Canada is a leading offshore banking jurisdiction that is selected by many people from across the globe for the opening of a bank account. Whether for personal, business or investment purposes, Canada offers favorable banking regulations and provisions that are preferred by many.
Why Open a Canada Offshore Account
Canada is a popular location of choice for travel purposes and millions of people visit this location every year. It is one of the wealthiest countries in the world and in 2011 it had a GDP of approximately US$1.75 trillion.
For these reasons and more, many people choose to open a bank account in this location. Situated north of the USA and with a population of around 34 million, Canada is a well regulated jurisdiction that offers favorable banking solutions for anyone who chooses to open an account here.
The Canada banking industry is regulated by the Central Bank of Canada. It is responsible for maintaining all monetary policies and promoting a safe, sound and efficient financial system. Canada’s banking industry is advanced and banks are considered to play a focal role in this country’s financial system and economic development.
There are numerous types of bank accounts available, and all of them come with a wide range of features. However, in Canada there are three basic types of account available:
Banking Account: This is designed to meet the individual’s everyday needs, from basic banking, withdrawals, transfers and payment for merchandise and services.
Savings Account: This account is primarily for saving extra money that will not be required on a day-to-day basis. This money is always accessible and will earn interest.
A U.S. Account: This is a useful acquisition if the customer often makes U.S dollar transactions or travels to the U.S or other countries where dollars are required.
A Canada offshore account can also be a personal, corporate or investment account. There are numerous bank branches operating in Canada and depending on the particular needs of the individual, a range of services available. Opening an offshore bank account in this region offers exceptional wealth management and asset protection needs, whilst also enabling account holders and investors to benefit from the numerous tax opportunities available here.
Provided you are able to supply the required identification and documentation, it is relatively straightforward to open a bank account in this location.
To learn more about opening an offshore bank account, please Contact Us.