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The banking laws in Eastern Europe, the Middle East and several other tax havens, do ensure high levels of privacy and security. However tax havens within the European Union like Turks & Caicos, Aruba, BVI, Cayman Islands, Isle of Man, Jersey, Luxembourg and Switzerland are now bound by the EU Savings Tax Directive.
These jurisdictions now have to report savings of EU nationals, for tax purposes, in addition to their personal information to the EU Council.
Opening of corporate offshore bank accounts
Offshore banks provide comprehensive services that abide by international standards. They include:
• Current checking accounts
• Deposit accounts
• Fixed term deposit accounts
• Investment bonds
• Portfolio management services
• Loans and mortgages (subject to status)
• Trade finance (subject to status)
• Documentary letters of credit
• Bills of exchange settlement
• International Swift transfers
• Debit and credit cards
• Provision of online banking services
Procedures
The need for I.D. to open a bank account is a major draw-back to anyone, private individual or corporate, who wishes to retain as low a profile as possible. However most offshore jurisdictions can ensure complete privacy and security.
Most banks accept certified copies of a company's certificate of incorporation, by-laws and a directors' resolution to open the bank account. Certain banks require the provision of a certificate of good standing and some Swiss and other banks require documents to be notarized and apostil led in a company's jurisdiction of incorporation. All banks require evidence of beneficial ownership in the form of certified passport copies or certificates of incorporation and appropriate board resolutions. One of the conditions of opening a new account with most banks is the placing of an initial deposit and some banks may insist that significant minimum balances be maintained.
Many banks require clients, seeking to issue fax instructions for money transfers, to execute an indemnity in favor of the bank. The procedure to open a bank account with a major bank may take anything from two to six weeks. During this period of time the bank checks the documentation and confirms references. The biggest causes of delays in opening bank accounts are the production of inadequate or incorrectly worded references and the slowness of banks issuing references to confirm them.
Credit Cards
The Offshore MasterCard Classic or Gold and Offshore Visa Card Classic or Gold is valid at literally millions of ATMs and POS (Point of Sale) terminals worldwide, wherever the card logo is displayed; and will also work on the Internet for online shopping/purchases. Using this card, the owner/cardholder can spend only the amount that has been credited into the card account. As a privacy measure, corporate cards are embossed with the company’s name instead of the cardholder's. Security deposits for corporate cards range from USD 2,000 to 4,000.
Benefits
• Transaction records are kept offshore and secured under bank privacy legislation and as such not available to various agencies.
• No credit check, references or income verifications required
• Internet access 24X7, secure online interface
Requirements
• Minimum Security Guarantee: USD 2,000 for Classic or USD 4,000.00 for Gold
• Notarized & Apostilled Passport Copy
• Notarized & Apostilled Completed Application Forms
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