Deposits in Offshore Bank Accounts to save taxes
Offshore banking allows companies to make use of the banking services of entities outside of their country of residence to open bank accounts, time deposits, investments, etc. This is an extremely profitable option for those who want to improve the quality of their investments without eliminating the anonymity, credit cards, security and safe political and economic environments.
Offshore bank accounts are characterized not only by their easy incorporation and by being bound by banking secrecy but also by the many tax exemptions they offer. Funds deposited in offshore bank accounts enjoy total exemption from tax as well as the income generated by these funds provided they come from abroad.
Money or dividends deposited into these accounts and which source is not the country of origin of the depositary are completely tax exempt. Interests, dividends or increases in equity are also free from deductions and taxes.
However, the tax benefits are not the only benefit of offshore bank accounts. Here are some other features that make it extremely attractive to open these accounts:
Strict bank secrecy laws.
No information of the bank account or the shareholders or account signatories is disclosed. These data may only be required when a person is accused of taking part in a wrongful act or when the client has tax processes in their country of origin and the country where the bank has some kind of agreement to exchange tax information with the country of origin of the signatory on the account.
Monetary, legal and political stability allowing deposit and withdrawal of money whenever you want.
This is a very attractive advantage for those who conduct their business in countries with political instability and run the risk that their assets may be frozen or seized.
Offshore bank accounts are extremely flexible.
You can make international transactions from anywhere and use anonymous credit cards for extreme versatility. The bank account funds will be accessible through credit and debit cards, checks, online banking or showing up personally in the bank.
You can own an offshore bank account with multiple currencies.
A resident agent is required to open an offshore bank account for safety, privacy and speed.
Delvalle & Delvalle is a law firm specialized in providing offshore services taking advantage of the location of Panama as a major banking, financial and business center in Latin America.
To discuss your case in detail, make an appointment with our lawyers .