What are the Best Countries to Open an Offshore Account? Part 1
We’ve been giving you a lot of advice regarding offshore accounts, from the basics of offshore bank accounts to finding the best offshore bank. To point you in the right direction, here are some insights on what we think are the best countries to open an offshore bank account.
Countries that Offer the Best Offshore Accounts – Cayman Islands
This is a part of a series to simplify and give emphasis to every country that in our opinion are the best for having an offshore account. Let’s begin with a jurisdiction that’s popular in books and movies.
The Cayman Islands – a Tax Haven Country
The Cayman Islands has one of the highest reputations, internationally, when it comes to offering offshore banking services. It offers a very wide range of financial services to offshore clients and it’s also considered a major tax haven. Plus, it has a very stable government and economy.
Taxation in the Cayman Islands is one of the most minimal for foreign individuals and businesses. Income, capital gains, properties, and other things that are normally taxed in other jurisdictions are not taxed in the Cayman Islands.
Aside from the tax benefits, there are also other perks. For instance, they allow free transfer of funds in any currency freeing you from possible losses because of unstable currency exchange rates. They also have no reserve asset requirements. Another advantage is confidentiality clauses in their banking laws, an added security to clients abroad. Added to these, they have developed sound regulatory policies that keep their system safe, secure and stable.
No wonder they have earned the reputation as one of the ideal countries for offshore banking, and considered to be part of the top 10 in the world.
It’s important to remind people that there are countries that tax their citizen’s money even in other countries. Please check the laws on taxation and banking in your country of origin before opening an offshore account in the Cayman Islands.
In this situation that you’re considering to open a bank account in another country, you may consider having a reliable e-wallet for your money transfer needs.