Banks in the world of finance occupy one of the most important positions. Banks are associated with such concepts as reliability, business success. Of course, in this regard, the responsibility of banking institutions is very high.
Unlike companies with a different focus, for example trading, which are registered in offshore zones in bulk, offshore banks are a rare phenomenon. An offshore bank is most often an institution that only serves non-residents, that is, foreign firms and individuals. Offshore banks differ from ordinary banks in that they carry out all banking operations outside the place of registration.
Due to the fact that offshore banks either pay taxes at minimum rates, or do not pay them at all, they have the opportunity to pay larger dividends to owners, and interest on deposits. These incomes are not taxed at the place of receipt, so they are immediately deposited in savings accounts of an offshore bank or reinvested in its securities.
However, one should not think that an offshore bank is completely exempt from all taxes. He is obliged to pay various fees, and the amount of these fees is much higher than that of non-bank offshore companies. In addition, the minimum authorized capital of an offshore bank should be much higher than that of offshore companies engaged in other activities.
Opening an offshore bank is not easy. The fact is that modern offshore jurisdictions treat the owners, top managers and staff of offshore banks very scrupulously. In this regard, there are several categories of offshore banking licenses. There are licenses that do not restrict these operations, but there are licenses that impose restrictions on some operations.
It is almost impossible to open an offshore bank in the US now.
Apart from a few exotic African options, where there is no guarantee of the stability of the issued permits, there are almost no jurisdictions left to realize this opportunity.
Correspondent banks are afraid to open correspondent accounts with offshore banks due to pressure from the US Patriot Act. They risk losing their correspondent accounts with American banks.
But, despite this, offshore banks are working, and will continue to work. Now only large financial structures have the opportunity to engage in offshore banking business. Therefore, offshore banks are no less reliable than banks in Europe and the United States, with their help you can profitably conduct savings and trust operations.