Offshore Bank Accounts

Where should the offshore company open a bank account?

First of all, it should be established if the country, where Your offshore bank account will be located, has mutual legal assistance treaties, tax information exchange agreements or any similar official agreements with Your own country? If yes - not good. Next question, what are the legal and practical aspects of bank secrecy – what penalties are in the law for the person who would illegally divulge bank information? Are they enforced, or only on paper? The quality of work ethics in the bank must be considered, as there are countries with good regulatory environment, but miserable work culture – in such locations, expect delays, mistakes and attitudes. Finally, what are the services available at the particular bank, and what are the costs? In this area, variables are substantial. Is the bank in Your time zone? Do they speak Your language? All in all, there is no single answer as to the most appropriate location of an offshore bank account – it is always a compromise between convenience and confidentiality, cost and reliability.