Bank Secrecy For Your Offshore Account

One of the most important reasons that you have for opening an offshore account to place your offshore company’s funds or to make offshore investments is the privacy and confidentiality that comes with such accounts. Most tax havens have strong laws that protect against unwanted and unauthorized disclosure of financial matters. What bank secrecy means is that by law no bank employee may reveal information regarding a client’s account without a court order. This prohibition is backed up by criminal sanctions that impose large fines and imprisonment for those breaking financial privacy laws. Offshore banks and the countries offering offshore incorporations must enforce their privacy laws strongly; if not there business will disappear fast. In most tax havens a court order can only be obtained if the law you may have broken for example in your home country is also a crime in the tax haven where you bank. And there are tax havens where tax evasion is not a crime.


Even if the offshore bank with which you do transact business adheres to strict secrecy laws, this does not mean that no one will know you are banking offshore. It usually is not the bank’s fault if someone discovers your offshore account. You may have left a paper trail to your account by depositing checks or wiring money. Or more commonly by letting people know you went offshore. To keep it secret, keep it quiet. Have a low profile and being discreet will insure that your business will stay confidential and away from the prying eyes of governments, creditors, spouses and litigants.
Offshore Pro Group