Banking

Offshore Banking
The safety of your financial circumstances and planning its protection is a critical decision. ANGLO recommends offshore banks which are totally safe, secure and confidential. Depending on which jurisdiction is chosen, we have long standing relationships with offshore banks that offer our clients the highest level of stability, safety and secrecy.

The Right Jurisdiction
Choosing the right offshore jurisdiction has become a vital decision following the G20 summit in April 2009 (‘promoting transparency and exchange of information for tax purposes’). Certain jurisdictions are now obliged to comply with intrusive regulations which may demand disclosure of client financial information. In other words – your information.

In addition, opening an offshore bank account has become an exceedingly difficult process due to the tightening of compliance regulations and ever more stringent rules for due diligence and KYC (Know Your Customer). ANGLO’s close working relationship with a number of carefully selected offshore banks will ensure a smooth opening process, provided clients provide all required information in a timely manner.

Selecting an Offshore Bank
ANGLO provides its clients expert advice in establishing and administering offshore bank accounts and has developed huge expertise in identifying and working with suitable offshore banks. We will advise you which banks to consider in Liechtenstein, Switzerland, Seychelles, Mauritius, Panama and Hong Kong

The impact of KYC
Offshore banking has become much more restrictive since 9/11 – as the US and Europe enforces tough regulations aimed at combating terrorism, money laundering and other criminal activities.

ANGLO is fully aligned with all the offshore and international banks we work with in regard to preventing these illegal acts. When you first apply to open an offshore bank account you will experience the stringent impact of KYC regulations. Offshore account opening procedures can be onerous and time consuming. Our close relationships with our offshore banks ensure this is done smoothly and efficiently.

Today the banks want to know a lot more about you than before. They will want sight of your valid ID, proof of your address, banking or personal references and they will want to know your line of business.

As a result the offshore banks we work with will seek to ascertain and identify:

• evidence of bona fide identities
• applicants business profile
• proposed business activity
• supporting company documentation
• the source of funds
• applicant’s risk profile

Offshore Credit Cards
Getting a credit card can be difficult. Rules laid down by Visa and MasterCard stipulate that normal credit cards are usually only available to residents in the country the bank operates from.

However offshore banks have overcome this in two ways

1. By guaranteeing secured credit cards – these are Visa or MasterCard which are guaranteed by cash you have on deposit. The available credit line will be dependent on the amount of cash on deposit.
2. Deferred debit card. You can choose your own monthly spending limit. The bank takes a lien of 1.5 times the amount of the monthly card limit as security.

Conclusion
Opening an offshore bank account could be the best thing you ever do. However, many people find the process daunting – not least because they need to overcome the fear that somehow their money won’t be as safe as banking at home. If you bank with a reputable offshore bank, your money is totally safe and secure.