By admin on February 6th, 2008
An offshore bank account may simply be described as: “a bank account maintained by an individual or business in a jurisdiction which they are not normally a resident ofâ€. Basically what this long phrase means is that if you are a British citizen and you open a bank account in somewhere like Spain for example, the bank account in Spain is considered an offshore bank account. This example also works in the vice-versa case.
Countries often offer non-residents certain benefits which can be derived by opening accounts there. Spain for example may choose to promulgate banking laws that favor non-residents and not locals for a variety of reasons. The reason for such legislation would be most likely in order to attract foreign investment into the country. If you reside in Britain for example and have funds in a bank account in Spain its most likely you won’t be withdrawing your money every other day of the week. This assumption also affects the logic that money kept within the banking system bears profit for not only the owner of the bank account but the bank and the local economy as well.
Despite these benefits people are more likely to find better offshore bank accounts in smaller legal jurisdictions such as the Isle of Man, Panama, Jersey or the Canary Islands. Hence most people often assume that an offshore bank account means one that is located on some island located halfway around the world. The reason most people prefer offshore bank accounts in such jurisdictions is because they charge less tax, have more secrecy laws and offer better interest rates. Banks located in much more developed countries where stricter laws exist and banks have to constantly reduce the amount of interest offered to customers in order to meet the profit margins expected by their shareholders.
About the author:
Ron Z. Mendelson, Managing Partner at Offshore Secrets Network, is a recognized leading expert in wealth management. Offshore asset protection and international business.
His expertise covers various fields including: wealth management & protection, international investment, foreign asset protection structures, international business corporations, international banking, offshore online gaming business services , and traditional e-commerce business services.
Ron Z. Mendelson
Managing Partner
Offshore Secrets Network SA
1 888 249 9430
http://offshoresecrets.com
By admin on February 6th, 2008
If you’re looking for a reason to incorporate your company offshore, try legal purposes. Being a lawyer in a country like the United States or other countries that share similar economies is often a profitable profession. Without the services of lawyers in such countries you might as well wait moments for your business to run aground due to legal issues. Someone somewhere is always hanging around wanting to sue you for something, if it’s not a disgruntled former employee; it’s a customer who is at fault (although the law may say otherwise) or someone with a grudge or the intent to make a quick buck. So then you have to pay your lawyers the highest fees for their best services in order to protect yourself from other lawyers and your business ends up picking up huge legal costs. If unfortunately you lose one big case worth some millions of dollars your company can simply disappear overnight.
Would you have a business and rather hang around waiting for someone to sue you or for your lawyer to charge you for everything billable? The smartest thing to do would be to incorporate a company offshore in order to render your services on a global scale without suffering the risk of legal consequences. When people with a grudge want to sue you they can always calculate the costs of chartering a plane to sue your company located in an offshore jurisdiction with a legal system that they have no knowledge of.
Besides that most offshore countries have a legal system that is designed to protect businesses incorporated there. Some of the legal claims you can make against a company in the United States can’t be made against a company located in Panama or St. Kitts and Nevis. Such countries have a much more restrictive legal system that protects you and the nature of your business and saves you from the loss you would experience in your home country.
About the author:
Ron Z. Mendelson, Managing Partner at Offshore Secrets Network, is a recognized leading expert in wealth management. Offshore asset protection and international business.
His expertise covers various fields including: wealth management & protection, international investment, foreign asset protection structures, international business corporations, international banking, offshore online gaming business services , and traditional e-commerce business services.
Ron Z. Mendelson
Managing Partner
Offshore Secrets Network SA
1 888 249 9430
http://offshoresecrets.com
