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 clients gain access to a wide range of offshore banking products and services. The following will help you determine whether banking offshore fulfills your international business objectives:
Advantages of Offshore Banking
1.	Offshore banking is available in multiple currencies, allowing efficient transfer of funds without high foreign exchange commission payments.
2.	Banking offshore can provide favourable interest rates because interest in paid tax-exempt.
3.	If appropriately researched, banking offshore is a secure, confidential and legitimate way for entrepreneurs and organisations to make tax-efficient international financial transactions.
4.	Increased global wealth generates high demand for quality offshore banking services in stable jurisdictions such as Singapore or Hong Kong, which have strict client confidentiality laws.
Disadvantages of Offshore Banking
1.	Offshore banking jurisdictions tend to be in remote locations with poorly-developed communications infrastructure.
2.	Although banking offshore 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.
3.	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 with 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.
4.	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 bank 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.
Healy Consultants' Offshore Banking related services
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.
Contact Us
For more information on banking offshore, email email@healyconsultants.com or call us on (+65) 6735 0120.
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