The Members – Offshore Banking Business – Brudenell SC Leeds – 1/2/2014
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Wolf of Wall Street and Offshore Banking
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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…
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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 Shutterstock.com.)
Offshore banking and international living
http://www.sovereignlife.com/freedomsteps/r/java1811/overview.html A private membership service by offering extensive information on offshore banking, invest…
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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
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 …
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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
Find out what makes an offshore company such a powerful tool. Learn how to increase your financial privacy, gain asset protection and experience tax benefits including the use of Offshore Captive Insurance Companies. This series will inform you about the general advantages of offshore incorporation, recommended instructions, entity types, costs and operating formalities. Learn about offshore banking. This series discusses the benefits of an offshore bank account, offshore banking jurisdictions, how to set up your account, fees and costs as well as your account security. The offshore banking information you need to know.
For immediate asset protection answers and information, call 800-959-8819.
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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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.
Dubai Banking – Offshore Bank Accounts
When it comes to safety of your financial picture and planning your protection, we recommend only the safest and most secure financial institutions in the world. Depending on the jurisdiction you choose, we have relationships with secure offshore banks that offer our customers the highest amount of stability and safety.
Offshore banking or Offshore banks refers to the many banking and investment institutions available in countries and jurisdictions other than the depositors home country. While technically any bank can be considered an Offshore bank when it meets the above criteria, the term is generally reserved for the banking institutions located in what are considered jurisdictions that have a high regard for the privacy of their depositors.
Since their origin, Offshore Banks, tended to be unfairly portrayed by both media and the home jurisdictions alike – the accusations have ranged from tax evasion to money laundering, but careful examination of the true purpose of Offshore Banking Accounts, and an unbiased examination of where illicit funds are truly held or “laundered”, sheds light on the situation. Other false accusations have centered around criticism of unsafe environments, poor regulation, etc. Again, these could not be farther from the truth. Most Offshore Bank Account jurisdictions of any repute have very sophisticated, stable banking regulations, and because it is in their best interest to attract and keep depositors, these regulations are geared towards meeting the needs of the depositor. Many of these jurisdictions rely on foreign capital held in their banks as their primary economic factor, and as their only source of foreign investment.
The broad definition of an Offshore bank is that of a bank that is located in a jurisdiction or country that is different from the jurisdiction or country that the depositor or investor resides. One of the many benefits of holding an Offshore banking account is that they are usually located in tax havens that provide substantial asset protection and confidentiality benefits to the bank account holder. These jurisdictions also often allow for a relaxation of restrictions with respect to the types of offshore banking accounts available to depositors or investors, and how then can be manipulated. This amounts to decreased regulation. The more popular offshore jurisdictions often provide a substantial decrease in tax liability, whereas those in some countries, such as the US are generally taxed on worldwide income. For our purposes here we will focus only on those proven to provide quantifiable benefits as outlined above. These Offshore banks can be located in actual island-states such as the Caymans or Channel Islands, or in landlocked countries such as Switzerland–because Switzerland has been a tax haven for over a hundred years – and longer than the island nations. There has been much chatter regarding the privacy of Swiss banks. You’ll notice, however, the only Swiss banks that have had issues are those banks with branches located outside of Switzerland. Those with purely Swiss locations continue to maintain strong privacy.
As mentioned in our opening paragraph, there are a number of misconceptions and myths associated with offshore bank accounts in these offshore financial centers… Are Offshore Banks the Haven of Money Launderers and Criminals? We have additional information on Offshore Bank Account Myths that should be taken into consideration.
It is important that the proper jurisdiction be selected when deciding which jurisdiction to use as an offshore banking jurisdiction. The majority of the offshore jurisdictions have prudent, sound regulations in place geared towards safeguarding the deposits and maintaining their confidentiality. However, some weigh their benefits in taxation, while others in confidentiality, and so forth. Though they all offer a comparatively confidential and secure environment, it bears consideration to outline what the banking goals are and then choose the jurisdiction accordingly. A small minority of the offshore jurisdictions do a poor job of managing and regulating their banking institutions, but the informed investor or advisor will deem these as unsuitable for themselves or their clients. Further, these poorly organized and run jurisdictions are often manipulated by illicit depositors and hence prove easy targets of the FATF (Financial Action Task Force) looking for money laundering or other criminal activity.
It is an unfortunate fact that Europeans have always been subjected to relatively heavy tax burdens. This was as true on the British Isles as it was on the continent. Faced with the prospect of watching their hard earned assets and wealth diminish with every out-reach of the tax collectors hand, they were ripe for a solution. And a solution came–the small, island nation state known as the Channel Islands convinced these frustrated depositors that deposits placed in its banks could be free from scrutiny and hence the heavy-handed taxation burden. The Euros were convinced–and soon this service thrived, with other small jurisdictions becoming savvy to this foreign capital-attracting status and they began to revamp their banking institutions, adopting sound, pragmatic banking rules and regulations that eased the potential concerns of investors and depositors. The Offshore bank was off to a running start!
And soon the term Offshore banking became synonymous with any smaller, haven jurisdiction that offered safe, secure, confidential banking with practical regulations. Soon the rest of the world was in the know, and began to look at these havens as viable solutions to their needs. Americans, Africans, Asians, etc., found these Offshore bank accounts quite useful for a myriad of reasons. Unlike their banks at home, these Offshore banks were not regularly subjected to political turmoil or economic strife, and were most welcome for their stability and asset protection benefits.
In the years since they have come into greater use and thus more visible, offshore banking accounts have been unfairly portrayed by the media and by the larger jurisdictions as the stomping grounds of the criminal underground–a veritable haven for their illicitly-obtained assets and funds, or the choice locales for their money-laundering schemes. Money-wise investors and depositors have long known that these prejudices could not be further from the truth. They know that offshore banks can be remarkably effective havens for assets and funds in need of safe, secure, confidential keeping. They know that these banks can safeguard their funds from the perils of civil, economic, or political strife in their home countries. Today, offshore banks continue to keep their end of the bargain and continue to provide a safe, confidential haven for those seeking to safeguard their assets and funds from the perils of undue regulation and taxation.
Many a discriminating depositor has benefited from the safe, confidential, and low taxation environment that an Offshore banking account has to offer. While it is important to assess your goals and discuss these with a competent, experienced agent before leaping into un-chartered waters, there are many unquestionable benefits provided by establishing an Offshore bank account. Their reputation among depositors and investors for providing a viable banking location featuring protection from liability and confidentiality is growing, and Offshore banks will continue with this hard-earned reputation for asset protection, tax reduction, depending on your jurisdiction, and superb confidentiality of deposits.
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Offshore Bank Account – Offshore Banking Accounts Setup and …
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