Offshore bank account

Opening an offshore bank account is often referred to as tax evasion. While an offshore bank account offers a significant reduction of taxation, this argument is far from be the only attraction.

An offshore bank account can indeed be justified by very different reasons. In Switzerland, new accounts are primarily intended to protect a heritage. Banking secrecy and financial havens promised guarantees the utmost discretion as to the identity of the account holder, its assets and transactions. Of course, bank secrecy does not cover illegal activities, since it can be canceled by a conviction in court. But an offshore bank account protects the heritage of those who are exposed to trial litigation, and risk having their entire capital sunk in the wake of a lawsuit for medical malpractice or professional misconduct.

An offshore bank account is also given a second chance to those who are afflicted with a curse bank in their country. For now, no harmonization on this point has been made, nor international or even European level. An offshore bank account represents a solution for simple access to financial services the most common.

The reputation of the offshore bank accounts is not overused in tax matters. For large fortunes for example, the solidarity tax on wealth represents a considerable burden, and it can be bypassed by an offshore bank account opened in French Polynesia or Belgium. For companies, offshore bank accounts are an effective solution to lower the tax rate on profits.