Offshore Bank Accounts

Offshore banking was first performed in the Channel Islands, which are part of Britain and located off the northwest coast of France. Since then, offshore banks have become an advantageous option for discerning individuals and companies who are looking to manage their wealth with confidence and privacy.

As offshore banking as become more popular, offshore banks have responded to their customers’ needs with an ever-increasing menu of services and types of accounts. For more about offshore banking services, click here. Below are just some of the account types available to investors and those interested in offshore banking worldwide:

Online bank account. Many offshore banks offer Internet-only accounts. These enable the account holder to perform all banking functions online, using secure lines and encryption technology. This also assists in providing complete anonymity, as the need to ever be physically in the bank is completely avoided. With an online bank account, one can withdraw, deposit, transfer funds, make, track and manage payments, work with different currencies, and trade worldwide.

Merchant account. Merchant accounts are a necessary tool in online business transactions. If you run your business online and expect to receive payments through your website, you’ll need a merchant account. Unfortunately, “onshore” banks have become extremely wary of merchant accounts - despite their absolute legitimacy in the world of Internet business. Offshore merchant accounts allow the Internet entrepreneur to be up and running with a minimum of hassle and attractive fee structures.

Personal account. Many people mistakenly think that only corporations, trading companies or shelf companies, can open offshore bank accounts. In fact, many individuals open offshore bank accounts every day. Personal bank accounts can protect your assets from estate taxes, double taxation, creditors, and lawsuits, and can be particularly advantageous if you suddenly come into a large sum of money all at once. Expatriates and those who travel a lot find offshore bank accounts allow them to conduct personal financial business with ease.

Corporate account. Any company that is looking to incorporate in an offshore jurisdiction needs a bank account in that location. However, many corporations, investment firms and trading companies choose to bank offshore for many reasons - favorable tax structures, lawsuit asset protection, low bank fees, international transactions in different currencies, protection of employee benefit plans.

Anonymous or numbered account. While all offshore banks provide higher levels of privacy, a numbered account assures complete anonymity. The holder of an offshore numbered account can still conduct the same amount and kids of transactions as a normal account, including Internet access. However, there is a minimum amount of identification needed to open a numbered account, and there is never a name linked to that numbered account for the lifetime of the account and after.

If you’d like to open an offshore bank account, or if you’d like more information on what type of account is right for you, please contact us at your earliest convenience. We look forward to serving you by helping you discover the world of offshore banking, and ensuring you can bank offshore with total confidence.