Offshore Banks


The offshore banks are mainly known to be those banks that are usually situated outside the country in which one is residing. These banks provide the facility to deposit your money by opening your own personal bank account or you can deposit your money on company’s bank account. Mostly these types of bank are located on Islands and on some countries like Luxemburg and Switzerland.

These banks account are somehow related to domestic banking structure but the advantage we get from these banks is that they are tax exempted banks in most of the countries. The services available in these banks are not same as you get in our own country. The term private banking is named to these services provided by the bank.

Offshore banking also provide the service to their customers for saving of their funds for a long term and giving some investments plans for their money. As the name suggest their clients can open their accounts remotely means they don’t have to be themselves there by giving them verified documents of their assets as required by the bank.

Some of the advantages are given below:

  • These offshore banks offer accounts in different currencies or even multi currencies.
  • Interest rate is mostly and generally higher than other banks.
  • These accounts are also favorable for global economic conditions that changes accordingly, so by depositing your money in these accounts you can save yourself from risks like high inflation.
  • You can save yourself from tax in your country by depositing your money in these accounts.

Euro Pacific Bank

These specific banks are linked with international group of financial sector in brokerage, banking, shared fund and economic services business, registered in Puerto Rico. Euro pacific bank and its some sister companies have given their clients from a long time a wide variety of series like financial, investment from their offices in different locations, as one from Caribbean. As they give personalized services to their costumers globally and some features like opening an account in different currencies their clients get access to their globally investment opportunities.

Their online services give their clients a 24 hours access to their personal accounts used form anywhere from the world. This is from one of the financial diversification of a banking sector that it provides access to international account from anywhere in the world. These euro banks offer a complete features of their accounts and extraordinary banking experience from globally.

Different types of account are offer to their clients:

Accounts with multiple currencies
Minimum amount required to Deposit funds is 500 $. These funds can be opened in currencies that includes USD, EUR, AUD, GBP, HKD, JPY, NZD and many others. These banking accounts currencies are allowed to hold one or more currencies in their accounts.

Explanation

Personal Account

Corporate Account

Opening an Account

Free

Free

Maintenance per month

$5.00

$30.00

Other charges on accounts and maintenance

Free

Free

If account is inactivity

n/a

n/a

When Account is blocked

$60.0

$360.0

Managed Accounts

The minimum amount needed to open this account is 100,000 $. A new account category named Separately Managed Account offers a traditional brokerage type account that’s offer diversified access globally equities and non-current income, which is administrated like in a professional way by the own Euro pacific Bank advisors group. The features these banks are giving to their clients are day by day changing economic conditions to provide them with day to day investments opportunities they can get from fast running markets and also helping them in their time consuming administration. The feature of online tracking helps them a lot by keeping an eye on their growing business.

Different strategies are available:

 

STRATEGY CATEGORIES

RISK PROFILE

RETURNS OF 2016

RETURNS OF 2017

INSTABILITY

POSSESSIONS

Moderate

Low-Medium

+2.48%

+7.11%

89%

818

Gold & Precious Metals

High

+46.79%

+7.40%

32%

94

Growth

Medium-High

+5.06%

+14.87%

14%

852

Aggressive Growth

High

+14.04%

+15.11%

18%

117

Balance

Medium

+2.57%

+9.73%

12%

818

Natural Resources

High

+22.47%

+11.07%

20%

81

 

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CIM Bank

CIM bank known to be the leading Swiss private banks. They have located in Geneva, Wollerau and Lugano. Swiss financial market supervisory Authority is running this CIM banks under the laws and regulations by FINMA. Swiss exchange and Swiss bankers Association are the authorities under which this Swiss financial market works. CIM banks get to be one of banks in financial sector who being rewarded due to its remarkable services done in the international systems of payments and receipts dealing with all kind of major currencies from around the world.

The different types of accounts include:

Current Account

CIM banks offers the feature of having only one foreign currency account in different currencies like account USD, CHF, Euro, JPY, GBP, Russian ruble,  HKD and some other type of currencies which they can accept by their system. Due to this feature of different currency account its clients can get online access to their accounts whether they are on any place in the world by giving the fees of CHF 3.5 only.

Silent benefits of having accounts in CIM bank:

  • Clients can their get payments in any form of currencies.
  • Deposit account can be used as liquidity state.
  • The clients can submit term deposit on their accessibility.
  • Debit card and credit card can be easily used.
  • Check all your operations through your Home Banking service. It’s easy to check all the operations of your accounts by online services which this bank provide.
  • They also give the offer of safety deposit box.

Terms include

Opening an Account

Free

Home Banking Access

Free

Minimum deposit required

€ 5,000.0/ $5,000.0/ 5,000 CHF

Management costs for account per quarter

90.0 CHF

Pre-Paid Card fee

Free

 

CIM bank deposit account is reliable and secure for investment opportunity with some of the benefits as:

  • Market rates are the finest.
  • Interest rates are stable.
  • 48 hour investment plans are also one of the features for top clients.

Depositing 10,000 euros so you can easily access it. It has some features

  • Clients can open their account easily by online services.
  • Their account activates within 24 hours.
  • It’s reliable and protected and can be access any time through online.
  • Clients can transfer their money by direct transferring to their personal accounts.

Flexible investment

Different currencies available which include EUR, USD, CHF, CNY and various others. It Expiry in 1, 3, 6, 12 months period. Opening a bank account in CIM bank with seeing all the complexity of the case and fulfilling all the requirements which are given and duly signed and checked. Its takes approx. 5 days to complete this process of opening an account. 5,000 $ are minimum deposit amount to open a personal bank current account or, a joint account and a business ongoing account. 10,000 EUR/USD/CHF are required to open a corporate account.

MasterCard Business

CIM bank provide Master card business card for any small and medium business trader. Prepaid card helps to reduce the banking fees and easy to administrate online operation without any problem. One of the best feature of this business card is that you can make your own logo and design on these cards.

MasterCard Corporate

CIM bank also offers Corporate MasterCard for like large business holders. Its features include that you can have full control to your account, easily see and go through all your expenses of your company credit card.

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ABC Banking Corporation:

ABC banking corporation has its own reputes in financial sector with having many investment opportunities with liability and protection of investors’ funds. It operates from Mauritius. Tax friendly environment in provided due to its tax treaty network. Also it is business friendly and well organized center. GMT +4 is their time zone. They have well educated and disciplined staff who are fluent in French and English. This corporation also provide the reliability of online services like call center by giving a convince of time zone by being 7 hours behind Australia and 9 hours behind New Zealand during summer months and 4 hours behind Singapore and 1.5 hours behind India.

Benefits of opening a corporate bank account have silent benefits:

  • 10,000 MUR is the minimum amount required to open an account.
  • For convinces of their customers they have made the facility of cheque books.
  • For incoming debts and payments they provide outstanding benefits to their clients.
  • They have Relationship Manager appointed staff for making relationship with their clients to help them go through banks account requirements.
  • To professionally manage your cash flow they have facility of overdraft.
  • Clients have to pay their interest starting from 100,000 MUR annually.
  • They provide with electronic statements on month basis and also give information of daily business transactions made by their clients.
  • Giving free debit card facility of MasterCard logo.
  • The best feature of having a corporate account is getting the facility of free 24 hour Internet Banking, so that their clients can access their accounts anytime from anywhere around the world.

You have to deposit an amount of 10000 MUR for opening a Current Account. Current Account benefits are as follow:

  • Facility of Cheque book.
  • No payable interest.
  • Facilities of Standing order.
  • Any transaction or reports happened are also posted on to your home address and on through email.
  • The applicants who get qualified are given the facility of overdraft.
  • Provides free MasterCard debit card and online banking services free.
  • The clients can withdraw their money from any ATMs with having access to MasterCard/ Maestro etc.

Documents which are necessarily required for this account:

  • A copy of Passport or their any proof of identity card type document.
  • Proof of marriage certificate or any birth certificate.
  • Any proof of up-to date utility bill from CWA, CEB, MT.

 

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Scotiabank

Scotiabank is one of the renowned bank from Canada internationally. It is one of leading bank in providing financial services throughout the entire North America, Central America and Asia specific areas. The services they provide to their clients involve wealth management, personal and private banking, investment solutions and many other services which a bank can provide.

Their facility of International Banking IB offers their customers a complete variety of financial services and guide on how to manage their account and their main focus is on Latin America, as well as Mexico, Chile, Peru and Colombia, and the other Central American countries.

Chequing individual account with $13.95 per month

  • They provide the facility of unlimited teller transactions and self-services made through this account
  • No any daily charges on having 4000 minimum balance.
  • Providing the facility of per month 2 free Interac e-Transfers.
  • You can pay through any Mobile Wallet for your online banking.

 

Benefits of having account in Commercial Banking

  • For keeping funds in GIC for about 15 months, the clients gets 2.5% interest.
  • When the 15 months period ends the clients gets a premium rate on fund redeemed.
  • Scotiabank gives the surety of your money is safe and sound.
  • 100,000 CAD are minimum required for deposit of funds.

Capital Security Bank 

Established in the Cook IslandsCapital security bank in 1997 started its operation, under the license obtained from offshore banking Act 1981-82. But as the time goes on this banking act replaced to act 2003 and now then to act 2011 due to the changes in new international regulations and different trends in banking sector. The main focus of CSB is to provide Private banking to its customer rather than the other retail banking.

CSB customer mainly include:

  • People with some higher wealth.
  • These customers focus on big amount of payment other than just a small one.
  • CSB provide its customer a very own personal banking services.
  • There are focus on their investment plans.
  • Investors feel pleasure to share their personal financial information.

Some are the accounts which CSB offers:

 

Managed investment account

Managed Investment Account one of the department in CSB helps its customers to manage their investments in a separate private investment bank department. The clients have to deposits at least $500,000 for a Managed investment account.

Trading account:

The investor have to deposits $150,000 for opening a trading account. When a customer make a transaction then fees charged under this includes an asset based account fee with addition of trading fees. These fees are based upon the amount that are kept under the account or for investment fees.

Cash Account:

The customers have to deposit $20,000 for opening their account in this category. If a customer opens an account in US dollar then the fees charged under this include administration fee of $500 adding with $50 of monthly maintenance charge. But if client opens an account in different currency then no fees is charged. The fees banks charges on every transaction is based upon amount and currency of the entry. If the client balance gets low from 20,000 then a higher maintenance fees s charged against it. Time take for opening an account for non-residents about 4 weeks.

Different Currencies like: USD, GBP, EUR, Others may be offered on demand.

Mauritius Commercial Bank

MCB located in Seychelles is one of the known bank in the entire country, with keen to serve its clients. It opens an account in 4 weeks.

Following are the types of account which they offers to their costumers

Current Account:

The first account is current account with all the services to easily help clients with their funds and easy method of payment options.

Other services are also provided under this account:

  • The banks provide the services to its clients by standing order.
  • Instructions are given for inter account.
  • Clients can access their current account through the services of debit card by visa and also providing 24 hour Internet Banking services.
  • Accounts can be opened in EUR, GBP and USD.

Savings Account:

Saving Account needs 1,000 SCR minimum to open an account. Interest is generated on minimum balance of 1,000 SCR. On daily basis interest is credited to quarterly bases.

With having all these services bank also provide the following services:

  • Standing Orders Recurrent Payments
  • Instructions are given for Inter-Account Standing.
  • Saving account can be access with services of debit card by visa and can also do Internet Banking services online.

Corporate current account

For opening a corporate current account mainly in foreign currencies then the clients have to deposit a minimum of either GBP 100 or USD 200 or EUR 150.

Documents required by the corporate for opening an account:

  • Certificate of Incorporation issued to a company.
  • Memorandum of Association of a Company.
  • Article of Association (not compulsory).
  • Declaration of Compliance.
  • Information on directors appointed.
  • Document of registered office.

Some Other requirements are also needed:

  • Any proof of Identity card or can also give copy of passport for the Directors appointed & participants to the account.
  • Proof of operating license issued to a company.
  • Audit report if one year is completed from its operation.
  • Resolution of Company’s Board for the opening of account.
  • Bank information if shareholders or directors don’t know about this bank.
  • Also attach Utility Bills received.

Corporate Business Card account:

The MCB Business Card account is mainly for helping their clients in their business with providing the facility of proper cash management, instant reliability and many different benefits.

Some of the benefits are as below:

  • Cards are available in MasterCard or Visa.
  • Clients gets a higher credit limit to deposit their funds.
  • It is widely accepted throughout globally.
  • Bank provide a 30 days period for interest free purchases to its clients.
  • They have a limit of withdrawing 10,000 SCR for a day.
  • Monthly statements are sent to know your expenses through email.

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