Frequently Asked Questions

 

 What does 'offshore' means?

In the banking field, we speak about offshore when someone opens an account in a foreign bank but it is not always tax avoidance. Indeed a lot of companies use offshore banking for a practical reason: they need to have an account in foreign currencies in order to have easier exchanges with foreign customers and suppliers.

Usually, an offshore bank account is used in order to have a tax reduction. That is why jurisdictions such as Switzerland, Caribbean islands, Isle of Man, Jersey, Guernsey, Seychelles are chosen. In these jurisdictions, the tax level is very low, moreover, the confidentiality and anonymity is written in the law.

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 Why would I open an offshore bank account?

It offers:

  • Tax reduction
  • Interesting opportunities of investment.
  • To set up a capital non-distrainable by possible creditors.
  • A more efficiency organisation of your activities.
  • To handle several foreign currencies with only one account.
  • To reduce your banking fees.
  • To reduce your exchanges fees.

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 What are the most advantageous jurisdictions?

SWITZERLAND

  • One of the bank confidentiality service the most efficient in the world.
  • A complete range of international bank services.
  • Investment and saving solutions extremely competitive.
  • The Swiss services excellence.

UNITED KINGDOM

  • A wide range of cards available.
  • An account available in different foreign currencies in order to handle efficiently your payment traffic.
  • A high quality and competitive services.

ISLE OF MAN

  • A complete range of the international bank services.
  • A card Visa Classic in EUR, GBP or USD.
  • No minimum deposit for the account and the card.
  • Fees extremely low on your withdrawals.
  • Complete handle of your account by internet or by phone.
  • An efficient bank confidentiality service.

MONACO

  • Benefit from the French bank system.
  • Extremely strong and lasting bank confidentiality.
  • A complete range of the international bank services.
  • Investment and saving solutions extremely competitive.
  • A know-how several generations old.
  • The ideal solution with taxes for the non French residents.

SEYCHELLES

  • Complete handle of your account on the Internet.
  • All the services of a great banking institution.
  • Possibility to open accounts in several foreign currencies.
  • A wide range of cards available.
  • A bank confidentiality which guarantee you an absolute anonymity.

PANAMA

  • Benefit from the rapid development of the neighbour countries.
  • Foreign capitals' strong presence.
  • Tax haven statute.
  • High quality of its bank confidentiality.
  • Is a financial centre.

GUERNSEY AND JERSEY ISLAND

  • Benefit from a strategic location between the United Kingdom and the continental Europe.
  • High security
  • High confidentiality
  • Low tax rates

VANUATU ISLANDS

  • A very conciliatory and welcoming fiscal legislation.
  • Your account would only be subject to the local fiscal system.
  • Very good confidentiality.

BELIZE

  • Benefit from a strategic location.
  • Your account would only be subject to the local fiscal system: that is to say no taxes.
  • Extreme confidentiality.

LUXEMBOURG

  • A confidentiality duty.
  • Fiscal advantages.
  • Form a part from European Union.
  • French banks branch offices.
  • International and multi lingual expertise.
  • A wide range of international bank services.
  • High security.
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 Is there any risk for me and my money?

To avoid the Money Laundering, you will need to give all the information about the funds origin. It is called a Due Diligence and it is compulsory in order to comply with the Anti-Money Laundering law. But we guarantee that all these information are confidential and won't be transmitted to the tax department.

Your money, in an offshore bank, will be in security, and especially if it is govern by a bank confidentiality law, because it can't be seize by creditors.

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 What is bank confidentiality?

For some jurisdictions such as Switzerland, bank confidentiality is written in the law, so your bank ca not give any information about your bank account to anybody else.

Not every jurisdiction has the bank confidentiality law, however they can provide you a very good confidentiality.

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 Which documents do I need to open a bank account?

Usually, you will need to provide:

  • A certified copy of your passport.
  • A proof of address (such as gas, electricity, water or phone original invoice).
  • A proof of income (such as a letter from your employer on a business paper sent directly to the bank to justify your income and your three last payslips. If you are your own employer, you would need to provide a letter from your accountant directly to the bank to justify your income)
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 How can I do a withdrawal?

  • With your card Visa or Travelcash.
  • With bank cheque (but only with or Londoner partner).
  • With a Swift transfer.
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 How can I do a deposit on my offshore account?

  • With a Swift transfer.
  • Cheque deposit.
  • Cash deposit.
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 How much do I need to open an offshore bank account?

It depends on the jurisdiction you will choose. Indeed, in some jurisdictions such as Switzerland there is a minimum capital to provide, but in other, such as Isle of Man where there is none.

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 What is a bank-forwarding service?

With this service, the address of our agent is used to communicate between the bank and the customer. No correspondence or bank statement will be sent to the personal address of the bank account holder.

As soon as we will receive your monthly statements, ExpertExpat will make a copy occulting all personal details (name, account number...). This anonymous copy is then sent to the customer by post, fax or mail.

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