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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
We’ll always remember 2020 as being the year that COVID-19 swept the world. Arriving at overwhelming speed and on an enormous scale, with organisations facing a paralysing volume of unfamiliar decisions that could have incredible, long-lasting effects. The rapid deployment of measures to prevent the spread of COVID-19 have had a clear impact on how
When you think of the term ‘offshore banking’, you’re probably associating it with the ever-looming stigma of tax evasion. But in reality, nothing could be further from the truth. Taking advantage of offshore banking and its benefits is perfectly legal in most countries worldwide. But what exactly is an offshore account? And how does it
In the past, offshore banking has hit the headlines for negative reasons including tax evasion and money laundering. However, if you play by the rules, offshore banking is a secure and perfectly legitimate way to manage your money well. The other main misconception surrounding offshore banking is that it’s only accessible for the super-rich. But
Despite its misconceptions, the popularity of offshore banking is growing. Not only is it a perfectly legal way of holding your money, but with the right professional advice, it is also reassuringly simple to open an account. This ease-of-use is prompting many offshore banks to change their offering to compete and make overseas banking even
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