Foreign Bank Accounts
There are hundreds of locations around the world where foreign bank accounts can be opened. Some of these locations range from regular countries with stable banking systems, to international financial centres and tax havens. With the global economy as it is today, it is impossible for the need to make an international payment or transfer to not arise. Transactions may be done for online shopping, trade, business or remissions through online payment systems, bank transfers or travelers checks. Foreign bank accounts are one of the channels used for transacting, and very much unlike making an online payment, can be considered the physical presence of a business partner, corporation or individual within any country.
Some locations for foreign bank accounts are better known and much more highly reputed than others, while some are fully capable of providing top of the line international banking services but may not be as commonly known. The following paragraphs provide brief descriptions of only a few randomly territories where foreign bank accounts can be set up and promise reliable services.
Second citizenship programs have many benefits. St. Kitts and Nevis Citizenship-by-Investment have very specific objectives. These are to stimulate investments in the St. Kitts real estate sector and accumulate donations for diversifying the sugar industry through the Sugar Industry Diversification Foundation (SIDF). Dominica Economic Citizenship is thoroughly regulated. Applicants of the Second Passport Programme in Dominica who are given Dominican passports are persons who have a successful interview with the designated second passport issuing team in Dominica. Several years ago, the Grenada Citizenship Program was operational but was stopped indefinitely. A citizen of Dominica will travel freely to Caribbean countries as holders of Dominican passports. Offshore corporations are tax exempt business companies. In some offshore tax havens offshore corporations are fully exempted from all local taxed on revenue earned internationally. Non-resident companies enjoy tax exemptions on inheritance tax, capital gains tax, income tax and corporate tax and others.
In addition to Switzerland, the number of foreign bank accounts held in Luxembourg has continued to increase over the years. Luxembourg is described as the first centre within the EU to possess developed infrastructure for wealth management and ranks highly in private banking. Local and foreign bank accounts holding assets that are under the management of Luxembourg’s long standing banks had an estimated value of 300 billion Euros at the end of 2006, which represented a 12% increase of the total value of assets managed in 2005. Foreign bank account services in Luxembourg are available to multinational companies of all sizes as well as private nationals of all countries, and foster the development of business areas like real estate, factoring, health science, private equity and ecommerce. The scope of services available to the owners of local and foreign bank accounts is very broad and includes capital investments, pension fund facilities, financing for businesses, cash management, (re)insurance, custody and foreign exchange, just to name a few. More than 220 banks are registered and operated in Luxembourg, providing a wide scope of businesses that can be facilitated in Luxembourg through foreign bank accounts.
St. Vincent and the Grenadines
St. Vincent is one of the many islands located in the Caribbean. Though not an international financial center or highly developed country, St. Vincent provides one of the best environments for holding foreign bank accounts. Privacy and confidentiality have been at the helm of foreign bank accounts operations on the island, and is strongly backed by compliance and legislation that demand adherence to international and regional banking policies and regulations. One of St. Vincent’s main banking institutions for foreign bank accounts was opened in 1997, and has grown considerably to house and manage the assets of hundreds of thousands of foreign bank accounts. In 2002, anti-money laundering and know your customer policies were introduced in accordance with international requirements. Foreign bank accounts in St. Vincent have a number of term deposit facilities, escrow services, SMS and email alerts, investment trading, private banking, digipass and multi currency accounts, to name a few.
Cyprus can be considered one of the EU’s banking giants in its own rights. Foreign bank accounts are not only housed in a country with several AA rated banks, but holders of foreign bank accounts obtain tax exempt status depending on their residency and foreign bank accounts are treated with utmost privacy. Local and foreign bank accounts are managed under banking policies that are designed in accordance with British laws and regulations, giving customers a great sense of comfort and security in terms of banking in Cyprus as international customers. The Cyprus pound is no longer the official currency, as in 2008 the Euro was adopted. Local and foreign bank accounts are currently being increasingly managed under EU regulations which Cyprus is being required to adopt as a full member of the EU.