Information on an Offshore Account

2007-03-08 10:33:40

( Business )



There are various ways of doing it and there’s a short-list of countries recommended for having an offshore account. As an average movie fan watching action or suspense movies, you may have gotten the idea of what an offshore account is. The villains in most of those movies though maintain an offshore account for illegal activities. This should not be the case and this is not always the main motivation for doing so. However, using an offshore account for such purposes is very possible.

There are various reasons as to why you should entertain the idea of maintaining an offshore account. For one, you may enjoy tax-free benefits that some offshore accounts offer to foreigners. If this is the case, your money in the bank continues to earn interest minus tax deductions. There are a lot of countries popular for offering this kind of privilege to foreign investors who have offshore accounts.

If you don’t have much time on your hands to set-up an offshore account yourself, then you can hire someone to do it for you. An offshore company will be more than willing to do such service and it will take care of various procedures needed to open the said account. An example of the services these companies offer include offshore data entry, thus pertinent information about you is coursed through the company involved.

Now, if you want to have an anonymous offshore account then an Omnibus or Custodial Account with an offshore brokerage is the thing for you. With this set-up, the broker does not have access to your identity and instead will deal directly with your bank who acts on your behalf.

Meanwhile, if you intend your company to undergo an offshore incorporation rather than an individual offshore account, then this will bring about similar benefits to your company. Do your research on benefits offered by each; then choose your pick.


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