Offshore bank account opening and bank secrecy

Offshore bank account opening and bank secrecy

The interest of an offshore company resides partly in its anonymity for managers and shareholders. This anonymity is only guaranteed if the financial transactions made through the offshore company remain unobtrusive.

Bank secrecy is essential to guarantee this discretion. Only, it is increasingly difficult to enjoy a true banking secrecy.

Bank secrecy, what is it?

This is a form of professional secrecy. In other words, bank secrecy is for a bank, the obligation not to reveal information about its customers. True banking secrecy ensures that, regardless of the authority that requires it, the bank does not have to disclose who its customers are.

In reality, 100% secure banking secrecy does not really exist. It should be known that in France and in many other European countries, banking secrecy is simply forbidden. And even the countries that resisted so far, such as Cyprus, are finding it increasingly difficult to cope with European pressure.

There are some destinations insurance yet a bank secrecy, but until when the secret is totally? It is hard to imagine that in the event of a major crisis or significant threat, these banks can resist the international authorities.
The offshore bank account remains essential when creating an offshore company

Nevertheless, if nothing guarantees complete anonymity, the offshore bank account remains essential when you create an offshore company.

Without it, the company in question is useless because it is impossible to develop an activity. It is via the bank account that will go through the various financial transactions. Thanks to him, you will be able to benefit from the tax advantages of the country in which the offshore company is installed.

However, to open an offshore bank account is not as easily as creating an offshore company. Banks are becoming more demanding and can ask for specific information about your project and the willingness to meet you. To open such an account, you can go directly to the bank, but the best is to go through an offshore provider who will not only take care of the creation of the company, but also the opening of an account.

Written by Vincent Ashton