If you are looking to open a personal bank account, most banks will require you to visit the bank personally. If a bank account is opened in the EU under the EU Tax Savings Directive
the bank will either charge you withholding tax or disclose details of the bank account to the tax authorities in your home country.
Confidentiality can be achieved by opening a corporate offshore bank account where legitimate purposes may include, protection from identity theft, private family asset holdings, concealing ownership for trading reasons and others. A corporate offshore bank account can only be opened for its respective offshore company where currently there isn't any legislation in force (except for US Citizens under FATCA) to reveal the beneficial owners or signatories of corporate offshore bank accounts to any tax authorities. Under the Common Reporting Standards (CRS), banks and licensed registered office providers will not exchange information with any other authorities concerning the beneficial owners of trading companies or commonly known as 'active companies'.
Saveontax can advise you about offshore company formation as we are introducers to several leading offshore banks where we can guarantee to open offshore bank accounts for all genuine businesses. Bank account opening can be a lengthy process but unlike other agents who simply mail you the bank account opening forms, we at Saveontax complete the forms on your behalf and ensure that the bank receives all of the correct documentation . We know our offshore banking partners extremely well and understand what boxes need to be ticked to ensure that the offshore bank account will be opened. Read More about Offshore Bank Accounts
Saveontax have existing clients many of whom are consultants and contractors that are successfully using Offshore Bank Accounts to receive remuneration from overseas contracts, suppliers,employers or clients. The Contractor or Consultant is not paid for his services personally but from an invoice issued by his offshore company directly to the supplier/agent/employer/client. Therefore the contractor/consultant is not be liable to pay income tax on the whole contract amount even if he were liable to pay tax on world-wide income. Read More about Contactors
Usually any income remitted to the contractors/consultants ordinary place of residence is subject to local income tax less any tax allowances. If a contractor/consultants new supplier/employer/agent is prepared to pay for the services provided through an Offshore Bank Account, in most cases there would be no Corporation Tax, Capital Gains Tax, Wealth or Inheritance Taxes payable.
Many tax authorities treat dividends more favorably and the contractor may be able to pay himself in overseas dividends, an amount of which, may be zero rated or taxed at reduced rates. A Gibraltar or Malta Corporation as a European Union member can pay or receive dividends from another EU country, free of withholding tax.
For more information about how this may work for you please see the links below:
Contractors | Offshore Company | Gibraltar Company | Malta Company | Contact Us