Opening an Austria offshore account is the preferred option amongst many investors, as Austria is a highly regulated jurisdiction whose laws are regularly updated in compliance with EU law and international commitments. The Austria banking system is the ideal solution for a number of reasons, as discussed below.
Why Open an Austria Offshore Account?
Austria is a popular location for offshore bank account opening. Many people regard Austria as an attractive business centre for foreign investors, as it is a very wealthy country with a strong and well-developed economy. Furthermore, Austria’s banks have an excellent reputation both nationally and internationally. The commercial banks of Austria have excellent credit ratings and are fully integrated in the international capital markets. Austria’s banks play an important role, particularly in Eastern and Central Europe, whilst Austria is regarded as an honest and reliable location for banking activity.
Opening an Austria offshore account offers high levels of privacy to account holders, which is particularly advantageous for those who wish to keep details of their personal assets confidential. Opening an Austria offshore bank account offers one of the most private environments for offshore banking and therefore if your banking privacy and security is important to you, Austria is the recommended option. Austria’s constitution states that Austrian banks are not able to provide information to any third parties, meaning that they are not allowed to outsource any information relating to their clients.
An Austria offshore account offers investors a number of options with regards to the type of account they would like to open. When opening an Austria offshore bank account, you can open a personal, corporate or investment bank account, depending on your needs. In order to open any of the above bank accounts, you must meet all requirements as stipulated by the Austria Banking Act (Bankwesengesetz), which regulates all banking activity carried out in Austria. The banking system is also supervised by the FMA (Financial Markets Authority), which emphasizes the safety of banking in this location.
Austria places stringent rules on offshore bank account formation and all financial activity carried out in Austria. In particular, the Austria Banking Act strives to ensure that any money laundering activity is reduced to the greatest ability, and is a highly regulated act.
Starting Business are an experienced consultancy firm who can assist you with all of your offshore account opening needs. To learn more about setting up an Austria offshore account, please view our Austria Bank Account services page.