Located in the Caribbean, the British Virgin Islands (BVI) is famous for its white sandy beaches, lush mountain terrain and famous shipwrecks. A hotspot for tourism, the BVI is also a popular jurisdiction for many to base their offshore banking, thanks to its stable government, well-regulated legal system and flexible legislation for opening an account.
With so many countries promising special incentives to foreign investors, it is reasonable to ask yourself, “which offshore jurisdiction is right for me?”. While there is no one-size-fits-all answer to this question, certain countries hold a better reputation and are therefore more popular than others. For example, countries like the British Virgin Islands, Cayman Islands
Offshore banking often brings one of two things to mind: either a type of bank account used exclusively by the ultra-wealthy, or, the type of account used by those who have something to hide. The reality is, offshore bank accounts appeal to a broad client base. But what are the benefits associated with having an
When you think of an offshore bank account, what comes to mind are often images of globetrotting millionaires who deposit money with the specific intent to avoid tax. The reality is, this is not the case and is often an outdated view. Offshore bank accounts are far more likely to be opened by expats working
What is offshore banking? Offshore banks are simply banks that are in a different country from that in which you reside, and therefore may be subject to different banking laws. An offshore bank account is therefore a bank account opened by someone who is a non-resident of the country in which the bank account is
There’s a burst of excitement that every entrepreneur knows. That moment when you are struck with an idea for a new business. It’s a moment of both fear and excitement. Could it work? Has it been done? How big is the market? Is there a sustainable competitive advantage? Once you’ve done your research and reality
Home to many financial institutions, Hong Kong has long been recognised as a prime location for financial services. But amid the anti-government protests in 2019, there has been concern regarding the growth of the city’s economy, slumping Hong Kong into a long recession. While optimists believe the turbulence will subside and banks will recover, others
The economic substance legislation came into effect in January 2019 in the Crown Dependencies and overseas territories. It is designed to protect the reputation of offshore jurisdictions. It does this by ensuring that income streams from certain activities are based on actual local activity in order to substantiate the use of low tax jurisdictions. The
With the national security law China has passed in Hong Kong, banks including HSBC, Standard Chartered and Citigroup have seen a spike in inquiries from Hong Kong residents about opening offshore accounts. “It’s clear that wealthy families across the city are opening offshore accounts in an effort to protect their assets against any uncertainty. Whilst
When taking part in offshore banking, you do so in a different country to the one you reside in. As such, the term ‘offshore banking’ is typically used to describe overseas investments, companies and banks. But how do you open one? And how do you deposit or withdraw money? In this short article, we’re covering