Benefits of Offshore Bank Accounts
When operating a business from an offshore jurisdiction, one of the primary objectives for an online entrepreneur is to minimise their presence in the country where their revenue originates. Consequently, holding bank accounts in the same jurisdictions as one’s clients is not advisable. In such circumstances, it becomes evident that establishing a business current account with a bank in an offshore jurisdiction is necessary.
Apart from resolving the issue with the corporate account, one should not forget about withdrawing the extracted profit from the company’s account for subsequent personal use. In this case, there are two options:
- Transfer money to your personal account in your country of residence
- Open a personal account in some offshore bank
Transferring funds from offshore to a bank in the country of residence, firstly, entails the need to pay taxes on this amount, and secondly, the relevant authorities will immediately have questions about the origin of these funds, the consequences of which can be very diverse, but in any case unpleasant.
In the second case, we have a completely transparent situation from a legal point of view, when a citizen of one country earned money by conducting business in another country and deposited it into a bank account in this very other country. These are absolutely legal actions and no tax authority in the world will have any claims in such a situation.
As for the direct use of funds held in a foreign bank account, it is advisable to link a VISA debit card to this account and use it anywhere in the world. This operation can also be carried out with our help. To cash out amounts up to 1000 euros per day on the territory of the Russian Federation, you can use ATMs of a number of banks where there is no commission for withdrawing funds from foreign accounts using plastic cards.
Advantages of Offshore Banking
- Firstly, it is the availability of a corporate or personal account that absolutely no one knows about. For citizens permanently residing in the Russian Federation, this may not even be a financial matter, but a matter of personal safety
- Secondly, many offshore banks are financial institutions of colossal reliability. In banks, for example, in Switzerland or the Cayman Islands, the largest businessmen and politicians from all over the world keep significant funds
- Thirdly, compared to Russian structures, the cost of international transactions on the account can be minimal
- In addition, the quality of service and attitude towards clients in such organisations is traditionally very high, which makes working with them simply pleasant
To open accounts in foreign banks, please contact our offices.
