First : The differences between an offshore account and an investment account.
Having a bank account and an investment account are two different things, each having distinct tax implications.
- Offshore bank accounts are administered by banks and offer traditional services associated with holding a bank account: spending, receiving, and transferring funds, along with earning some forms of interest. If you just want to hold money in an offshore account, a bank account is probably your way to go.
- Offshore investment accounts are administered by investors and can hold money in different currencies, as well as stocks, bonds, and mutual funds. They provide greater flexibility than bank accounts, but may come with higher fees. If you want to hold assets in addition to cash overseas, an investment account may be your best bet You can name Jack A. Bass as a portfolio manager as well as yourself.
Second : You don’t need to go to the Cayman Islands to open the account. We can open your account by email, or regular mail – precluding the need for you to visit Cayman . Additionally a number of services such as internet banking, mail retaining, credit cards and investment options can be set up on these accounts.We use fax to provide some documents and originals can be sent by courier or regular mail.
Fees are associated with setting up a bank account. Jack A. Bass and Associates will shop around for competitive pricing. These fees may not be insignificant. It may cost somewhere in the area of $500 to $2,000 to set up an offshore account.
Ask banks if they require an “apostilles” stamp. An apostilles stamp is a special kind of certification that you may need to provide as part of an international treaty.If you are required to show an apostilles stamp, you will need to visit your governmental office to obtain a state or national version of that stamp or use Jack A. Bass to obtain same as part of the application process.
Third : Requirements needed to set up an account.
Jack A. Bass has a list of the required documents . These may include
- Proof of identity.
- Copy of your passport. (May be distinct from proof of identity.)
- Proof of residence.
- Description of the source and expected uses of the money.
Banks increasingly will ask for information to verify you are not a criminal and to identify the source of your money.
Learn how to deposit funds into your account. Most modern offshore bank accounts effect transfers by electronic wire transfer. Many offshore banks do not accept foreign checks.
Learn how to withdraw funds from your account. Although most banks will issue a debit card associated with your account, you may need to pay fees in order to withdraw funds from your bank account.
- Make sure your chosen bank has internet banking facilities.
- Account officers can be appointed speaking English, French, Spanish, German, Italian, Russian and Arabic and the service can be customised to your needs
Fourth : Incorporation Of A New Business Entity
Most of our clients operate a business corporation ( International Business Corporation )which has the bank account in the corporation name. This is an additional level of privacy and security as the accounts use ” nominees” as the publicly listed directors.The incorporation is more expensive than setting up a bank account.
Note : We also provide portfolio selection/ service on their investment accounts and do the same for other clients whether or not they have offshore accounts.
Final Step: START HERE :We provide a no cost or obligation overview of the services you may require.
Email email@example.com or
call Jack direct at 604-858-3202 ( same time zone as Los Angeles -Monday – Friday 9:00-5:00 ( Pacific Time)