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Learn a way to reduce taxation legally using your ex-pat or global investor status. Given the reports in the limelight about the issues a few expatriates have lived through in acquiring banking services at the time of their repatriation, there is considerably more of concern about this problem. Expats often find that the banking plans that they made leading up to leaving the US are now not adequate. Whatever the issue, it is not too late to get the banking products and services needed to make expat life a bit simpler and repatriation not as problematic.

Account

In spite of the fact that the laws that came out after the September 11 calamity make opening bank accounts while living overseas more complicated than it previously was … even for US citizens, it is still somewhat manageable. Many US banks provide their customers with the on – line ability to open checking, savings, certificates of deposit, and arrange for online account access and invoice pay services. Internet financial institutions are perfect for expatriates, because they let you maintain your account by mail, fax, and, of course, via Internet.

Overseas

Go for an offshore account from a multi-national financial institution that you trust and that has the ability to invest in internet security. One challenge with using overseas banks can be charges. Banking overseas with HSBC Offshore can assist you get the most out of your money. Statistics from HSBC Overseas reveal, that the number of the bank’s overseas customers approved for internet banking had improved, from one in five at the end of December 2001, to one in three at the end of July 2002. The first seven months of 2002, saw an improve of 50 % of original customers being apprised to HSBC Overseas via the web site, as compared to the whole of the year 2001.

Tax

When it comes to offshore banking and HMRC however, the Revenue Service is not in the business of allowing outstanding taxation slip through its fingers. A few of the UK’s biggest high street financial institutions are also present in jurisdictions such as Jersey, Guernsey, the Isle of Man and Gibraltar. The world is full of jurisdictions – the UK can be a jurisdiction for non – domiciled people for example, and certain states in America are even tax havens for those who do not reside therein but who use the states as places to register their business for example. However, the United Kingdom and US are not considered the best for most people when is comes to considering the world’s best jurisdictions. Most individuals associate low tax and offshore banking with tax havens like the Panama, British Virgin Islands, the Cayman Islands, Switzerland, Lichtenstein and Monaco. But in actual fact, dozens of the best tax havens in the world are far less glamorous. The partial taxes amnesty offered via HM Revenue and Customs ( HMRC ) last year to UK residents with undisclosed overseas bank balances and financial assets has turned out relatively successful in terms of the taxes and fines raised. There is a penalty line between the banks requirement to supply information relating to account holders suspected of illegally avoiding taxation due and their legal duty to maintain their clients personal secrecy. According to a recent poll conducted by KPMG, Cyprus is one of the most attractive overseas jurisdictions in Europe. Together with Ireland and Switzerland, Cyprus enjoys relative transparency in its tax strategies, suffers reduced levels of taxes change and upset annually compared to other European countries, and has the highest percentage of local nationals happy with the amount of of tax legislation in place according to the poll.

Ireland

The United Kingdom and Ireland offer several intriguing and handy products to on-line shoppers, not readily available in North America or Europe. Financial institution of Ireland Fsharp is an innovation in ex-pat banking. As one of Ireland’s biggest financial institutions, Financial institution of Ireland is greater than 200 years old. Official by Royal Charter in 1783, it was the established banker to the Irish government until the formation of the Central Bank of Ireland in 1942. In the past 50 years, Financial institution of Ireland has grown from its commercial banking roots into a broadly based financial services organization. For the year ending 31st March 2001, Bank of Ireland Group made profits prior to tax of US1 million and has assets of US billion. Financial institution of Ireland Fsharp is wholly owned via the Bank of Ireland Group.

Opening An Offshore Bank account

Additionally online access of the account opening forms, applicants do need to go through one of many procedures that will provide their US bank with positive proof of their identity so that the account opening process can be finished. Considering that this identity verification process can be relatively costly time wise, it should not stop those who have the desire and need to provide themselves with even more banking services.

Offshore Banking Questionnaire

Here is a fast check – up questionnaire that will aid you, as an US ex pat, determine the current status of your banking services: What can / should I do to raise my level of satisfaction with the performance of the invoice payment arrangements currently in place. What type of bank accounts and services do I have to have right away that I do not presently have. What banking services will I need when I repatriate. Whether you are preparing to move out of the US, you are already living abroad, or you are getting ready for repatriation, your banking needs can be provided from virtually anywhere on the planet.

Several expats experience a sharp increase in banking needs upon their return to the US. Ideally, expats take the time to establish a solid relationship with a financial institution that can meet all of their ex pat and repatriation requirements leading up to departure. Be sure you are working with a bank that has worked on the proper infrastructure and customer service to help with the specific issues of being an expatriate.

We are a law firm which means you have attorney client privilege – We specialize in Offshore Asset Protection. All of your affairs handled with us are covered by attorney client privilege which means that we could not reveal anything about you or your affairs without your specific permission or unless we were ordered to do so by a Panama Court (not a common occurrence). You can benefit from the legal protection and security of dealing with a licensed Panama Law Firm. If you buy an offshore corporation, offshore trust, offshore foundation or an offshore bank account from a non- law firm they could freely reveal your confidential information which they collect from you like name address, passport, name of corporation, bank account information etc. without any statutory penalties, in other words you do not have the benefit of attorney client privilege. Some of these corporate resale agents say they have some sort of financial privacy protections but it is flimsy and cursory at best.

Start here to learn more about why you should use a law firm for Offshore Asset Protection

Why use Panama – Panama is currently the new Switzerland and is also the number one retirement haven in the world. Panama does not tax offshore derived income, capital gains, etc. All tax violations in Panama are civil offenses, none are criminal and Panama has no tax treaties with any country. Panama actually requires all corporations to be formed by a lawyer to protect the privacy of their 400,000 corporations on file thus ensuring renewals each year. Panama cares about privacy, bank secrecy and asset protection. We only deal in Panama which is considered to be the most private jurisdiction in the world today, with the best bank secrecy laws, best corporate and foundation anonymity and strongest attorney client privilege in addition to having world class banks. Panama has no hurricanes, no earthquakes, no active volcanoes and no tsunamis which is why the Panama Canal was built here. So you do not have to worry about being unable to contact your bank by internet or telephone because a storm just passed over their island. Since we are in Panama we can and will represent any of clients who need legal representation in Panama with affordable rates (0.00 hour). And yes we do get in our car and go down to the Panama banks representing our clients to open their bank accounts and to resolve any issues or problems that may come up down the road when our clients need our assistance. We are your corporate resident agent and would receive any official notices on behalf of your Panama Corporation or Panama foundation and of course we would understand the notices and could advise you not just say “hey, you got a document you need to read”. We are reachable by phone and email seven days a week and of course all communications with us are privileged communications. Always feel free to ask us questions by phone or email.

To learn more about why Panama excels as an Offshore Jurisdiction click here:

http://www.panamalaw.org/attributes.html

To learn more about Panama Asset protection click here:

http://www.panamalaw.org/asset_protection.html

Panama Banking – Panama boasts of having 150 international banks which is a living testimony to their strong bank secrecy laws please keeping in mind Panama is a country of 2.9 million people and these banks are in Panama City which is only about 9 square miles. All the banks we deal with have online banking including the ability to send international wire transfers. You do not need to come to Panama to open a bank account but you do need to supply reference letters and passport copies. You can even get up to 7% interest on 5 year deposits. The national currency in Panama is the US dollar but some euro accounts are available.

For more information on Panama Bank Accounts click here:

http://www.panamalaw.org/offshore_bank_account.html

For information on Offshore Debit Cards click here:

http://www.panamalaw.org/anonymous_mastercard.html

For information on offshore ATM cards click here:

http://www.panamalaw.org/anonymous_atm.html

Panama Anonymous Bearer Share Corporation – Such anonymous corporations are called by this term in Spanish – sociedad anonima. These corporations have no registry or database into which are entered the owners of the corporation. Ownership is through the printed stock certificate called bearer shares. There is no tax on offshore derived income other than the 0 annual tax included in our prices. Transfers of ownership do not have to be reported. With a Panama bearer share corporation wires moving through the wire system are not associated with any natural persons for more privacy. Panama corporations can be formed in 2-3 days. Panama bearer share corporations can own real estate anywhere in the world under Panama law.

To learn more about Panama Corporations click here:

http://www.panamalaw.org/bearer_share_corperation.html

Panama Private Interest Foundations – A Panama foundation has a number of advantages. It is like a combination of a corporation trust and will. Foundations have no real owner. The Panama foundation is anonymous. The foundation instructions are kept secret. Foundation assets including bank accounts are generally non-freezable. Foundations can own corporations and real estate.

To learn more about Panama Private Interest Foundations click here: http://www.panamalaw.org/panama_foundations.html

Panama stock Brokerage – You and or your corporation or foundation can have a Panama Stock brokerage account and play the worlds markets from home. Panama secrecy laws apply.

For more information click here:

http://www.panamalaw.org/stockbroker.html

Panama Passports, Visas and Residency – Panama offer an instant Passport program, a number of exciting and affordable visa programs.

To learn more about these exciting options click here:

http://www.panamalaw.org/passport_program.html

http://www.panamalaw.org/live_and_retire_in_panama.html

To learn more about the Panama Reforestation Visa Program click here:

http://www.panamalaw.org/reforestation_visa.html

Panama Legal Law Firm Panama Asset Protection Strategies:

Formation and Management of Anonymous Panama S.A. Bearer Share Corporations (sociedad anonima)

Asset and Estate Protection with a full range of effective strategies including Panama Foundations and Foundation Protectors

Providing corporate nominee directors and resident agent

Offshore Bank Accounts in Panama with online banking

Anonymous ownership of real estate anywhere

Anonymous ownership of boats and planes anywhere

Real Estate Investment (Panama real estate appreciating 28% per annum)

Panama Passport Program

Panama Residency, Citizenship, Visas

Stock Trading Accounts in Panama with secrecy

Offshore Visa, MasterCard from Panama Bank and other countries

Offshore ATM debit card

Offshore Merchant Accounts for high risk or low risk accounts

http://www.panamalaw.org

http://panamalaw.org/bearer_share_corperation.html

http://panamalaw.org/panama_foundations.html

http://panamalaw.org/foundation_protectors.html

One of the misnomers about an offshore bank account is that it is only for the very wealthy. An offshore corporation plus offshore bank account is more economical than one might think. An offshore bank account is an account that you open in a country or jurisdiction outside your own. Thus opening an offshore bank account is a good place to begin on the freedom road and such an offshore banking relationship can provide the foundation of what follows. The most obvious legitimate reason for opening an offshore bank account is the cash-flow advantage of getting interest on deposits paid gross, without the withholding tax usually imposed on non-resident bank accounts. One of the numerous benefits of opening an Offshore Bank Account is that they are often situated within tax havens, which means that the individual pays less tax.

Offshore Bank Account

Most offshore bank accounts come with a cash card that can be used to withdraw funds anywhere in the world. Offshore Bank Accounts the Ultimate Protection Seeking to protect you money in an offshore bank account once someone has laid a claim to your assets just won’t happen, its already too late. An additional benefit of an offshore bank account is that if you are not willing to leave a high tax nation you can benefit by moving money to a tax free secure and private haven. Asset security and privacy is what the offshore bank accounts and the financial world are designed to accommodate.

Opening an Offshore Account

To actually open an overseas bank account, you must firstly do some research – which country and which bank will be most suitable for your needs. Although you may not need any of these things; opening an offshore account can be as straightforward as just having a checking or savings account. Most people who open an overseas bank account want to enjoy the significant tax breaks that this will give them. A passport, a driving license, and a untilty bill are all you need to open an offshore account.

Privacy

Offshore privacy can no longer be taken for granted. Having a offshore bank account may be something you can explore in regard to banking privacy, being insulated from predatory lawsuits, building your assets and to legally avoid excessive taxation. This is a popular choice for people who are very particular about their privacy and anonymity. For maximum privacy and asset protection, however, the best advice is this: Establish an offshore corporation to own your offshore bank account. The Anonymous Panama Corporation adds in a nice thick layer of privacy protection. Right now, a secure, private bank account is reserved for your personal use in countries with some of the strongest bank privacy laws on earth.

Investment

An offshore account is an excellent way to diversify investments and take advantage of global tax savings. Sure you have to report your earnings in most places and pay taxes, but you can still open up an offshore bank account for greater investment possibilities, protection from domestic lawyers who might want to sue you for your life savings and for greater financial privacy. And, you must report any interest payments or dividends you have received from any offshore investments made using that account. You can have instant access to the world’s best investment opportunities, including currencies and precious metals without concern about your home nation’s legal restrictions.

Legal

The proper way to open an offshore bank account is through an experienced law firm offering offshore legal services. As a matter of principle the rights to privacy can be suspended when a criminal investigation is underway. Don’t rely on banking secrecy being upheld if you are engaging in illegal activites. Some countries like Panama are more tolerant than others.

Services

Typically a tax free haven is offered by countries that have little or no means of exporting goods and services to offset the imbalance they would otherwise have in terms of their overall currency exchange. You may want to consider other services the bank offers, such as different types of accounts, credit cards and safety deposit boxes. There are advantages either way here – a larger bank may offer greater security and more services, but with higher fees. Many offshore banks offer a full range of private banking services, but have certain terms and conditions that need to be met by their clients. An offshore corporation combined with the quality banking and commercial services found in Panama consistently meet the needs of diverse types of clients.

International

If you’re in regular receipt of international transactions it can make sense to establish an offshore company structure in a jurisdiction like the Seychelles where no tax is levied on income generated outside the jurisdiction and where such a company is not required to fill out annual financial or activity reports. Such a company can then open and hold an account which can be used for international personal OR business transactions. If you’re moving overseas you have a number of choices available to you – you can let your current bank know and they may change your account type to be an international account. You can then use this account to pay bills back home and conduct international transactions.

Visa

The way these programs work is Visa and MasterCard do not know who the actual card holder is – no date of birth, no address, no tax id numbers etc. So a subpoena to MasterCard or Visa would produce very little and since the bank is in a country with bank secrecy this avenue is going to be a long burdensome process that would be unlikely to be pursued and could only be pursued by a government in a criminal matter. The more private way of doing this is to get a Visa or MasterCard debit card from another bank, not your Panama bank.

Bank ATM Debit Card

Some people obtain an ATM card from another unrelated financial institution. These cards typically have no name imprinted on them which right away adds to your privacy protection. These cards also do not leave a trail to your real bank. Money can be transferred to the ATM card by wire from your Panama or other bank account and then withdrawn as needed. Some people are fond of using these cards to cover corporate expenses like travel, entertainment and other business expenses. Usually the ATM card purchase requires a copy of a passport.

Offshore banking has many advantages, some of which include the access to politically and economically stable jurisdictions, and the lower cost and higher interest rate. You can use a foreign bank account as an integral tool in an aggressive, two-pronged offshore wealth strategy. In other words, an offshore private bank account is not just a place for safekeeping cash. You might think it is a bit odd at first to open an offshore account when away on holiday but if you are going to that destination anyway on holiday it makes something nice to do one day.