Bank secrecy is a legal and sometimes constitutional option in some jurisdictions that apply a certain privacy "veil" to bank account information. These privacy options vary from jurisdiction to jurisdiction, and not all are the same, nor are they suitable for all types of accounts. Indeed, a private individual opening an account in a country that enjoys bank secrecy will only be able to benefit from it if they also move there with tax residency. Tax residency is the legal basis on which offshore banks determine whether an individual can benefit from bank secrecy or must instead exchange banking information with their country of origin.
Only those who genuinely and legally move to another country will be able to benefit from that country's bank secrecy. Otherwise, banks will be required to exchange information with European tax authorities, following the same process that already occurs between institutions and tax authorities within the European Union.
Although there are many countries, the most suitable are those that, in exchange for tax residency, legally offer name and account protection and its transactions to OECD jurisdictions, namely Panama, Paraguay, and Costa Rica.
You can get an accurate list of all offshore and onshore banks through the portal of the Central Bank of your interest
Below is a minimal list of the central banks of greatest interest to our clients
The list does not include individual European countries and countries that are not financially important
TO
B
C
D
Central Bank of the Dominican Republic
AND
Central Bank of the United Arab Emirates
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G
H
THE
K
THE
M
N
P
Q
R
S
Central Bank of the United States of America
T
Central Bank Trinidad & Tobago
U
V
Yes, it is possible whenever the company shareholder has acquired tax resident status in a country with Zero Exchange of Tax and Banking Information.
The documents required to open an offshore bank account as a private individual, i.e., a personal account, are: an original passport with at least 6 months' expiration date, a tax code, driving license, or identity card, an original utility bill in your name and surname, a bank reference from any bank where you are a customer, a bank statement from the last 6 months, proof of tax residency or a contract with a lawyer indicating the start of the tax residency process.
For a company, however, you need the apostilled and notarized corporate documents of the open company and the same personal documents of the shareholder as those required to open a personal account. In all cases, you will need to pass the KYC test from the bank. FAQ
Yes. We can open one with a limit of $5,000 in monthly transactions. For an unlimited account, you'll need to come to Panama in person.
Yes, we can open accounts in various locations. If you do so without proper tax residency, it is your legal obligation to declare the account and its transactions to the tax authorities of your country of residence, in accordance with the limits and regulations of your country of residence. This ensures you avoid fines and illegal activities, and your offshore account can operate legally and publicly.
No.
The Community Directive on mutual assistance between Member States (and of those of the Union) for the recovery of credits of tax collection (taxes) has been implemented in the national system with Legislative Decree number 149 of 14 August 2012 , which implements the 2010/24 Community Directive.
The objective of Community legislation is to improve and facilitate mutual assistance on recovery within the Union. The legislative decree, published in the Official Gazette number 202 of 30 August 2012, in 19 articles, sets the rules of mutual assistance for the recovery of credits that arose in the national territory or in another Member State.
The states or territories with which agreements are in force for the exchange of information and for assistance to tax collection recovery, are those indicated in the following list:
- Austria
- Belgium
- Bulgaria
- Cyprus
- Denmark
- Estonia
- Finland
- France
- Germany
- Greece
- Ireland
- Iceland
- Latvia
- Lithuania
- Luxembourg
- Malta
- Norway
- Netherlands
- Poland
- Portugal
- United Kingdom
- Czech Republic
- Romania
- Slovakia
- Slovenia
- Spain
- Sweden
- Hungary
Yes, it's legal. It's illegal to misuse it, such as laundering money, hiding assets that aren't yours, or evading taxes.
The best offshore account for sending and receiving wire transfers depends on your structure, your CRS (common reporting standards), TIEAs, any residencies or dual citizenships you may have, and whether or not you decide to open a corporate or personal offshore account. Anyone who responds with a specific institution name is clearly acting in bad faith. There is no one-size-fits-all account, no one-size-fits-all solution. Different types of cases require a solution, and therefore tax and financial considerations are needed, supported by tax engineers who can understand the potential loopholes the client may encounter, in order to avoid long-term operational difficulties. Contact us for more information.
