The majority of offshore banks operate within highly regulated environments under national monetary bodies such as Central Banks, Financial Services Commissions, etc. These banks are required to maintain capital adequacy requirement in accordance with international standards. They must submit financial reports at least quarterly to the regulator on the current state of their business.

One common misconception about offshore banking and offshore accounts is that it can legally prevent assets from being subject to personal income tax or interest. For those persons who meet fairly complex requirements, this conception is not applicable because the personal income tax of most countries makes no distinction between interest earned in local banks and those earned abroad. For instance, people subject to pay US income tax are required to declare any offshore bank accounts they may have.

WHO CAN BENEFIT FROM OFFSHORE BANKING

The profile of a typical offshore bank account holder generally depends upon whether the account holder is an individual client or a corporate client, but both have one thing in common, offshore banking can have many benefits and a series of advantages for both:

- Offshore banks provide access to politically and economically stable jurisdictions. This may be an advantage for those resident in areas where there is a risk of political turmoil who fear their assets may be frozen, seized or disappear for example, during economic crizis etc. However, developed countries with regulated banking systems offer the same advantages in terms of stability.

- Some offshore banks may operate with a lower cost base and can provide higher interest rates than the  rate in the home country due to lower overheads and a lack of governement intervention.

- Offshore finance is one of the few industries, along with tourism, that geographically remote island nations can competitively engage in. It can help developing countries source investments and create growth in their economies, and can help redistribute world finance from the developed to the developing world.

- Interest is generally paid by offshore banks without tax deducted. This is an advantage to individuals who do not pay tax on worldwide income, or who do not pay tax until the tax return is agreed.

- Some offshore banks offer banking services that may not be available from domestic banks such as anonymous offshore bank accounts, higher or lower rate loans based on risk and investment opportunities not available elsewhere.

- Offshore banking is often linked to other structures, such as offshore companies, offshore  trusts or foundations, which may have specific tax and asset protection advantages for some individuals.

- Offshore banking creats additional tax and banking competition and is an advantage to the industry as tax competition allows people to choose an appropriate balance of services and taxes.

INDIVIDUAL CLIENTS

The majority of people who open an offshore bank account fall into one of the three following general categories: -

1) High Net Worth Individuals - these are people with a disposable income in excess of one million US dollars.

2) Expatriates - these are people who are located overseas away from their home country either on an employment assignment or in retirement.

3) Business Owners - generally these are individuals who own companies whose shares are owned by family members or a close working partnership.

According to statistics the majority of individual offshore banking clients come from Europe, Australia and North America, but more recently larger numbers of Eastern European, African, Indian and Asian individuals have found that  offshore banking structures suit their own personal requirements.

The ‘type’ of person who falls into the above three categories range from those with inherited wealth to those who have earned it  by themselves and they all utilize offshore banking for the following benefits:taxation planning, estate planning, pre-immigration or repatriation planning, privacy and asset protection.

CORPORATE CLIENTS

There are far more corporate clients with offshore banking needs than individual clients. They fall into one of the following categories: 

1) Multi-national corporations.
2) Large industrial and trading companies.
3) Shipping companies.
4) Financial services and banking institutions.

The benefits of offshore banking for such companies are diverse and range from the fact that a large number of companies actually outsource parts of their operations overseas and require accounts in these countries to the fact that many offshore jurisdictions have tax free zones through which companies can operate all or part of their operations tax effectively.

WHAT WE CAN DO FOR YOU - OUR SERVICES

Over the last decade we have helped thousands of our clients to achieve effective, safe, confidential and affordable corporate structuring, tax planning and asset protection, guiding them every step of the way.

We have tried to be a one stop facility for all our clients' investment, corporate and tax planning needs. We have developed one of the largest offshore jurisdictions and tax knowledge databases in the world, which is a great help for a serious and professional investor.

We offer offshore services and management in all offshore jurisdictions, our offshore companies and offshore trusts formation is fast and cost effective, you really do not need to look elsewhere.

If you need to open offshore corporate or  offshore private bank account we can assist you to select the best country, the best structure and the most suitable banking institution.

For our clients' convenience we accept payments on line by all major credit cards, via PayPal, or by  bank-to-bank wire transfer, bank drafts, travelers checks or Western Union money transfer.

If you are already familiar with offshore companies, offshore accounts  and offshore trusts, you can fill in our application form  for the private bank account or corporate bank account and proceed with the  opening of  the account.  We can assist you to select jurisdiction, bank and type of a bank account.  In case you need offshore company or trust, you must fill  another application form on our group site www.mydeltaquest.com.

If you have questions like: “How do I open bank account?”, “Which offshore bank should I choose?”, “What banking facilities are available for me?” - We suggest you visit our frequently asked questions (FAQ)  and How do I start pages to learn more and then contact us for the initial consultations.