(PRWEB) May 7, 2002

Panama City, Panama (May 1, 2002) Real estate, automobiles, aircraft and yachts now for sale online in Panama City, Panama. While you are checking out the deals in Panama City, take a virtual tour of the Panama Canal; learn about offshore banking, e-commerce and exciting tourist attractions. No this is not your traditional website, it operates and looks more like a magazine. It is full of cool interactive features and most important the subscription for the first year is free.

RPM (www.realpropertymagazine.com) is focused on stimulating economic investment in Latin American countries and has made Panama first on its list. “People that haven’t visited Panama or think it is some third world country are way off base. This city is more modern and technologically advanced than most North American cities that I have traveled,” says Tom McMurrain of Real Property Magazine.

Panama is positioned to have a faster rebound than any other Latin American economy purely because of its diverse business sectors in financial services, import/export and a well known multi-modal shipping port called the Panama Canal that produces over $ 500 million a year in revenue. Investment dollars are pouring into the economy because it has the infrastructure, its geographic location, and it utilizes the US dollar as its main currency.

Real Property Magazine hopes to generate more awareness by turning curious customers into potential investors in real property in the Panamanian economy. By RPMÂ?s philosophy, big-ticket sales generate cash flow and cash flow generates more economic growth.

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.

The depositors are inclined to deposit in the offshore banks because they are actually located in such a jurisdiction where they can avail substantial financial as well as legal benefits. Offshore banks furnish a continuity of services which are associated with financial management including fund management, corporate administration, and trustee services, deposit taking, money transmissions, creation of provision of foreign exchange, trade finance, credit facilities and investments.

Those people who have to frequently travel or have to change their place of residency from time to time can take the services of offshore banks. The offshore banking is widely popular among the people due to various factors like asset protection, asset management, business expansion, estate planning and so on. The most important factor is that it provides anonymity with regards to your financial matters. You can also open an account in the offshore banks as a savings account and can also make investments or take loans as well.

This sort of banking services has been highly appreciated and used legally used by myriads of individuals and corporations worldwide. What more, you can have an account in an offshore bank in the names of your own Belize corporations and your name will not be mentioned anywhere. With this method, you get the opportunity to store your hard earned money in anonymity and save it from people who have filed a lawsuit against you and are striving to take your money. You can also store money for future emergencies.

People are highly tempted to buy properties in Panama and those who are the proud owner of the Panama properties, then require someone trustworthy to protect and manage their assets. The offshore banks are a great help and they will manage and protect your assets efficiently. The most vital point is that you need not require the Panama Residency proof to open an offshore bank account. You will be provided much higher interest rates than offered in your native country. So, protect your money and assets with offshore banks!

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

A real and current hot spot is Panama. With its strong economy and encouraging tax regime, businesses are attracted by its offshore banking facilities. This makes it attractive for property investors, who can choose between offices, beachside resorts, and hotel occupancy deals.

A close contender is Kuala Lumpur in Malaysia. It is a booming city, with property that is still affordable, and can be reached fairly easily by budget airlines (always a key factor in property prices for United Kingdom investors). Job opportunities are also opening up here as it moves towards becoming the new Bangkok.

With Latin and Central America surging ahead in the property investment stakes, Brazil is up next. It is a vast country, so it is best to narrow it down to somewhere like the north-eastern city area of Natal, with its fresh environment and unscathed space, as well as a warm year-round climate and great coastal culture. People will always travel for sun and beaches!

In fourth place it is the mountain region of Slovakia with winter sports in winter, and golfing, walking and other nature-related activities in the summer. It’s beautiful, unspoilt, relatively inexpensive and not far away. The new Bulgaria perhaps!

Coming next is the United States. This is perhaps surprising given the economic climate, but for those not actually living there or less affected by recession, it is tipped as a goer because property prices could be about to totally bottom out. In some areas properties are going for up to 60 per cent less than originally priced and still offer an opportunity to make a quick return.

Last in this list is the United Kingdom. Again, here, property prices might soon bottom out, and for resident owners that is not great. However, for overseas investors the weak pound will make property look attractive. To these investors, property in the United Kingdom is currently over 50% per cent cheaper than 12 months ago.

But wherever you go you will need to consider hiring a removals company to be in charge of a part of your moving home process. You may also need to look at the regulation if you go to another country as you may not need conveyancing solicitors and as a result will not have to pay conveyancing fees.

What and where is Belize? 

Belize was British Honduras until 1973 although it gained its independence in 1964. The society is diverse with English, Spanish, and Creole spoken. Mexico lies to the North and Guatemala to the West while on the East is the Caribbean Sea and the world’s second longest barrier reef system. Belize has a third of a million people living on just less than 9,000 square miles of land, giving it one of the world’s lowest population densities. Belize is the only nation in Latin America to be a member of the British Commonwealth. 

Making the Most of Your Retirement Savings in Belize

Belize typically comes up in these discussions as a safe, cheap, English speaking nation on the Caribbean with a legal system based upon British Common Law. Typically cost of living for Belize is cited as between ,000 and ,000 a month depending upon whether you live on one of Belize’s many offshore islands or on the mainland.

How much you spend to live in Belize will depend upon how much you integrate yourself into the culture and to what degree you want to maintain a lifestyle of conspicuous consumption. Belize has luxurious, gated communities and Belize has safe, quiet neighborhoods where prices are cheap. If you don’t bother with cable TV and an internet connection in your home, don’t party a lot nor have servants it can be easy to live for around ,000 a month. If you want to live a more lavish life style, for less than elsewhere, you can save thousands of dollars a month by living in Belize (and spend a few thousand too). If you are interested, come to Belize to visit. Rent for a bit and explore. You could be very happy that you did. Then, while you are visiting, check out the other aspects of Belize that may be useful. 

Belize Offshore Banking 

Opening a bank an offshore bank account in Belize is easy. You do not even need to go to the bank. With an introduction to a reputable, competent, trustworthy bank in Belize you can set up your account online and by fax.

In order to open an account in Belize you need only provide your full name and a copy of your driver’s license or passport, proof of your address, a utility bill for your address, and a reference from your current bank. Ideally you will need to have had a two year relationship with the bank that provides your reference. 

Belize has local, Belize banks, and international banks doing business in Belize. A little investigation, in English, will help you find the right banking choice for your banking needs. If you still want to travel in retirement you can do all of your banking with your Belize offshore bank online from anywhere in the world. 

The banking guidelines in Belize provide you with unparalleled privacy and security in handling of your accounts and transactions. Although the bank will need this information to open an account your personal information is not available to third parties without your knowledge and consent. 

Belize Offshore Corporations 

A Belize International Business Corporation (IBC) is a legal entity which is incorporated in Belize but does not do business in Belize nor pay taxes in Belize. A Belize IBC needs to have a registered agent in country and pays a 0 annual fee. 

A Belize IBC can be set up by an individual or other legal entity. The IBC requires a shareholder. This shareholder can be the actual, registered, shareholder who records its own name on the share certificate and in there share record or a nominee shareholder.

A Belize Offshore Corporation can be used for offshore banking, to invest outside of Belize, and to engage in business and trade internationally. A Belize IBC can hold bank accounts as well as operate businesses, own real property, and buy and sell any and all kinds of goods and services.

If you are looking for an extra layer of asset protection and privacy, a nominee shareholder is used for your corporation. The nominee shareholder’s name is on the share certificate and in the share register and the nominee shareholder signs a Declaration of Trust giving up any and all rights to voting rights and any rights to exercise, sell, or transfer the IBC shares. 

Why Choose a Belize International Business Corporation? 

Belize used to be British Honduras. This Caribbean nation’s official language is English. The legal system is based upon English common law and the government is a parliamentary democracy based upon that in England.

Belize International Business Corporations are simple in that they require a single subscriber, a single shareholder, and a single director. Belize is a tax advantaged location so that a properly set up Belize IBC can pay minimal taxes.

Although a Belize may not do business in Belize it may bank there. Nominee shares may be issued for a Belize IBC increasing asset privacy. Shares may be registered or bearer shares. As with most offshore incorporations a Belize IBC requires a registered agent in Belize. The applicable law for setting up and maintaining a Belize IBC is available in pfd format in English. 

According to applicable law, page 63 of pdf, “A company incorporated under this Act shall keep such accounts and records as the directors consider necessary or desirable in order to reflect the financial position of the company.”

Also, page 64 of pdf, “The books, records and minutes required by this section shall be kept at the registered office of the company or at such other place as the directors determine.”

Besides being a place in the sun for your retirement years Belize is a tax advantaged location with excellent protection of the privacy of your assets.

The Problem Elsewhere

For those interested in setting up an offshore banking presence in most, but not all, jurisdictions the bad news is primarily related to the United States Patriot Act enacted after the destruction of the World Trade Center twin towers. An offshore bank is typically not allowed to do business with residents of the jurisdiction in which it is licensed but its license allows it to do business throughout the world. To do so the bank will need correspondent banks in other countries. Banks throughout the world that do business with banks in the USA typically need to satisfy certain criteria based on the Patriot Act.

Because many banks are not willing to jeopardize their current banking relationships they will often not take on correspondent accounts with new offshore banks. Sometimes there are, in fact, problems with the jurisdiction or the bank involved and sometimes the bank simply does not want to take a risk of being branded by US authorities.

Because of this situation some jurisdictions no longer offer offshore banking licenses. Some still do but the problem of getting correspondent banks remains so that it has become very difficult to actually do any banking even if an individual or corporation has obtained a license and set up an offshore banking business.

The Opportunity in New Zealand

A New Zealand Offshore Financial Company (NZOFC), also called a New Zealand Offshore Financial Institution (NZOFI) can be set up to provide a whole range of financial services without being called or being a bank. Because there are no capital requirements for setting up a NZOFC such a venture can be entered into at low cost.

Correspondent Accounts, Shell Banks, and Problems Elsewhere

A correspondent account is an account established by a domestic banking institution. It receives deposits from and makes payments on behalf of a foreign financial institution. A correspondent account allows foreign banks to conduct business and provide services to their clients without the expense of a physical presence in that country. Typically the larger bank provides deposit and lending services allowing the smaller, usually offshore, bank to experience a lower cost of operation.

Patriotic Act restrictions prohibit banks from doing business with offshore banks that have no affiliate in the USA. This fact and a number of other restrictions make setting up and running an offshore bank very difficult in this day and age.

A NZOFC, especially with a New Zealand director, will typically not have problems setting up a working relationship with a registered bank in New Zealand.

The NZOFC Alternative

Because of the difficulty in obtaining a banking license and the difficulty, if a license is obtained, of finding a correspondent bank willing to deal with the paperwork many have found a better solution, the NZOFC

A NZOFC or New Zealand Offshore Financial Corporation is not a bank. A NZOFC will not do business with residents of New Zealand which is typical of offshore companies. However, such a company can do business with persons and corporations from throughout the world.

Setting up a relationship with a New Zealand bank will allow the NZOFC to operate internationally.

A NZOFC has no capital requirements. It can take deposits, lend money, offer wire transfer services, and issue credit and debit cards. A NZOFC can provide payment processing services, manage funds, market investments, and deal in a variety of other financial instruments and guarantees.

New Zealand

New Zealand is a good and safe place to do business and to do business from. The country is developed, safe, democratic, and pro business.

New Zealand is an island nation (two islands) east of Australia in the Southern Hemisphere. New Zealand is part of the British Commonwealth. This business friendly nation has always had a democratic government. It is politically stable and functions strictly under the rule of law. This is not a place where the laws change overnight to the detriment of investors.

New Zealand law provides for banking type services to be offered by a number of business entities including finance companies, building societies, credit unions as well as capitalized and registered banks. A finance company is unique in that it is not subject to capital requirements and is not supervised by the governing authority for banks, the Reserve Bank of New Zealand. Nevertheless a finance company can offer banking services throughout the world, restricted only in that in cannot offer services to residents of New Zealand.

New Zealand has a well respected banking system with both Registered Banks and offshore institutions. New Zealand is not on anyone’s blacklist for suspected money laundering, etc. Organizations such as the Organization for Economic Cooperation and Development, OECD, do not list New Zealand as a tax haven. In fact New Zealand is a member of OECD as well as the World Trade Organization.

English is the primary language of New Zealand which was a crown colony and is a member of the British Commonwealth of Nations. The majority of law pertaining to financial institutions is based upon English banking law. New Zealand is not a European Union member and not obliged to follow the EU Savings Tax Directive.

New Zealand is a modern country with first world infrastructure including roads, air transport, telephone, internet, and health services. With broad band internet New Zealand offers no internet related impediments to doing banking business by internet throughout the world. The economy is strong and stable and its professional community functions of a level of competence consistent with the best in the world. Any issues a NZOFC may come up against will be handled professionally and competently with the highest prospects of favorable resolution.

A NZOFC

Besides operating under English banking law New Zealand encourages local investment by offshore entities to provide world wide banking services from this island nation. In order to facilitate the set up of financial companies in New Zealand the country has streamlines is rules and regulations to make the application process and running the actual business “use friendly.” The lack of unduly harsh and cumbersome regulations makes setting up a NZOFC efficient and lends toward profitability of an ongoing operation. New Zealand is a good place to do business.

It is possible to set up a NZOFC and offer identical services to those which a bank would offer. However, the cost of operation of a NZOFC will be substantially less than that of a regular bank in New Zealand starting with the fact that the operation will be subject to no capital requirements. A NZOFC can offer online banking services to clients all over the world. In keeping with its policy of attracting business to New Zealand’s shores such a company will have low initial costs and low operating costs compared to a registered bank.

An addition capability of a NZOFC is that it can act as a hedge fund with the attendant possibility of substantial profit. It is also possible with professionally designed financial/banking software to run a NZOFC with minimal personnel thus keeping costs to a minimum too. There are very few limitations to who can operate a NZOFC. NZOFC services are essentially bank services but the company cannot call itself a bank or use the word “bank” in it name. It is possible to obtain private label debit and credit card support also.

A NZOFC will have a director and at least one shareholder. These individuals or corporations can be of any nationality.

Although the paperwork is not extensive and is in English it is best to obtain competent counsel in setting up a NZOFC. A competent advisor will form and register the NZOFC and can maintain the legal aspects of the company. In setting up such an entity it is important to understand those with the knowledge to set things up and that they understand you. In setting up a NZOFC the principals need to have a clear idea of what services they wish to offer and make sure that those services are included in the beginning an ongoing business plan. Knowing tax consequences of the business, for example, will be something that you will want to know up front.

Clear Rules and Regulations under the Rule of Law

As a former British Crown colony and member of the British Commonwealth of Nations New Zealand is a country steeped in legal tradition and law. New Zealand laws pertaining to a NZOFC are based on English banking law, are clear, and reasonably straightforward. As we have noted a NZOFC is not a bank and is not subject to supervision or regulation by the central banking authorities in New Zealand. However, various facets of what a NZOFC does are covered in a number of laws in New Zealand. What this means is that the investor who sets up a New Zealand Offshore Financial Company can be assured that there will be surprise rulings or changes in regulations.

Law pertaining to NZOFC’s are spelled out in a number of statutes going back as far as 1908 with the Bills of Exchange Act, and progressing over the years with the 1952Property Law Act, the Cheques Act of 1960, the 1969 Unclaimed Money Act, the 1971 Stamp and Cheque Duties Act, the Securities Act of 1978, the Fair Trading Act of 1986, the 1989 Reserve Bank of New Zealand Act, the Proceeds of Crime Act of 1991, the Companies Act and Consumer Guarantees Act of 1993, the Financial Transactions Reporting Act and Investment Advisers (Disclosure) Act of 1996, the 1999 Personal Property Securities Act, the Electronic Transactions Act of 2002, and the 2003 Credit Contracts and Consumer Financial Act.

This is not a list that the investor needs to memorize. Certainly none of these acts was written specifically for NZOFC’s. This list is simply meant to demonstrate that the NZOFC is well founded in various statues of New Zealand law. The rules and regulations NZOFC are embedded in the fabric of New Zealand law making it a safe as well as potentially lucrative offshore business setup.

Running a New Zealand Offshore Financial Company

The principal or principals setting up a NZOFC will want to have a degree of knowledge and expertise in various financial matters relating to the services the company will offer. However, the principles need not expect to be expert in every aspect of setting up such an organization from day one. That is what competent counsel and technical experts are for. With the right people an individual or corporation setting up a NZOFC can expect expert assistance with general organization of the company, setting up a bank account in New Zealand or elsewhere, setting up the ability to provide wire services, and all aspects of the application process. With competent assistance the company can efficiently obtain the appropriate documentation and licensing necessary to operate as a bank in all but name.

Much of the work done by a NZOFC will be facilitated by a relationship or relationships with registered banks in New Zealand or elsewhere. These relationships are typically in place already through the advisor and counsel who will help set up the organization. The use of at least one New Zealand resident as a company director will often ease the way in dealing efficiently and quickly with set up and management issues as relate to banking relationships.

An Efficient Setup and Competent Follow up

The proper advisor in the process of setting up a NZOFC will typically have practical suggestions in place for online banking software as well as skilled personnel to help set up and maintain a web presence to attract sit visitors and convert them into customers.

It will typically take four weeks from first contact with your advisor to having all applications and documents done, software programmed, and the business ready to operate.

A NZOFC will need a minimum of one director and one shareholder. It will need to supply one annual audited report of operations and will need to have a local registered office and agent in New Zealand. Yearly fees will run around ,000 and profits are taxed at a New Zealand corporate rate of 33%. There is an “Approved Issuer Levy” on interest paid to clients of 2%.

As with all businesses thoughtful and careful planning in the beginning will reap rewards and avoid problems in the long run. It is, for example, possible to defer taxes on a NZOFC with the use of the right offshore corporate structure. This is a matter to discuss early with competent counsel. In general, there are many benefits to working, banking, and doing business offshore. It is possible to enhance privacy of business operations by having the NZOFC owned by a trust. To take perfectly legal advantage of such possibilities one need only ask.

A Few Details

Although it will typically take four weeks to set up a functioning business a company name can be reserved and the company legally formed in a day or so. The longer time frame has to do with filing required paperwork and original documents. For someone in a great hurry there are typically “pre-formed” or “off the shelf” companies where the paperwork has already been done. Nevertheless the individual or corporation setting up a NZOFC will still need to make a number of business decisions and still need to purchase software, establish a web presence, etc. so even an off the shelf company will not really be ready to operate the day it is purchased.

Although a NZOFC must have one director and one shareholder it may have more. These individuals, or corporations, may have any nationality. Use of a corporation or foundation registered in Belize or Panama is a common tactic used to legally limit tax liability. By wisely joining two offshore entities from two jurisdictions it may be possible to use one as the lender and payment processor for the other. Such legal strategies as using the NZOFC as an approved issuer can be used to reduce or defer tax obligations.

Although there may well be ways and means to substantially reduce all tax obligations they may become cumbersome and could result in making the business hard to run. Thus the use of wise counsel in setting up the operation will optimize the final result in working out of this business friendly and prosperous offshore jurisdiction.

Although there is no obligation to have a company director from New Zealand the practical fact is that things as simple as walking over a bank to set up an account are easy with a New Zealand director whereas the same could require the time and expense of travel from Europe or North for a foreign director to do the same simple task. It is possible for a non resident to open a bank account on behalf of his or her NZOFC but it may well be something that a busy person in another country will simply not have the time to do.

As the issue of money laundering for terrorism and drug trafficking continues banks will occasionally request information from a NZOFC regarding transactions. This is another matter where having a New Zealand director helps immensely. Up and running NZOFC’s, with at least one New Zealand director, report no problems in this matter because of the ease of communication and trust level involved.

Although corporations may be shareholders and directors of a NZOFC at least one director must be a real person. For tax purposes it makes no difference what proportion of shareholders are foreigners to New Zealand.

The difference in having a foreign business entity as a shareholder is that audited annual reports submitted to the New Zealand Companies office will be posted on the internet only for foreign companies.

When using an “off the shelf” offshore financial company with local “nominee” directors and shareholders the actual directors and shareholders will be added to the roles as they finalize paperwork. What the transfer of operations to the final set of directors and shareholders should take place before applying for a New Zealand bank account. This tactic is commonly used to provide a degree of privacy and asset protection to company beneficiaries. Another tactic, discussed later on, is the use of an offshore trust.

Annual audited reports are necessary when over 25% of the shareholders are foreign residents. Currently such reports by small companies are not required to be submitted to the New Zealand Companies Office registrar.

A “large” company with annual New Zealand Dollar turnover of over million, assets of million, or a staff of over fifty persons, will need to file annual audited reports with the Companies Office registrar.

New Zealand banks will provide credit cards for the NZOFC which typically access NZD accounts. These are both VISA and MasterCard. Offshore banking operations offering credit and debit cards are often easier to deal with and are readily available.

Continued in a New Zealand Offshore Financial Company Part II

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Picking an Agent, Options, and Practical Assistance

The single most important decision in any offshore business venture is typically picking a knowledgeable and trustworthy agent with broad experience across multiple offshore jurisdictions. Offshore Forex company profits will be very closely tied to choice of jurisdiction, ease of operation, overhead, and very practical choice with which a knowledgeable agent can be of great assistance.

Jurisdiction and Sorting out Tax Advantage versus Factors Most Likely to Enhance Offshore Forex Company Profits

There many offshore jurisdictions offering offshore banking, international business corporations, trusts, foundations, and licenses for international financial services. It will be possible to set up an offshore Forex company in a number of these jurisdictions. The plan fact of the matter is that all offshore jurisdictions and all offshore solutions offered in these jurisdictions are not the same. Many offshore jurisdictions offer substantial tax advantages to setting up a business on their shores. The important matter for someone setting up a business and associated offshore solutions in one of more jurisdictions is optimize the final result and by all means to avoid the occasional pitfall. Namely, don’t be so blinded by the prospect of tax advantages that you set up your offshore Forex company the wrong jurisdiction for actually doing business.

Anyone who has traded Forex knows that a high speed internet connection with lots of band width is necessary for active trading. A trader also knows that the infrastructure of the internet in the jurisdiction must be reliable so that the system does not go down during significant trades. There will be no faster way to lose Forex clients than having their trading day repeatedly interrupted, profits lost, and losses incurred because they were unable to execute a trade just as their technical analysis software gave them the possibility of a substantial profit. If that happens traders leave and offshore Forex company profits evaporate.

Likewise, some jurisdictions require that an offshore company with an office presence in the host nation employ a certain percentage of local workers. Depending upon the skill sets needed this may not be a problem. However, if communications are an issue and the country does not have a significant number of English speakers, for example, the requirement to use a certain percentage of local “talent” may just mean that you have people at desks shuffling papers in order to collect a pay check while you outsource your help desk.

The other issue is that there are many advantages to setting up a business offshore. One can take advantage of asset protection and privacy strategies such as establishing an offshore company in one jurisdiction in such a manner that the principals of the company never appear in any public document. The offshore company can own the Forex operation. In turn an offshore trust or foundation, such as a Panama Private Interest Foundation, can hold the company as an asset. Depending upon the needs of the individual or corporation wishing to make offshore Forex company profits a number of useful strategies may present themselves. As a rule these strategies are best developed with the assistance of a competent advisor in advance of obtaining licenses and starting the business.

Obtaining the license

Once the initial decisions have been made the easiest part of setting up a Forex company is typically getting the license. In virtually all offshore jurisdictions the paperwork will not be especially lengthy and it will be straightforward. The cost of an offshore Forex license and other startup expenses will commonly run to around ,000 and annual expenses and license renewal will usually be around ,500. For a substantial Forex operation with many active traders this will be a smaller part of the business expense on the way to Forex company profits.

Setting up the Business

As we mentioned above a knowledgeable agent who can help find an accountant, help with a web site, be of assistance in hiring, and any other aspects which may require local help even though the principals may be fully knowledgeable of Forex operations in their country of origin.

Efficient Operation

It is not uncommon for an offshore jurisdiction to offer substantial incentive for a company to set up an offshore business. It is also not uncommon that the jurisdiction will require employment of local personnel for a substantial portion of the work. This is an issue which should be considered when choosing the jurisdiction. However, once the host country is chosen the company may pick and choose which jobs will be done with local help, which will be done by the principals, and which especially skilled positions can be successfully and profitably outsourced.

Attracting customers is necessary for offshore Forex company profits. The company will need to advertise, most commonly on the internet. If the principals are not internet savvy they will need to hire in house help or outsource web design, site maintenance, and the like. Having experienced council in hand may help the company avoid having to do all of such work from scratch as there are business solutions available at reasonable prices with the right advice.

Separate placement of offshore administrative offices from other parts of the offshore business may not be an issue with a new offshore company. However, a successful offshore concern with business activities in many jurisdictions may find it difficult to manage personnel and other aspects of the business without an expansion and the creation of a separate administrative presence. At that time the question may arise as to where to place the administrative offices. It will be at that time that geography, various aspects of the host country, and tax treatment will arise.

Offshore Administrative Offices

An administrative office is exactly that. It is where upper level management for a region or the company’s operations for the whole world may be located. It need not be and commonly is not located where specific business operations, manufacturing, packaging, transport operations, call centers, etc. are located. If a company is a subsidiary of another then administrative offices will typically be located so that communication back and so that visits are efficient. The office will typically be responsible for coordination, analysis, financial operations, and other services related to its region. Surprisingly a number of countries typically thought of as high tax jurisdictions offer substantial tax incentives in order to attract such enterprises.

Choosing the Location of Administrative Offices

As we noted above an administrative office will not be necessary for a small company with local and regional operations. It is when business and services become global that the presence of personnel in distant, regional centers is necessary. Often times the need for intensive marketing by personnel familiar with the languages, customs, and general culture of a region requires that administrative personnel be close to the action. Picking a jurisdiction with the right package of communications facilities, overall infrastructure conducive to doing business, international transportation facilities will be important. Coupling these factors with the cost of doing business the country is the next matter of concern. Then the issue of tax incentives and advantages becomes important. Basically a company should not set up operations in a country based solely upon tax advantages, such as tax free operations for a period of time, unless the jurisdiction is in the right geographic location to further the successful pursuit of new business or management of current business.

Interestingly, nations such as the UK, France, Belgium and Greece, among others, have made it a point to offer directed tax incentives in order to attract the administrative personnel and central offices of large, multinational offshore corporations. Monaco, for example, offers tax incentives and also does not tax foreign employees of such an operation when they are stationed in Monaco.

Depending upon the need for travel it may make more sense to locate administrative offices in a country where the major airport is the hub of a regional, or preferably global, airline. Also locating the facility near that airport will improve efficiency when it comes to regional travel to global travel back to the home office. There are many offshore jurisdictions that would love to have the administrative offices of a substantial international business corporation on their shores. However, many of these jurisdictions do not have the infrastructure to support fast, broad band internet, a major airport, or major banking operations.

The opposite side of the coin is that many choose to set up business operations offshore specifically to take advantage of the asset protection and privacy features of many offshore jurisdictions. If a company sets up offshore with these matters in mind it will likely have set up its business under the umbrella of an international business corporation which is in turn a property of an entity such as a Panama Private Interest Foundation. Such an operation may function very efficiently within a region. However, if business is successful, as one always hopes, it may expand globally. Then it may require that the holding company or the business it self look at separate placement of offshore administrative offices. In this case care should be taken not to disrupt the overall offshore asset protection and privacy aspects of the overall offshore solution in setting up separate offshore administrative offices.

Maintaining Asset Protection and Privacy Features as an Operation Moves Globally

To the degree that the principals of an operation wish to maintain their privacy and that of their assets a number of strategies may be useful as a company expands. One useful consideration is that a company may wish to set up subsidiary operations in different parts of the globe as franchises or separate corporate entities in which the parent operation maintains controlling interest. This strategy allows the company to raise investment capital by selling stock, for example, or franchising operations instead of by borrowing. It also distances the principals for operations in the far reaches of the globe. Thus, they will want offshore administrative offices in distant regions to manage such operations.

This is similar to the issue of trying to optimize tax consequences of the business when choosing a location for administrative offices. There will be times when the principals will have to decide whether asset privacy and protection are the primary goals of their operation or corporate growth and long term, compounding profits. As with many such issues a degree of forethought coupled with competent advice will help. Starting with an agent or advisor who works across national boundaries is setting up offshore entities and working with someone with experience will go a long way towards setting up the most effective and flexible offshore solution at the very beginning. As with all such matters obtaining competent legal and tax advice is paramount.

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.