Offshore Bank Account

The Offshore bank account or rather international banks, like it is called in some quarters are authorized institutions in Belize, Seychelles and British Virgin Island. They are authorized by the Banks and Financial Institutions Act of 1995 and the Offshore Banking Act, 1996 and the Money Laundering (Prevention) Act, 1996. By jurisdiction these banks cannot offer services to locals or natives .This so because the 1995  law defines offshore banking as getting money foreign money from non-residents  at interest  or account, savings account, and investing the foreign money to offshore banking.

There are two classes or levels of offshore banking; the Unrestricted or class “A” and the Restricted or class “B”

“A” Class-Unrestricted
The holder of this bank offshore bank account must establish, maintain, and run a business office either in Belize, BVI or Seychelles. That office is allowed to carryout offshore banking without restrictions on that particular business. One has to pay annual license fee of US$20,000. An authorized capital of minimum US$3 million must be maintained at any time if the license is for local company and US$25 million in cases of a foreign bank

 “B”Class-Restricted
The owner of a “B”Class offshore banking account also needs to maintain, establish, and operate a business office in any of the three countries in relation to where he is applying the account from. For example in Belize offshore banking is limited to transacting only such offshore banking business as is shown in the account details. The “B”Class offshore cannot ask for or allow deposits from the public as a whole and cannot provide current account deposit or check accounts to depositors. The fee is relatively lower that is, annual fee of US$15,000. Authorized and paid up capital of not lower than US$ 1million must be maintained at any time if the license is for local company, or US$15 million in the case the license is for a foreign bank

Some of the benefits of offshore accounts include:
? Depending on the country you are a resident in you may not wish to bring your foreign got income in
? It is easy to maintain and operate since they are flexible and can be accessed from anywhere
? Depending on the nation you are living in you may not want to take any income away from it.
? They offer grant security and privacy for you.
? The offshore accounts are good for people working in different locations
? An offshore account with a reputable bank is far much better and safer than holding money in a small onshore bank
? An offshore account is important if you are dealing in different currencies and you need to manage many currencies like sending back home money in different currencies different currencies too.
Opening an offshore account is not hard anymore just ask your local bank for guidance on how to do it. But incase you are declared bankrupt or you have an IVA or still you need some slightly more complex banking solutions you need to talk to expert and experienced bank that will help you

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