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Offshore banking – know more about it.

By: Global Banking Finance Review

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Offshore banking – know more about it. – Video

The Members – Offshore Banking Business – Brudenell SC Leeds – 1/2/2014
related videos can be found on YouTube @ Dave Witt + Turpinz.

By: Dave Witt

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The Members – Offshore Banking Business – Brudenell SC Leeds – 1/2/2014 – Video

03 February 2014

Reforms to Australia’s Offshore Banking Unit (OBU) regime will enter into force from July 1, 2015.

The changes have already been postponed twice. Labor Treasurer Wayne Swan included the plans in his 2013-14 Budget, and earmarked a July 1 start date. This was pushed back to October, after concerns were raised during an initial consultation period.

Shortly after the Coalition’s victory in September’s general election, it announced that it would not proceed with the proposals immediately, and would delay their implementation.

Assistant Treasurer Arthur Sinodinos has now revealed a new, 2015, start date.

He explained: “This step will provide business[es] with certainty by allowing targeted integrity rules, together with Offshore Banking Unit reforms, including recommendations by the Johnson Report, such as reviewing the activities eligible for the OBU concession, to be fully considered and implemented in one complete package.”

The OBU regime provides a concessional 10 percent tax rate, with the aim of encouraging genuine offshore banking activity in Australia. Set up in 1987 and originally applicable to banks and foreign exchange dealers, it has since been expanded to include insurance companies, fund managers, and other companies deemed to be OBUs.

The former Labor Government alleged that the system was being used to transfer domestic banking activities and non-banking profits into OBUs. Its overhaul would have seen dealings with related parties, including the transfer of transactions between the OBU and the domestic bank, declared ineligible for OBU treatment. Transactions between OBUs, including those between unrelated OBUs, would have fallen into the same category.

The Coalition will not proceed with the part of this measure that excludes all related party transactions, and will instead pursue a “targeted integrity measure”, to provide certainty for the industry. This will help Australian banks compete on a level playing field overseas, it claims, by providing access to a competitive tax rate.

Sinodinos said that although the Government “is committed to ensuring that the integrity of our business tax system is maintained, reforms that modernize the Offshore Banking Unit regime will contribute to Australia’s development as a financial services center.”

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Australian Govt Announces Start Date For Offshore Banking Reforms

Wolf of Wall Street and Offshore Banking
For a complimentary consultation, complete the contact form on the link below and an offshore expert will be in touch soon.…

By: Invest Offshore

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Wolf of Wall Street and Offshore Banking – Video


Banco de Occidente, incorporated in 1965, is a Colombia-based financial institution. It offers a range of integrated financial services, including corporate banking, personal banking, investment banking, leasing, factoring, stock brokerage, insurance, and consulting services. The bank offers retail customers an array of deposit and investment products, as well as a range of services and products, including checking and savings accounts, debit and credit cards, and credit lines such as personal loan and revolving credit. The company also offers corporate clients a comprehensive line of business banking products and services, including collections and payment services, treasury and investment services, vehicle financing products, insurance coverage for cars and machinery, export and import products, factoring, foreign trade, correspondent banking, offshore banking, as well as engages in buying and selling foreign exchange. Its investment banking services include capital market, corporate finance, structuring projects, money desk, and buying and selling securities. It also provides money market services, time deposits, warranties or guarantees, export letters of credit, and loans. Banco de Occidente owns a number of subsidiaries, including trust fund unit Fiduciaria de Occidente, Banco de Occidente (Panam), and Occidental Bank Barbados. It is based in Santiago de Cali, Colombia and is owned by the country’s biggest banking holding Grupo Aval.

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Banco de Occidente – Credencial (Banco de Occidente S.A.)

Offshore Banking for Your Personal and Financial Privacy
Why Consider Offshore Banking for Your Personal and Financial Privacy in this Post 9 / 11 Era? In this post 9 / 11 era you should consider offshore banking a…

By: Global Banking Finance Review

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Offshore Banking for Your Personal and Financial Privacy – Video

About a third of Swiss banks have applied for amnesty from the U.S. for helping Americans cheat the Internal Revenue Service, the top U.S. federal tax prosecutor said.

The U.S. government gave more than 300 Swiss banks until Dec. 31 to seek non-prosecution agreements if they had reason to believe they helped Americans violate tax laws, and 106 submitted letters of intent, Assistant Attorney General Kathryn Keneally said today in a statement.

The program is the largest assault in a five-year U.S. Justice Department crackdown on offshore tax evasion. Keneally first announced the number of Swiss banks that applied on Jan. 25 at a conference in Phoenix. She didnt name any banks seeking to take part in the U.S. effort, which isnt open to 14 institutions already under criminal scrutiny, including Credit Suisse Group AG (CSGN) and HSBC Holdings Plc. (HSBA)

Every Swiss bank that comes forward to cooperate under the program represents an opportunity to obtain valuable law enforcement information from a source that is new to the departments investigations of offshore banking activities in Switzerland and throughout the world, Keneally said.

Participants in the program must disclose how they helped Americans hide assets, hand over data on undeclared accounts and pay penalties. Keneally said the department is reviewing the letters to see if applicants qualify as Swiss banks. Some banks are still reviewing records, and some may withdraw, she said.

Even with these caveats, it is clear that a significant number of banks have come forward, she said in the statement, reflecting comments she made to the American Bar Association on Jan. 25.

Bryan Skarlatos, of Kostelanetz & Fink LLP in New York, who attended the ABA conference, said the number of banks that signed letters of intent was more than expected.

Its a result of the banks desire to have some certainty regarding their status with DOJ, Skarlatos said. I believe that DOJ is pleased with the response to the program so far.

Banks in Switzerland, the largest cross-border financial center with $2.2 trillion of assets, closely examined accounts before seeking to join the disclosure program.

The takeaway is the U.S. has been successful in getting Swiss banks to really start cooperating and enter into non-prosecution agreements, said Martin Press, a tax attorney in Fort Lauderdale, Florida.

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Swiss Banks Seek Tax Amnesty as Third Accept U.S. Offer

A series of leaked documents obtained by the ICIJ found nearly 22,000 offshore clients had addresses in China and Hong Kong, including Chinas current President Xi Jinpings brother-in-laws real estate company, and former Premier Wen Jiabaos son and son-in-law. The ICIJ report gives an unprecedented look into the hidden finances of the nations top leaders and the countrys wealthiest citizens. Here are some major takeaways: 1. By some estimates, between $1 trillion and $4 trillion in untraced assets have left the country since 2000. Chinese officials are not required to publicly declare all of their assets, and while holding offshore accounts and having wealth as a leader is not necessarily illegal, such quantities of money are easy to associate with corruption, particularly abuse of power and tax evasion. 2. Portcullis Trustnet was among the offshore services firms that were making an all-out drive to sign up clients in China, doing marketing meetings at the Shanghai offices of what were then known as the Big 5 accounting firms: KPMG, Ernst & Young, PricewaterhouseCoopers, Deloitte & Touche and Arthur Andersen. The report found that PwC helped set up more than 400 offshore accounts through TrustNet for various clients in mainland China, Hong Kong and Taiwan. The Swiss financial giant UBS had a hand in coordinating more than 1,000 offshore entities with the help of TrustNet in the same three markets. 3. Today 40 percent of the British Virgin Islands offshore business comes from China and other Asian nations, according to BVI authorities. Members of the government and their families and business associates from China, Azerbaijan, Russia, Canada, Pakistan, the Philippines, Thailand and Mongolia have all reportedly opened up offshore bank accounts with the help of covert companies. 4. Every corner of Chinas economy, from oil to green energy and from mining to arms trading, appears in the ICIJ data. Essentially, there’s no industry with clean hands. In particular, Chinas corruption-laden oil industry is a big player in offshore banking. The report concluded that data from the leaked documents found Chinas three major oil companies, all state-owned, are linked to dozens of firms in the British Virgin Islands. Though some of the accounts are actually disclosed in the corporations’ annual filings, other accounts associated with individuals like Zhang Bowen, head of PetroChinas natural gas distribution subsidiary, Kunlun Energy, are not mentioned. 5. Big loopholes in tax laws have allowed Chinese individuals to operate with relative freedom offshore. They werent required to report their foreign holdings. The government responded swiftlyto foreign media, such as the New York Times or Bloomberg News, reports on the onshore assets of the princelings of former Chinese leader Wen Jiabao. Accusations were rejected and immediately censored from the Chinese Internet. Though mainland authorities announced new rules that went into effect Jan. 1 requiring Chinese to report their overseas assets, with so many accounts held by the nations movers and shakers, it remains to be seen how aggressively such laws will be enforced. Chatter on the report locally has been quiet. Though a Chinese version of the report has also been published, local Chinese news, all of which is technically state-run, have yet to pick up the story. On Weibo, where online conversation is often robust, search returns for keywords of the report or the ICIJ came back blocked, with a message that says, According to relevant laws, regulations and policies, the search-term search results are not displayed. — (Note: Beijing photo by

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ICIJ Reveals China’s Elite’s Offshore Trillion-Dollar Offshore Holdings: Five Takeaways

Offshore banking and international living A private membership service by offering extensive information on offshore banking, invest…

By: java1708

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Offshore banking and international living – Video

Barclays offers clients a way to protect their wealth by investing in offshore assets. Get expert advice on offshore bank accounts and investing abroad

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Offshore Banking and Investment | International Banking | Barclays

For a depositor offshore banking is associated with the services of a bank from the country other than his country of residence. If you have invested or deposited funds to a bank outside the country (referred as Offshore Bank), where you live, you are engaged in offshore banking. On the other hand, any bank in your country of residence is often referred as a domestic bank.

There are two main myths about offshore banking. First of all, the public mistakenly links offshore banking to criminal activities, terrorism-financing and money laundering. Secondly, people think that offshore banking services are only for high-income class, since ordinary people cannot afford them.

What are the benefits of offshore banking?

Offshore banking services provide wide range of benefits and opens up distinct opportunities. Opening such an account provides a powerful tool for keeping money secure and making it exempted from taxes. Using an offshore bank account provides opportunities that are not available to domestic banking users. The most important of those are bank secrecy / confidentiality and exemption from taxes on gains. Income generated in form of interest on deposits is not taxed by the income tax. Customers also get possibility to invest globally.

Perhaps the most important benefit that offshore banking provides is that the account is strictly private. The confidentiality of all operations conducted through the account is protected by the legislation. The account is protected from creditors, tax authorities and other interested parties. It is to some extent a defense tool.

How do I get an offshore bank account?

Very easily. We offer you 3 different options. You can openLLoyds offshore bank account.All this accounts are available in Sterling, US dollars or Euros. It takes only 10-15 minutes to open an account.

Why to go offshore?

Offshore banking centers open wide range of opportunities for its users: access to innovative banking products, anonymity, safety, politically and economically safe environment. Benefits of going offshore are discussed here

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Offshore Banking | Offshore Accounts | Guide to Tax Havens

An offshore bank is a financial institution located in a country in which typically accepts depositor funds from non-residents. Offshore banks are typically located in a low tax jurisdiction, also known as a ‘tax haven’, that often provides legal or fiscal advantages.

One of the primary advantages offered by offshore banks (especially private offshore banks) is the promise of increased privacy for a client’s financial matters.

The most obvious reason for banking in a tax haven, is the potential to reduce one’s taxes. All manner of complex offshore structures, involving offshore trusts, private interest foundations, and offshore companies create transactions involving a bewildering variety of financial instruments. Most often, however, the transactions involve moving the jurisdiction of a transaction to location that will produce the most favorable net tax outcome for the entity in question.

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Offshore Bank, Offshore Banking

Belize is a leading Caribbean offshore banking jurisdiction located in northern Central America. Many visitors to this country are intrigued about offshore banking. The growth in international travel, and the increasing use of the Internet to make a living or help manage businesses from afar, has led to the growing use of offshore banking and offshore trusts to help manage income, money and assets. Many modern-day entrepreneurs and others have made the decision to relocate or diversify their financial affairs and open offshore accounts.

Belize one dollar coins

As a premier offshore banking center, Belize offers unique advantages. You can fly here (under two hours from the U.S.A.) ) or actually drive up from North America about 36 hours from Houston. Belize is a mainland country with hundreds of offshore islands. Of course you can also sail on down on your catamaran or yacht. After all the country is also a highly regarded offshore Merchant Marine Registry as well and serves as a marine registry for several private and publicly traded shipping companies around the world.

The year 2012 marks the 22nd anniversary of the birth of Belizes international financial services industry. Starting from scratch in 1990, this offshore banking center has built up a thriving financial services business. It now offers a variety of offshore structures geared to the needs of international investors. These include international business companies, international trusts, protected cell companies, limited liability partnerships, mutual funds, captive and other forms of insurance, international foundations, Forex and securities trading, open ships registry, and a host of other related services.

Noted American writer Bruce Barcott describes Belize thus: Belize is a tiny nation tucked between Guatemala, Mexico, and the Caribbean Sea. It is firmly attached to Central America but considers itself a Caribbean island. For more than a hundred years Belize was known as British Honduras, one of the most remote outposts of the British Empire, which explains why it is the only Latin American nation to embrace English as its official language. Belize goes unnoticed by the rest of the world, and over the years the country has parlayed its obscurity into an attractive asset. For those shipwrecked on the shoals of life, Belize offers a new beginning.

Here we offer our popular Offshore Banking FAQ. Based on on our laws, many aspects cover other offshore jurisdictions.

It is simply banking in a jurisdiction other than the one in which you live or have citizenship or residency.

Offshore Banking may have tax benefits. For example earned interest on offshore accounts and investments is paid without the deduction of tax. You may also be able to reduce your tax liability in your home country by transferring savings and investments to an offshore bank account. Added benefits include high levels of confidentiality, security and convenience, as well as global access.

No. You never actually have to visit your offshore bank. You can simply bank from wherever in the world you live, via a secure Internet connection, secure e-mail, post or telephone (either through a touch tone phone or by contacting your banking representative or registered agent). You can also use an ATM card provided by the offshore bank.

There are several companies that specialize in setting up offshore bank accounts. We suggest the Belize Bank International located in Belize and the Turk and Caicos Islands (known as the British Caribbean Bank). You may also consider law firms and Belize lawyers that act as Registered Agents for offshore banks.

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Offshore Banking for those wishing to reduce taxes, shelter …

Treasure Islands Uncovering the Damage of Offshore Banking and Tax Havens Nichol
James Henry: Canadian companies use Barbados as a tax haven to reduce their taxes from 24 percent to 2.5 percent, leaving Barbados with revenue shortage See …

By: songl kobak

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Treasure Islands Uncovering the Damage of Offshore Banking and Tax Havens Nichol – Video

Open offshore accounts with Citi International Personal Bank and explore offshore banking opportunities with one of the worlds largest and oldest financial service …

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Citi IPB EMEA – Offshore Banking | Offshore Accounts | Citi

SINGAPORE In a place that restricts everything from chewing gum to pungent durian fruit. Singaporean authorities pride themselves in having a high bar for strict laws and a low crime rate to match. So theyve been none too pleased by reports that tax dodgers, corrupt officials, and money launderers might be closing their Swiss bank accounts and moving funds to Singapore. In response, the government is ramping up measures to battle this reputation as a tax haven. It is now negotiating a deal with the United States that requires banks in Singapore to share details of Americans offshore assets with the Internal Revenue Service. The United States just signed the so-called FATCA (Foreign Account Tax Compliance Act) with six other governments this month. There is no basis for the allegation that wealthy individuals can hide money and avoid taxes in Singapore, a Ministry of Finance spokesperson told VOA. FATCA would be part of broader efforts to improve transparency in banking. Singapore already has similar information-sharing pacts with Germany and the Organization for Economic Cooperation and Development club of mostly-rich countries. As of this year, it also will be easier to prosecute money launderers in Singapore and obtain bank and trust information from financial institutions without having to seek a court order, the finance ministry said. But critics dont believe thats enough. John Christensen, director of the British research firm Tax Justice Network, said Singapores bilateral agreements require foreign governments to make individual requests for banking information. He said the information-sharing should be automatic, meaning that as soon as a UK citizen opens an account in Singapore, for example, authorities here will disclose it to the UK government. All the infrastructure is in place to encourage and facilitate tax evasion, said Christensen, also a former economic adviser to the British Channel Island of Jersey, another hub of offshore banking. Singapore boasts one of the worlds most stable governments and economies, friendly business regulations, competitive tax rates, and banking privacy. All of this attracts the super-rich from abroad. Itd be stupid for them not to take advantage of this — but you have to do it legally, said Joseph Cherian, director of National University of Singapore Business Schools Center for Asset Management Research and Investments. People certainly are taking advantage. Compared with $50 billion in 2000, Singapore managed $550 billion worth of assets in 2011, according to WealthInsight, a London-based research firm. Of that figure, $450 billion were in offshore accounts. In other words, more than 80 percent of private accounts in Singapore belonged to foreigners. WealthInsight expects the number will continue to balloon by 2020, when it said Singapore will take Switzerlands top spot in wealth management. The question is whether that wealth is legally gained and legally taxed. Christensen doesnt think it is. His group releases a Financial Secrecy Index every two years. Singapore ranked number five on the list published in November, compared with sixth place in 2011. Christensen said banking is so opaque that officials cant prove financial assets are clean. Its pure assertion on their part, he said. We know that the vast majority who use offshore accounts are using them for tax evasion. Alan Lau disagrees. He said that in his experience as head of financial services tax at KPMG Singapore, an accounting firm, most money flows into Singapore through legitimate channels. Whilst there may always be a risk or temptation for a small minority to attempt parking their ill-gotten wealth in a banking secrecy jurisdiction such as Singapore, the recent tightening noose on money laundering here has made it increasingly difficult for this to happen, Lau said. He added that the crackdown on illicit wealth has caused a certain level of stress and anxiety for the private banking sector, to ensure it complies with new regulations. Similarly, Cherian said the push for compliance is evident in the mountains of new paperwork for account holders in the past six months. He said the governments actions reflect Singapores obsession with keeping a squeaky clean image. Its the most law-abiding city in the world, Cherian said. They dont want to be seen as a cowboy, wild-wild-west kind of place. Some argue there is nothing wrong with individuals and multinational corporations flocking to tax-friendly jurisdictions, as long as its done above board. Eduardo Saverin, a Facebook co-founder, famously renounced his US citizenship in 2011 after relocating to Singapore, a move widely seen as driven by the low taxes here. But others argue that when governments push down tax rates to attract business, they force other countries into a race to the bottom. Even if tax avoidance is legal, it could be harmful. Christensen said that when the rich use their wealth to find ways to pay fewer taxes, they transfer the burden to lower income brackets to fill the tax gap. We dont make this distinction between evasion and avoidance, because its abuse, he said. In recent years, global wealth has shifted to Asia, especially to Singapore and Hong Kong, partly because of the new, far tougher scrutiny on traditional tax havens like Switzerland and Bermuda. But if Singaporean authorities are seriously clamping down, too, then private wealth could be on the move again.

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Singapore Fights Image As Swiss Banker of Asia


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Offshore Banks, Private Banks, Trust, News, Offshore Banking acts

The Expat Survey is still open for respondents to get involved: interim findings reveal the expat experience can be challenging!

In August we introduced Shelter Offshore readers to an opportunity being offered by The Expat Survey i.e., take part in the largest ever survey of expats and win cold hard cash! Well, we wanted to let you know that the opportunity is still available, but only for a few more weeks. And now the team behind the survey are beginning to release some of the most interesting interim findings.

The Expat Survey is being done in 3 parts. The first part, which went live in the summer, is all about becoming an expat and integrating abroad. Entitled Migration and Lifestyle, the section has received strong interest with expats from almost 100 nations getting involved and supplying their feedback.

The second part of the survey, Retail and Finance, was launched successfully a few weeks ago, and now the very final section, Travel and Health, has just gone live. You can now fill in all three sections at once and the competition to win 1,000 is still very much open. In terms of the findings collated so far, lets take a closer look

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Shelter Offshore: Offshore Banking, Savings and Investment News

Another great organization for offshore banking in Dubai is First Gulf Bank, that emphasizes on security and discretion. With a staff comprised equally of young, active people and older, more experienced personnel, this bank offers an impressive balance that is rare to find in the business.

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Dubai Banking – Offshore Bank Accounts

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