds. Most banks offer Call Accounts at significantly lower interest rates. However, although our Flex Accounts are also Call Accounts, the Flex Accounts have been structured to give maximum flexibility and benefits to the customer, without the lower interest rates.
Flex Accounts can be held in all major currencies and
can be used as a Forex Account. The interest rate offered is governed by
market conditions and is adjusted monthly according to the interest rate
level of the particular currency. The accounts are designed to offer you
a higher interest rate, if the balance on your account rises above a certain
level. The interest earned is credited to the account once a month. Thus,
even though the funds are held on demand, the customer actually earns a
compound rate of interest.
Since a Flex Account offers you the convenience of withdrawing funds at
any time, it is easier for the customer to take advantage of currency fluctuations.
To make it more beneficial for the customer the bank won’t levy separate
charges for transferring funds from one Flex Account to the other.
A Flex Account is ideal for the investor who believes that interest rates will rise – causing bond prices to decline. Selling bonds at top-prices and depositing the funds in a Flex Account thus gives the investor maximum return.
How to withdraw money
Withdrawing money is simple and fast. You only need to mail, e-mail, fax or pass on the relevant instructions to the bank by telephone. They will then either send you a bank draft or transfer the funds electronically via SWIFT to your local bank. All requests for third-party payments should be made in writing and/or with a prior password. Drafts and wire transfers made payable to a party other than the account holder will be assessed a per draft/wire charge in accordance with our Schedule of Fees. Should you decide to come to the Bank personally to withdraw cash, you are most welcome. Please make arrangements for this in advance.
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