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- Offshore Asset Protection
It is advantageous to use opportunities offered by today’s international banking world. Many private persons and corporate entities choose to open an offshore bank account in order to protect their own privacy and minimize taxes. It is necessary to underline that offshore banks adhere to international banking rules, their policy and practice correspond to the high standards of the industry.
The choice of a good offshore banking partner plays an important role in international business. There are many banks worldwide, but it is crucial to choose the right banking institution for an advantageous long-term cooperation. A financial consultant may provide professional and efficient advice also in this sphere, by introducing his client to a bank, with which the financial consultant has created stable relations over the years. The following are important factors when choosing an offshore banking partner:
- A bank must have a governmental banking license and be regulated by governmental authorities;
- An offshore bank account must be situated in a politically, economically and socially stable country;
- A bank must follow international regulations on DDQ and KYC procedures;
- A bank must follow a bank secret policy;
- A bank should have a convenient geographic location, in case you may have a need to visit it in person;
- Offshore banking must provide and utilize the latest technological developments; the need to be able to use internet banking is always increasing;
- A jurisdiction where your chosen bank is located must have free circulation of different currencies, which will preclude any obstacles for an international business management or different nature of international transactions;
- It is necessary to find out a bank’s policy towards operations with cash;
- A bank must be known internationally, its financial statements must be accessible for analysis and it must adhere to international banking regulations and standards.
