Going To A Bank Offshore
Many people long for an offshore bank account. Reasons can be different. For most of us the reason is simple. Opening a bank offshore means easy way to avoid tax implication in own country however it is only possible if the bank which has been opened in other country is ready to keep the identity of the account owner under wraps and does not disclose it to the own country’s tax authorities. In past few years, there have are many strict rules and regulations introduced to stop people from money laundering through opening accounts through offshore banking. In recent times, Cambodia has emerged as a winner for offshore bank accounts.
Recently, people have started the practice of opening a tax free company in other countries in order to avoid taxes. Such people think that by doing so they can be fool the tax system and enjoy free money laundering without any lawful implications. Well, these people are wrong in their thinking. Few people can be lucky in this procedure however not everyone. There are people who have been caught and paid the price off doing so. Today, almost all banks ask for the details of the beneficial person from the bank account and thus defeat the purpose of opening an anonymous bank account. The concept of a bank offshore has gone through many changes in last five years. Due to this the benefit of Tax Haven Company seems to be lost and does not hold any meaning as the details are getting exposed to the tax authorities.
In fact, if reports are to be believed almost all such tax havens require the disclosure of the beneficial owner of any existing and new tax free companies. This is not all. Apart from this threat there are many more for people who engage themselves in offshore banking or anonymous banking. There has been a regulation introduced by US government. As per this regulation, any person with a US correspondent bank account if opens an account in a bank offshore, then US can demand the transaction’s copy and every details pertaining to this bank account anytime. In case the bank authorities deny to disclose the details then US can take actions against the bank and the bank officials. In fact, fraud can be charged against them. In order to avoid this situation, if you are planning to open an offshore bank account, you need a real anonymous bank account.
In order to open an account in a bank offshore, a person needs to open a company in that particular country with a nominee from that country. This nominee needs to be a citizen of the offshore bank account country and will be known as the sole shareholder and the only director of this company. This way, one can expect privacy for the opened bank account. Because the company is in other country and the sole shareholder is also a citizen of that country, the details will not be shared with the tax authority of the actual owner of that money.
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