{"id":24375,"date":"2021-10-03T04:19:42","date_gmt":"2021-10-03T01:19:42","guid":{"rendered":"https:\/\/vigolex.net\/?post_type=service&p=24375"},"modified":"2021-10-03T21:23:49","modified_gmt":"2021-10-03T18:23:49","slug":"otkryt-offshornyj-schet-2","status":"publish","type":"service","link":"https:\/\/vigolex.net\/en\/project-details\/otkryt-offshornyj-schet-2\/","title":{"rendered":"Open Offshore account"},"content":{"rendered":"\t\t
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What is an offshore account?<\/strong><\/h2>

An offshore account is a bank account of an individual or a company that is opened in a financial institution located not in the country of the individual’s location\/country of the company registration, but in a low-tax or tax-free jurisdiction.<\/p>

Do not confuse the concept of “offshore account” and “offshore” in the context of the company. An offshore account is a bank account, and an offshore is a company that is registered in a low-tax or tax-free jurisdiction.<\/p>

What activities do you need an offshore account for?<\/strong><\/h2>

Before opening an offshore account, people are more likely to be guided not by their type of activity, but by general personal\/corporate interests.<\/p>

It is believed that opening an offshore account is a way to protect personal or company assets, as well as to simplify cooperation with counteragents and employees (if any). But there is another side to the coin – in the context of the global trend of the fight for the legalization of funds obtained by illegal means, banks of other (non-offshore) jurisdictions are increasingly difficult to conduct transactions through offshore accounts. Therefore, there is always a risk that it will be possible to somehow get money into such an account, but it will be very problematic to withdraw it and get it somewhere where it can be freely disposed of. Hardly anyone needs money in Panama or on the islands, the location and the name of which are not known to anyone.<\/p>

Therefore, before opening an offshore account for an individual or opening an account for an offshore company, it is worth analyzing the existing need for the presence or use of such an account. If such a need exists, despite all the risks, it is worth opening an offshore account.<\/p>

What is the difference between an offshore account and other types of accounts?<\/strong><\/h2>

Basically, an offshore account is the same bank account as other bank accounts. However, the main difference is exactly where to open an offshore account.<\/p>

First of all, it is worth distinguishing between a foreign account and an offshore account. A foreign account is a bank account of an individual\/company that is opened in a foreign jurisdiction. An offshore account is a bank account of an individual\/company opened in a low-tax or tax-free foreign jurisdiction – offshore.<\/p>

It is the factor of the banking institution jurisdiction in which the account is opened that determines whether such a bank account is offshore or not.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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VigoLex<\/strong> lawyers will be happy to help you with your request and advise on where to open an offshore account, how much it costs to open an offshore account, the nuances of such an account opening procedure, etc.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Where is the best place to open an offshore account?<\/strong><\/h2>

The answer to the question of where it is better to open an offshore account should be provided only after analyzing all the goals that you want to achieve by opening such an account.<\/p>

For example, in some cases, if you want to open an offshore account, Ukraine as a jurisdiction for opening an account is also suitable: the legislation allows you to pay 5% of income, subject to a number of requirements. In the context of world practice, this is a low-tax jurisdiction. Such an account will not be considered offshore in the full sense (because Ukraine does not belong to offshore jurisdictions from the point of view of international law), however, your request may not actually require opening an account in an offshore jurisdiction.<\/p>

If you really need to open an account in an offshore jurisdiction, you need to carefully consider the choice of the bank in which the account will be opened. Examples of financial institutions for opening an offshore account are the following:<\/p>