OFFSHORE ACCOUNT

One of the concerns of the owners of highly profitable companies is to preserve the capital. Due to local problems, the crisis in the country, the depreciation of the currency and rampant criminality it is necessary to think about opening an offshore account. The finances will be in relative safety there.

The advantages of offshore (opening a bank account abroad) include the following:

  • confidentiality. With some of the countries, there are still no agreements between state agencies concerning the exchange of information, so Russia can send a request directly not to all countries. If there are doubts, one of the countries keeping confidentiality is selected;
  • the reduction of economic risks;
  • the simplified procedure for opening an account and subsequent work with it.

The disadvantages include the need to submit documents for payments (contracts, invoices, consignment note, etc.). Some inconvenience is caused by the time difference with the country where the bank is located – sometimes operations are carried out in the middle of the night when there is a working day on the other side of the hemisphere.

How to open a bank account in the offshore for the private person?

Individuals make the decision in favor of offshore (opening an account abroad) when protection is required against an unstable economy, asset seizure, force majeure while abroad. Other reasons:

  • the desire not to advertise the financial situation;
  • saving of finance in a reliable bank;
  • deposits in other currencies, except rubles, euros, and dollars;
  • lack of control over spending by the inspection structures;
  • access to finance from anywhere in the world;
  • confidentiality of information.

To open an offshore account a package of documents is prepared. The standard list includes a passport, application form, contact details and documents about the origin of finance. The list of documents varies according to the country of the bank and local laws. Documents are translated from Russian into that language which is officially accepted in the country of destination and notarized.

Verification of the submitted information and registration of the account lasts about 7 weeks. In some cases, it is possible to submit documents remotely, in others the personal attendance is required. In any case, the accounts are not opened anonymously – the applicant’s document is always required. The cost of the service depends on the country and the bank.

How to open an offshore account for legal entities?

The company executives who want to reduce the tax burden legally often take out money abroad. For this purpose, it is possible to open an offshore company with a current account in the selected country. The existence of such an account opens additional opportunities. For example, you can take part in international transactions, invest in foreign projects and, of course, protect your finance from blocking, arrest, etc.

For legal entities, the opening of offshore account begins with the preparation of a number of papers:

  • constituent documents;
  • information about the owners, company management;
  • Charter;
  • proof of the origin of the available amount of money.

The international law obliges the banks to resist money laundering, so those who want to open an account in an offshore must provide evidence of the legitimacy of the source of income. Besides, banks prefer to know the maximum information about the actual owners of the companies. In some cases, it is required to prepare a business plan, financial statements, etc. The more respectable is a financial institution, the larger the list of documents required. The Swiss banks, besides listed, work with those who have recommendations from the clients who are already possessing the accounts.

Whom our services will be suited?

The desire to open an offshore account arises from both legal entities and individuals. The lawyers of RPI Solutions will help you to choose the best country and bank, will support you at all stages, and will offer services in the complex. Experts know all the subtleties of international law, check the licenses and documents of financial institutions before making recommendations to a client.

Those who wish to preserve and increase the existing capital and to carry out operations without risk and confidentially appeal to us. The most popular banking institutions are located in Cyprus, the British Virgin Islands, Panama, and Liechtenstein, in the island states. The price and time of execution, a list of required papers, the amount of the balance, the ability to manage money in other countries, etc. depend on the choice of the bank.

Our services are suitable for citizens of the countries where there is political instability, there is a risk of freezing or seizure of assets, the bankruptcy of local banks.

Account Opening Procedure

Contrary to the myths, opening an offshore account is a completely legal procedure if it is not about crime and the funds received from criminal activities. Before sending a request to the selected financial institution, it is advisable to learn more about the current restrictions and regulations in the country.

The first step is to determine the jurisdiction, taxes, and conditions, taking into account the objectives of the company and its activities. After choosing a jurisdiction (country), the most convenient bank is determined. The procedure for opening accounts for legal entities and individuals comes down to the submission of a list of required documents.

For private clients:

  • notarized copies of passports;
  • application form where sources of income are indicated;
  • contact information of the person managing the account;
  • the purpose of opening an account in the selected country;
  • projected volume of operations per month;
  • nature of base payments.

For companies:

  • corporate documents (copies together with originals) with seal and apostil;
  • passports (copies together with originals) of the beneficiaries;
  • confirmed registration address of each of the founders;
  • projected list of contractors and the monthly volume of operations;
  • the intended purpose and turnover of funds in a year, etc.

The listed requirements are a standardized list, and in each case, the list of documents can vary. One thing exactly remains invariable that the banks require the disclosure of the names of owners, therefore even personal accounts cannot be 100% anonymous.

Legal nuances

The experts of RPI Solutions will help to open an offshore account, having previously provided detailed information on the choice of a country and a bank, the nuances of legislation and other aspects that you need to know. Our lawyers have many years of practical experience and are aware of news from the most popular banks. The prerequisites of license revocation, liquidity and annual reporting of banks, the presence of branches or their closure and other factors indicating the choice of a financial institution are constantly monitored.

Years of practical experience allows drawing a conclusion that the best bank abroad does not exist. You need up-to-date information, knowledge of the laws and the economic situation in the country and the world. It is useful to be aware of domestic laws, especially those related to taxes, money laundering, exchange controls and income from foreign companies.

The procedure of opening an account in a foreign bank does not present any particular difficulties. It is required to pass identification and to prepare a package of documents. On the legal side, such storage of monetary amounts does not constitute anything illegal, you need only to know at what stages it is required to resort to help of a lawyer. For example, in some banks, money is accepted into an account without being interested in the source of income. Then, in the future, such institutions operate at their discretion, which does not give a guarantee of safety and security of the entrusted amount. Therefore, the choice of the bank is the main task for those who plan to get an account abroad. We will prompt you which of the proposed banks have a faultless reputation, in which country there are the most stable economic and political situation and an acceptable level of taxation.

In general, an account in a foreign bank represents the place where money is under security, confidentiality, and safety. Financial institutions with high reputation create comfortable conditions for customers, attracting huge sums and receiving considerable profits. If you have a desire to protect your capital, contact the specialists of our international consulting center. Already at the first consultation, you can get answers to the most common questions.

68%

Affairs won the courts for the recognition of ownership of real estate: in Spain, Belgium, Italy, Greece, Portugal, Panama, Britain, Austria, France

39

Transactions conducted large corporate transactions, at the end of 2018

55

Clients defended the right to political asylum with our qualified help.

51

Real estate objects issued at the end of 2018

38

Clients issued a residence permit in 9 states

Reviews
EN Заказывала в этой фирме налоговый аудит. С компанией знакома еще со времен регистрации своей фирмы, и филиалы они же потом регистрировали. Теперь вот настал черед разобраться с налогообложением. Аудиторы поработали на совесть – всю бухгалтерию изучили, рекомендации дали. Теперь реально налогов плачу меньше, а в бухгалтерии порядка больше. Планирую периодически к ним обращаться за аудитом. Лучше уж хорошему аудитору заплатить разово, зато потом сэкономить на излишне уплаченных налогах.
Guzel Khismatullina,en директор компании TeamsoftMore reviews
Top