Frequently answered questions
Offshore Bank Account
- How much does it cost to have an account in an offshore bank?
— this is usually more expensive than in the domestic bank, but the difference is fully covered with reduced taxation that you can achieve only through offshore banks.
- Why it may be expensive to open an offshore bank account?
— opening bank account in an offshore bank usually demands more complex procedure than opening one in the domestic bank. Offshore banks are usually very cautious in dealing with new clients who are not presented by people already known to them. Actually, offshore banking is becoming more and more difficult because of the numerous international restrictions which are imposed on the banks by the governments and international organizations using maximum measures in fighting against terrorism and recycling of money produced by illicit trafficking.
- Why is it difficult to open an offshore bank account?
— the main reason is ever increasing pressures from the industrialized countries. An offshore bank which was somehow (even indirectly) related to the money laundering or other cases, can lose its license or the correspondence accounts can be closed so that it becomes practically impossible to function. After the terrorist attacks on 9/11 the USA has begun making heavier pressures so that now it is extremely difficult to open offshore accounts in the USA and many other countries.
- Is offshore banking secrecy guaranteed?
— banking secrecy is guaranteed by all jurisdictions that offer offshore banking legislation. Exceptions are made only and exclusively about clients that have been indicted for drug and arms trafficking.
- What advantages do I have with a multi-currency offshore bank account?
— with a multi-currency offshore bank account, your clients can pay you in different currencies and you will not pay commissions on currency exchange. The money can be spent in any currency, the funds are withdrawn from the balance of that currency.
- How long does it take to set up an offshore bank account?
— the time depends upon your location and how fast the courier service can deliver the paperwork to your destination.
- What is the amount of deposit on offshore banking account?
— generally there is no fixed amount. For Caribbean offshore jurisdictions this amount may be one-two thousand euro, for European jurisdictions this usually starts from ten thousand.