IDEA : Personal, business and credit accounts

Well, as simple as the can be. Opening accounts in some countries - Belize for example - is generally a straightforward affair, for personal or business use. You can choose from the three main banks in Belize, Atlantic Bank, Belize Bank or Scotia Bank. There are also other private banks specialising in off-shore banking, but we would caution against using them. In areas such as the Philippines, you have access to international banks such as HSBC alongside lesser-known but locally reputable banks.

Most banks will be happy to accept your money. Some will offer you the facilities you would expect back home, others will offer just a 1-6% interest rate and leave it at that.

People open off-shore accounts to facilitate travel, to receive rental income from property investments and to save for future investing - you are still responsible for tax declarations to your home country, but money held in-country will often be tax-free. Opening a personal account yourself can be straightforward too - you will require a bank reference, identification and signatory cards. You will also need to declare the source of funds (business, personal etc). We can facilitate much of this for you.

To benefit from a true offshore bank account and reputable privacy laws (for tax minimisation and asset protection) you will usually need to form an international business entity of some kind to open and run your bank accounts for you. This will keep your personal involvement virtually hidden and can be useful in certain circumstances. Checks will still be used to prevent illegal use of this system or deposit of illegal funds.

Write a comment