Knowledge Base Archives | Starting Business

Electronic Fund Transfer Act

An EFT, also referred to as an Electronic Fund Transfer, enables the transfer of funds for the payment of goods or services in an electronic manner. It is safe, secure and efficient, while also being incredibly cost-effective. In order to be entirely effective, the Electronic Fund Transfer Act was introduced in 1978, to outline the responsibilities of merchants and ascertain…

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What is an investment manager

An investment manager is responsible for actively managing their clients’ assets. Their role is to make financial decisions for their clients, based on their financial background, preferences and objectives. They are normally appointed by individuals or corporations who do not have the time or understanding of effectively managing their funds…

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What is offshore banking

Offshore banking is a term used to describe banking activity conducted in a jurisdiction other than the depositor’s country of domicile. Offshore banking boasts a wide range of benefits to the account holder, such as greater privacy, low or no taxation and easy access to deposits.

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What is a numbered account

A numbered account is a specific type of bank account that is offered by Swiss banks. Instead of specifying the customer’s name and other information, the account will have a code number attached to it. The purpose of disguising the identity of the account holder with a number is to ensure that the individual receives utmost privacy and confidentiality with regards to their…

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Do I need an offshore pension scheme

An offshore pension scheme, sometimes referred to as an overseas pension, is something that can be set up privately as an investment opportunity for one’s retirement years. It can be established through any bank branch that offers pensions, and differ in some respects from an onshore or local pension plan…

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How can I access my offshore funds

When placing funds in an offshore location it is imperative to be fully aware of how you can access those funds. One of the most common ways of accessing your funds is through the use of an offshore credit or debit card, although there are also other methods that will enable you to conveniently access your wealth…

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What is a checking account

A checking account is a specific type of bank account provided by financial institutions which allows individuals and businesses to deposit money and withdraw funds from a legally protected account. Most banks offer checking account services to their customers; however the terms of each account will differ from one bank or financial institution to another…

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Can I reduce taxes with offshore banking

Offshore banking offers numerous advantages to account holders; however one of the many advantages that appeal to people is the availability of reduced taxes and in many cases, tax-free banking. For those who wish to reduce taxes, there are many opportunities in offshore jurisdictions that offer such services…

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Which currency can I bank with

When setting up an offshore bank account, you will have the freedom and flexibility to choose which currency you would like the account to operate in. The currencies available to you will depend upon the jurisdiction that you have chosen to bank in, however many offshore bank accounts enable clients to bank in a range of currencies…

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