A bank account is a monetary account with a banking institution recording the balance of money for a customer. Bank account may have a positive or credit balance where the bank holds money on behalf of the customer; or a negative or debit balance where the customer owes money to the bank. Broadly speaking, accounts opened with the purpose of holding credit balances are referred to as deposit accounts, whilst accounts opened with the purpose of holding debit balances are referred to as loan accounts. Some accounts are defined by their function rather than nature of the balance they hold. Bank accounts designed to process large numbers of transactions may offer credit and debit facilities and therefore do not sit easily with a polarised definition. These transactional accounts are called by different names in different countries: in the U.S. and Canada, they are checking accounts, in the UK current accounts.

The broad definition of an offshore bank is that of a bank that is located in a jurisdiction or country that is different from the jurisdiction or country that the depositor or investor resides in.

Simply defined, an offshore bank account is an account held in a bank that is located outside your country of residence. Usually such an account is located in a low tax jurisdiction and offers certain financial and/or legal benefits to the holder of the account.

It is important that the proper jurisdiction be selected when deciding which jurisdiction to use as an offshore banking jurisdiction. The majority of the offshore jurisdictions have prudent, sound regulations in place geared towards safeguarding the deposits and maintaining their confidentiality. However, some weigh their benefits in taxation, while others in confidentiality, and so forth. Though they all offer a comparatively confidential and secure environment, it bears consideration to outline what the banking goals are and then choose the jurisdiction accordingly.

Generally speaking anyone is free to open an offshore bank account. In fact, offshore banking has been widely used for many years by both individuals and organisations worldwide.

There is no definitive answer to this question as every individual’s circumstances are unique, and there are so many different types of account available in so many different locations in the world, and each offers the individual customer different features and benefits! But for an expatriate living and working overseas, for example, offshore banking could have tax benefits, as interest earned on offshore account could be paid without tax being deducted. And if you were to transfer your current savings and investments offshore, you may also be in a position to further reduce your tax liability in your home country. Other general benefits not limited to expatriate account holders may include asset protection, estate planning, privacy and confidentiality, better interest returns, lower taxation burden, the chance to exploit active business interests overseas in low to no taxation jurisdictions, and global access to assets and income.

You could benefit if you're planning to move or retire abroad, or are already living in another country. You may also benefit if you have homes or commitments in more than one country. If you live in a country which is politically or economically unstable, you may choose to place your money offshore in order to protect your assets more effectively.

Yes. With the Internet, e-mail, fax and telephone banking and the use of ATMs, your money is just as accessible as it is from your local bank account. You can easily and quickly transfer your money around the world by electronic transfer and can effectively bank wherever you are.

Some countries, like USA, require residents to declare their income on a worldwide basis, so tax is payable on all your income. In certain circumstances the income of an entity which you control may also be taxable. For this reason, most countries have no restrictions on where your business interests, investments or bank accounts may be located. It's your responsibility to report or not report your income to your appropriate tax authority. If you are not resident in a country that has reporting requirements you may not have to declare any income you earn.

Generally speaking you neither have to visit the country in which you wish to open an account, nor have to travel to the country to carry out any banking activity. Most offshore accounts offered through legitimate organisations will allow you to carry out all your banking activity via the internet, e-mail, post, fax or telephone. Furthermore, many offshore bank accounts offer full credit card services and in some cases, debit cards are available as well allowing you easy and direct access to your funds at all times. We have information about offshore accounts and investment opportunities in over 60 countries, to access the information relevant to you, contact us with your requirements and we can supply you with the information you need.

While some banks impose restrictions for certain nationalities, we can find a suitable bank for any nationality.

It all depends on which bank and which account you choose. With some banks and some types of accounts it is possible to start off with a deposit of $1,000, while other banks will require minimum $500,000.

Accounts are available in all major currencies, including Swiss Francs, Sterling, US dollars and Euros.

Most banks would require your identification documents such as your authenticated passport (must be current and valid) and one/two copy of your most recent utility bill to prove your current residency. Of course, we may request further verification as and when we deem necessary. In addition, certain offshore banks may require a bank reference from your current banker, this again depends on which location you select.

It will usually take between 2 to 7 days (after you have submitted the physical documents and forms to the respective bank) but it could vary depending on various factors. However, we pledge to complete your application in the shortest time possible.

Only you have control of your bank account as the signatory. It is totally and only your decision as to whom you wish to assign an authorized signature to your account, if any.

No, you do not buy and we do not sell bank accounts, neither do the banks sell bank accounts. We provide an introduction and consultancy service and because of our knowledge of the bank requirements and relationship with banks we guide you through the selection of the bank, selection of the account and the application process. This means we supply you all necessary information, application forms, etc. which will be needed to open your bank account. In case you are rejected with one bank we may offer you introduction with another bank in order to satisfy your banking needs.

In such very unlikely case we will either mediate your application to another bank, free of additional charges, or on request you will immediately receive a full refund!

Absolutely. We can recommend established, reputable, rated (by Moody's and Standard & Poor’s) banks that have been in existence for 100 years or more, have billions in assets and have proven themselves to be service oriented. As long as accounts are opened at a bank that we recommended, an individuals’ or corporations’ money will be safe and protected.

When it comes to the declaration of assets held and ‘savings income’ generated, the EU Savings Tax Directive 2005 may limit the amount of privacy you are afforded if you bank or reside in one of the countries affected by the directive. These countries are: - Andorra, Anguilla, Aruba, Austria, Belgium, British Virgin Islands, Cayman Islands, Channel Islands, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Isle of Man, Italy, Latvia, Lichtenstein, Lithuania, Luxembourg, Malta, Monaco, Montserrat, Netherlands, Netherlands Antilles, Poland, Portugal, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turks & Caicos and UK. Simply put, the EU Savings Tax Directive 2005 is an agreement between the EU Member States to automatically exchange information about any customers who earn savings income in one EU State but who reside in another EU State. This is known as the ‘automatic exchange of information option’ and it is the ultimate objective of the Directive. If you are not affected by this directive then your assets and any income you derive from them will be afforded a certain level of privacy. But while most offshore jurisdictions offer very high levels of confidentiality, they cannot guarantee you absolute secrecy as all financial institutions worldwide have a legal obligation to report suspicions of serious criminal conduct - e.g., terrorism. If you are not a terrorist or serious criminal then you are pretty safe! All your personal data is subject to modern data protection legislation, and there are civil and criminal penalties for breach of confidentiality and unauthorised disclosure and it would never be in an offshore bank’s interests to breach this legislation. If you wish to avoid implications of EU Saving Tax Directive desire further guaranteed levels of anonymity and confidentiality you may be able to benefit from various other offshore vehicles such as International Business Companies (IBCs) and/or offshore trusts.

Absolutely. Most banks offer Internet Banking service, which gives you direct control over your money, from anywhere in the world, anytime. You never actually need to visit us in person. You can manage your money remotely, from wherever you are. You can also give instructions to top up, sell or switch many of your International investments online.

Yes. Most of the banks can arrange internationally-accepted debit or credit cards in sterling, US dollars and euro.

Our advisors can offer help and guidance on everything from investments to life cover, including saving for the future, mortgage protection, and retirement and estate planning.

A current account is a deposit account in the UK and countries with a UK banking heritage offering various flexible payment methods to allow customers to distribute money directly to others. Most current accounts have a cheque book, offer the facility to arrange standing orders, direct debits and payment via a debit card. Current accounts may also allow borrowing via an overdraft facility. Current accounts providers include banks, building societies and credit unions. Since the internet revolution most retail banking institutions offer access to current accounts via online banking.

A savings account, also known as a savings deposit, is a deposit account held at a bank or other financial institution, maintained by a customer for the purpose of accumulating funds over a period of time while earning a monetary return. Some savings accounts require funds to be kept on deposit for a minimum length of time, while others permit unlimited access to funds. True savings accounts do not offer cheque-writing privileges, although certain institutions will call "savings accounts" their higher-interest demand accounts. All savings accounts offer itemized lists of all financial transactions, traditionally through a passbook, but also through a bank statement.

A time deposit (also known as a term deposit, particularly in Canada, Australia and New Zealand) is a money deposit at a bank that cannot be withdrawn for a certain "term" or period of time. When the term is over it can be withdrawn or it can be held for another term. Generally speaking, the longer the term the better the yield on the money. A certificate of deposit is a time-deposit product. In USA Money market deposit accounts are considered by the United States Federal Reserve (the Fed) to be savings accounts and are thus exempt from reserve requirements. Deposit account presumes a deposit of funds in a savings institution under an agreement stipulating that (a) the funds must be kept on deposit for a stated period of time, or (b) the institution may require a minimum period of notification before a withdrawal is made.

Numbered bank accounts are offered by Swiss banks to the majority of their clients. Typically the account will also have a codename attached to it for the convenience of both the banker and customer. This avoids confusion between banker and customer as to which account is being discussed. The feature of numbered accounts is that the customer's name does not appear on bank statements. Only the number and code-name appear. This means that if bank statements are lost or stolen, it will not be immediately obvious as to who is behind the account. Although numbered accounts may seem to grant some anonymity, Swiss law now requires all banks to know the identity of their customers. However, in the case of a numbered account, the customer's identity will only be known to a small group of people in the bank, on a "need to know" basis. Also the customer's name does not appear on the bank's computer thus preserving confidentiality in the case of cybercrime. Numbered accounts may not be used to hide the proceeds of a crime. For example, Swiss banks have strict anti-money laundering rules and laws which require the reporting of suspected cases to the Swiss authorities. Still, numbered accounts have been used for criminal activities, such as corrupt politicians hiding money embezzled from citizens. While it is unknown how complicit Swiss banks were in such activities, they have cooperated with subsequent governments to return the funds to the country concerned, such as the fortune of Ferdinand Marcos. Numbered accounts also have more mundane uses such as hiding funds from wives, family members, and others who would potentially try to take funds away from the owner. In some countries this might include criminals, kidnappers and blackmailers, whilst in others it may include unknown persons who might potentially sue, e.g. in a malpractice suit. Numbered accounts are also used for tax evasion, but following the imposition of a 15% withholding income tax on interest earned by EU residents, the perceived tax benefits have been somewhat diminished.

Bank secrecy (or bank privacy) is a legal principle under which banks are allowed to protect personal information about their customers, through the use of numbered bank accounts or otherwise. Effective bank secrecy is better achieved in certain countries, such as Switzerland or in tax havens, where offshore banks adhere to voluntary or statutory levels of privacy.

Private banking is a term which refers to major institutional banks which offer financial services to private individuals. These banks would normally have two distinct divisions - private banking, and corporate banking. Historically private banking has been viewed as very exclusive, only catering for high net worth individuals with liquidity over $1 million, although it is now possible to open some private bank accounts with no more than $50,000. An institution's private banking division will provide various services such as wealth management, savings, inheritance and tax planning for their clients. The word "private" also alludes to bank secrecy and minimizing taxes via careful allocation of assets. An offshore bank account may be used for this purpose.

This depends on the bank, the currency, the amount and the type of your account with the bank. The basic principle is that the bank offers interest on your savings, which is always related to various currencies rates like London Interbank Offered Rate (or LIBOR). LIBOR is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the London wholesale (or "interbank") money market. In order to maximize your returns on your offshore accounts first of all, you must choose the best low tax jurisdiction, the bank and type of the account which could suite your individual circumstances. You must always consider several important parameters: taxation issues, reliability issues, confidentiality issues and best return on your investment. It is advisable that you contact tax and investment specialist, who can give you advise and selection of solutions in various countries, rather limited proposal related to one specific country. Our firms having global network covering over 60 countries with low or zero taxation is ceratinly able to assist you with such an issue.