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Where to open an offshore brokerage account: banks to know

Given the many scandals related to tax evasion, is an offshore brokerage account still the ideal solution to reduce taxes? Where to open an offshore brokerage account? Which are the most interesting offshore banks? Discover in this article offshorecitizen.net/offshore-brokerage-accounts/ a list of places where you can create your offshore brokerage account.

What is an offshore brokerage account?

An offshore brokerage account is an account that you open in a bank outside your country of residence: that is, a bank located in a foreign country. It is a professional offshore account for corporations.

In principle, the opening of an offshore bank account abroad is not perceived as illegal in France. However, it will be under national law if you fail to report it to the French Tax Office. Also, this type of account is now the subject of information exchange agreements in order to establish a certain transparency in the tax burden.

In their history, offshores accounts have often been the target of some prejudices. Thus, on the one hand, they have sometimes been rightly or wrongly considered as accounts reserved only for large fortunes. But in reality, it does not matter and an offshore account is well and truly accessible to everyone.

On the other hand, these accounts have often been accused of being stepping stones for laundering dirty money or obscure investments. In truth, the real function of the offshore accounts is out of step with this consideration. It is simply the unhealthy use that some people have been able to make or sometimes make: the case of tax fraud for example.

What’s the point of an offshore account?

Given the use that is made by some customers, we could very quickly imagine that an offshore account is an account that is used to hide the money that we earn in order to not have to report it to the tax authorities. This is true for some, but not for everyone.

In practice, the offshore bank account is a bank account like any other bank account. Except that it allows you to benefit from more tax benefits on your savings. In this sense, an offshore account is a tool that allows you to ensure the protection of your wealth, the preparation of investment abroad, the management of your estate. Even more, to benefit from certain dividends and to circumvent a banking prohibition.

In which bank do you open your offshore account?

The offshore bank is simply one that is established outside the country of its client. By way of illustration, a Swiss bank will be considered as an offshore bank for a French national and vice versa.

In addition, offshore banking is also defined by a number of features. Therefore, we will talk about offshore banking when we have to deal with a bank that is stable from an economic and political point of view, whose management is based on the principle of bank secrecy and which finally removes very little or no everything, taxes on the savings of these customers.

The places where you can open an offshore bank account are quite legion, but here are you a list of nine destinations where you will find the best offshore banks.

Offshore Banks of Belize

A true banking haven, Belize has a national bank and a multitude of international banks. It is one of the safest offshore destinations and simply the country in the world where banking secrecy is best protected.

This Central American country has on its territory several offshore banks that are regulated by the Central Bank of Belize. These offshore banks, especially serving foreign customers, do not offer them services such as opening current accounts and / or savings in various foreign currencies.

In addition, in Belize, your accounts and currency transfers are exempt from local taxes and restrictions. At the level of the procedure, the opening of an account in Belize requires the presentation of a number of documents: letter of recommendation issued by your bank in your country of origin, passport, certificate of residence, identity documents …

Also note, the minimum deposit that will be required when opening your offshore account in Belize will vary depending on the type of account you choose. But overall, it is between 1000 and 5000 US dollars.

Offshore Banks of the Bahamas

The Bahamas is a Caribbean country located off the coast of Florida. The major asset of its economy is tourism, an activity that works very well and attracts more foreign investors. The high standard of living of its population and the considerable influx of foreign currency into its territory makes the Bahamas one of the safest destinations for capital investment.

This state has several offshore banks that guarantee the anonymity and confidentiality of the transactions operated by their customers. In addition to this, they allow them to benefit from several tax benefits. The Bahamas is one of the top 10 offshore destinations in the world. The procedures for opening and managing the accounts are fairly simplified in this country.

To open your offshore account in the Bahamas, the banks will ask you, among other things, your identity documents, the references of your bank of origin, the certificate of incorporation and other documents related to your address and the reasons for which you would like to have an offshore account in this country.

Offshore Banks of Hong Kong

The credibility of Hong Kong as a financial center is well established in the world. Moreover, Hong Kong is positioned today as one of the world’s leading trading platforms. In this sense, it is an attractive destination for saving or doing business.

To have an offshore account in Hong Kong, you must have an offshore company beforehand. Thus, when opening your account, you should provide the following documents to the banks: certificate of residence, identity documents, a document attesting that you have a company in your country of origin, etc.

Offshore banks of Bermuda

Located in North America, Bermuda is an archipelago that is part of the British Overseas Territories. From an economic and fiscal point of view, this Island is considered one of the most important and reassuring offshore jurisdictions in the world.

It has, in this sense, several offshore banks that offer their customers a wide range of services and international transactions. You can open savings accounts or offshore accounts, etc.

The tax benefits are really multiple in this archipelago of North America: tax exemption on your income, dividends, profits, sales, asset gains, purchases and sales by non-residents of the shares or investment funds. ‘investment.

Offshore Banks of Switzerland

Switzerland remains today the most popular destination for foreign investors. As for the reputation and efficiency of its banking system, these are no longer to prove. Indeed, Switzerland has excellent experience in the field of finance and its banks are known for their flexibility and their infallible commitment to discretion.

Switzerland is one of the most sought-after countries in the world for tax optimization and private savings with a highly attractive tax system and effective banking secrecy legislation.

However, regarding bank secrecy, you should know that there are two cases where the Swiss judge can ask your bank to raise it. This will be the case when you have broken the Swiss criminal law or when you have committed a common-law offense. In the latter case, the judge will do so at the request of a third State on the basis, inter alia, of the mutual legal assistance agreement which binds Switzerland to the requesting country.

Never mind, Swiss banks offer a range of services on their territory: secure bank account, a multi-currency account, flexible banking platform, international bank cards, etc. The minimum deposit required to open your offshore account in Switzerland is 5 300 euros.

In principle, no special conditions limit the opening of an account in Switzerland: this one is accessible to all, private person as a legal entity. And you can open your account without necessarily going there (in Switzerland). Nevertheless, another principle is that of the Swiss bank which reserves the right to refuse you this if it suspects you of illegal practices.

Offshore banks in Latvia

Latvia is an offshore jurisdiction whose rigor and the quality of its banks ensure it to compete effectively with other competing Western banks. Of all the bank deposits made in this European country, more than 50% come from foreigners or non-residents. This makes it possible to measure the high level of credibility of this offshore destination.

Indeed, offshore banks in Latvia enjoy a good reputation globally for the multitude of services they offer, their high innovation capacity and the security guarantees they provide to all their clients.

In the area of ​​taxation, Latvia, although not a tax haven, is a relatively advantageous tax country. Its 21% VAT is reduced to 12% for the movement of goods and services. And the tax bracket on resident or foreign companies is 15%, and for micro-enterprises 9%. Good to know too, France is linked to this country by a double taxation agreement. Which is quite interesting for small businesses.

The advantages of opening an offshore account in Latvia: very competitive fees for all services, access to all international banking services, free account, withdrawal and transfer fees, availability of multi-currency accounts, etc.

Offshore banks of Cyprus

Located in the south of Turkey, the island of Cyprus is considered a tax haven because of its very flexible and advantageous tax system. Its very strong economy is based mainly on its very prosperous tourism and its extremely flexible and competitive financial and banking sector.

With regard to the latter case, it should be emphasized that Cypriot banks do not, in principle, charge any tax on the assets and services of non-resident customers. In addition to this, they offer a wide range of secure services: banking platform, multi-currency accounts, bank account, savings account, international bank cards, etc.

Conclusion

Since the list of offshore destinations is becoming more and more elongated, you will have no trouble finding banks to open an offshore account. But before choosing a destination, make sure it’s not on the blacklist of tax havens and that the applicable legislation is right for your interests.

Open an offshore brokerage account in Singapore

Singapore, one of the four Asian dragons, is gradually climbing the ladder and stands out from its neighbors by its exceptional growth rate and expertise in international finance. This country has made its place on the international level. Many investors have settled on-site and you may consider opening an offshore account on the premises.

The steps for opening an offshore account in Singapore

The first step is to find the bank or financial institution in which you want to open your personal account. Many branches of international institutions are on-site, which should not complicate your search. For this choice, you must consider each type of offer and take the one that suits you best. To open the account, you do not have to move on-site and you can file your application to open an account by email. You must send by e-mail the necessary documents such as the certified copy of your identity card, proof of address and documents justifying your sources of income. The banker will analyze your file before sending you the contract that must be signed and returned. These steps can take between 10 and 15 days before the final opening of the offshore account.

The advantages of having an offshore account in Singapore

If you open an offshore account in Singapore, your account can receive money from all currencies: euros, dollars … You can also have a remote account management service, which will allow you to track transactions in real-time made to your account. Depending on the establishment you choose, you may also have other services that are tailor-made for you, since you do not live in Singapore. You will not have to worry about losing your money if you make an investment because on the territory, the economy is very dynamic. You will also have a guarantee of a safe offshore bank account.