Learn a way to reduce taxation legally using your ex-pat or
global investor status. Given the reports in the limelight
about the issues a few expatriates have lived through in
acquiring banking services at the time of their
repatriation, there is considerably more of concern about
this problem. Expats often find that the banking plans that
they made leading up to leaving the US are now not
adequate. Whatever the issue, it is not too late to get the
banking products and services needed to make expat life a
bit simpler and repatriation not as problematic.
Account
In spite of the fact that the laws that came out after the
September 11 calamity make opening bank accounts while
living overseas more complicated than it previously was ...
even for US citizens, it is still somewhat manageable. Many
US banks provide their customers with the on - line ability
to open checking, savings, certificates of deposit, and
arrange for online account access and invoice pay services.
Internet financial institutions are perfect for
expatriates, because they let you maintain your account by
mail, fax, and, of course, via Internet.
Overseas
Go for an offshore account from a multi-national financial
institution that you trust and that has the ability to
invest in internet security. One challenge with using
overseas banks can be charges. Banking overseas with HSBC
Offshore can assist you get the most out of your money.
Statistics from HSBC Overseas reveal, that the number of
the bank's overseas customers approved for internet banking
had improved, from one in five at the end of December 2001,
to one in three at the end of July 2002. The first seven
months of 2002, saw an improve of 50 % of original
customers being apprised to HSBC Overseas via the web site,
as compared to the whole of the year 2001.
Tax
When it comes to offshore banking and HMRC however, the
Revenue Service is not in the business of allowing
outstanding taxation slip through its fingers. A few of the
UK's biggest high street financial institutions are also
present in jurisdictions such as Jersey, Guernsey, the Isle
of Man and Gibraltar. The world is full of jurisdictions -
the UK can be a jurisdiction for non - domiciled people for
example, and certain states in America are even tax havens
for those who do not reside therein but who use the states
as places to register their business for example. However,
the United Kingdom and US are not considered the best for
most people when is comes to considering the world's best
jurisdictions. Most individuals associate low tax and
offshore banking with tax havens like the Panama, British
Virgin Islands, the Cayman Islands, Switzerland,
Lichtenstein and Monaco. But in actual fact, dozens of the
best tax havens in the world are far less glamorous. The
partial taxes amnesty offered via HM Revenue and Customs (
HMRC ) last year to UK residents with undisclosed overseas
bank balances and financial assets has turned out
relatively successful in terms of the taxes and fines
raised. There is a penalty line between the banks
requirement to supply information relating to account
holders suspected of illegally avoiding taxation due and
their legal duty to maintain their clients personal
secrecy. According to a recent poll conducted by KPMG,
Cyprus is one of the most attractive overseas jurisdictions
in Europe. Together with Ireland and Switzerland, Cyprus
enjoys relative transparency in its tax strategies, suffers
reduced levels of taxes change and upset annually compared
to other European countries, and has the highest percentage
of local nationals happy with the amount of of tax
legislation in place according to the poll.
Ireland
The United Kingdom and Ireland offer several intriguing and
handy products to on-line shoppers, not readily available
in North America or Europe. Financial institution of
Ireland Fsharp is an innovation in ex-pat banking. As one
of Ireland's biggest financial institutions, Financial
institution of Ireland is greater than 200 years old.
Official by Royal Charter in 1783, it was the established
banker to the Irish government until the formation of the
Central Bank of Ireland in 1942. In the past 50 years,
Financial institution of Ireland has grown from its
commercial banking roots into a broadly based financial
services organization. For the year ending 31st March 2001,
Bank of Ireland Group made profits prior to tax of US$881
million and has assets of US$69 billion. Financial
institution of Ireland Fsharp is wholly owned via the Bank
of Ireland Group.
Opening An Offshore Bank account
Additionally online access of the account opening forms,
applicants do need to go through one of many procedures
that will provide their US bank with positive proof of
their identity so that the account opening process can be
finished. Considering that this identity verification
process can be relatively costly time wise, it should not
stop those who have the desire and need to provide
themselves with even more banking services.
Offshore Banking Questionnaire
Here is a fast check - up questionnaire that will aid you,
as an US ex pat, determine the current status of your
banking services: What can / should I do to raise my level
of satisfaction with the performance of the invoice payment
arrangements currently in place. What type of bank accounts
and services do I have to have right away that I do not
presently have. What banking services will I need when I
repatriate. Whether you are preparing to move out of the
US, you are already living abroad, or you are getting ready
for repatriation, your banking needs can be provided from
virtually anywhere on the planet.
Several expats experience a sharp increase in banking needs
upon their return to the US. Ideally, expats take the time
to establish a solid relationship with a financial
institution that can meet all of their ex pat and
repatriation requirements leading up to departure. Be sure
you are working with a bank that has worked on the proper
infrastructure and customer service to help with the
specific issues of being an expatriate.
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Banking in Panama and other Offshore Bank Account
information can be found at Panama Offshore Legal at
http://www.offshorelegal.org/offshore-banking/swiss-switzerl
and-offshore-banking/offshore-bank-account-tips.html
