Banking secret is an option present at a legal and sometimes constitutional level in some jurisdictions that apply a certain "veil" or "veil" of privacy on information relating to a current account. These privacy options change from jurisdiction to jurisdiction and are not all the same and do not still lend themselves to all types of open accounts. In fact, a private entity to open an account in a country that enjoys banking secret, will in fact be able to use it only if you also transfer with the tax residence. In fact, it is the tax residence, the legal parameter on which offshore banking bodies determine whether a person can take advantage of the banking secret or must instead be subject to the exchange of banking information with their own country of origin.
Only those who truly and legally move to another country will be able to benefit from the banking secret of that country. Otherwise the banks will be obliged to make an exchange of information with the European tax authorities on the same dynamic of the exchange that already takes place between institutions and tax authorities that are part of the European Community.
Although there are many countries, the most indicated are those which, in exchange for a tax residence, legally offer the protection of the name and account and its transactions towards the OECD jurisdictions, therefore Panama, Paraguay, Costa Rica.
It is possible to have a precise list of all offshore and onshore banks through the portal of the central bank of your interest
Below a minimum list of central banks of greatest interest for our customers
The list does not include individual European countries and non -important countries at a financial level
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Central Bank of the Dominican Republic
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Central Bank of the United Arab Emirates
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Trinidad & Tobago Central Bank
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Yes, it is always possible and when the shareholder of the company 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 person, therefore a personal account, are: Original passport with at least 6 months of expiry, fiscal code, driving license or identity card, original utility bill in your name and surname, a bank reference from any bank where you are a client, a bank statement for the last 6 months, your tax residency or a contract with a lawyer indicating the start of the tax residency procedure.
For a company, on the other hand, the apostilled and notarized corporate documents of the open company and the same personal documents of the shareholder, required to open the personal account, are required. In all cases it will be necessary to pass the KYC test of the Banking Institute. FAQs
Yes. We can open one limited to 5000 USD monthly transactions. For an unlimited account, you must come to Panama in person.
Yes, we can open accounts in various locations, when you do it without having a suitable tax residence for the case, it is your legal duty to declare to the tax authorities of the country of residence from which you come, the account and its transactions, according to the limits and regulations of your country of residence. This is so that you do not incur fines, offenses and your offshore account can operate legally in the light of day.
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 is illegal to make illicit use of it, to launder money or hide assets that are not yours or to evade taxes.
The best offshore account for sending and receiving wire transfers depends on your facility and CRS, common reporting standards, TIEA's, and any residency or dual citizenship you have and your decision to open a corporate or personal offshore account. Anyone who replies with the precise name of an institute evidently does so in bad faith. There is no one-size-fits-all account, one-size-fits-all solution. We need a solution for different types of cases and therefore we need a fiscal and financial reflection supported by fiscal engineers who can understand the gaps that the client can run into to avoid long-term operational disruptions. Contact us about it.
