Offshore Banking
Offshore banking allows international entrepreneurs and global organisations to conduct financial transactions through a bank account outside their country of residence or incorporation. Healy Consultants assists our clients to gain access to a wide range of offshore banking products and services. The following will help you determine whether offshore banking fulfills your international business objectives:
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Advantages of Offshore Banking |
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| 1. | If appropriately researched, banking offshore is a secure, confidential and legitimate way for entrepreneurs and organisations to make tax-efficient international financial transactions.
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Offshore banking offers easier access to funds than 'onshore' accounts. Furthermore, offshore banking provides the flexibility of multi-currency accounts, allowing clients to transfer funds in different currencies without being subject to high foreign exchange fees.
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Offshore banking offers favourable interest rates compared to traditional corporate bank accounts. Additionally, interest on offshore accounts is paid tax-exempt. |
| 4. | Increased global wealth generates high demand for quality offshore bank services in stable jurisdictions such as Singapore or Hong Kong, which have strict client confidentiality laws. In its Merrill Lynch and Capgemini says the Asia Pacific, Latin America and Middle East regions continued to drive the 6.5% global growth on high net worth individuals. |
Disadvantages of Offshore Banking |
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Although offshore banking remains a preferred way to protect international personal and corporate assets, the term portrays a negative image. Since 11 September 2001, offshore banking has been associated with money laundering for terrorist groups and criminal gangs.
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Jurisdictions specialising in offshore banking tend to be in remote locations with poorly-developed communications infrastructure. |
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Many European Union countries agree to exchange bank account holders' information with OECD member states. To tackle tax evasion, in 2005 the EU introduced a Savings Tax Directive which obliges EU residents wth offshore accounts to either pay a withholding tax on savings to maintain privacy, or have their identities revealed to the tax authorities in their country of residence. For more information, visit the EU website. |
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Pressure from international bodies such as the Organisation for Economic Cooperation and Development (OECD) and the Financial Action Task Force (FATF) has put the offshore banking sector under the global spotlight. While the majority of offshore banks adhere to customer confidentiality laws, the OECD is increasing pressure on offshore banks to disclose customer information across borders.
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Healy Consultants' related services |
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Our tailored, professional banking services ensure that i) an account is opened in the most beneficial jurisdiction to aid our clients' global business and ii) that the account is opened quickly and efficiently, without our client having to travel to meet the bank. Visit our offshore banking services webpage for further information. |
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Other information |
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For more information, please refer to the following webpages: |
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Contact Us |
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For more information on offshore banking, email email@healyconsultants.com or call us in Singapore on (+65) 6735 0120.
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