Benefits of offshore banking: opening an offshore bank account in the best countries for offshore banking
The benefits of offshore banking
Having an offshore bank account in offers a plethora of benefits:
- A secure way of managing your wealth;
- Growing your investments;
- Privacy and confidentiality of information assured;
- Protecting your assets;
- Diversifying your assets;
- Conducting safe and secure international transactions;
- Online Banking Services;
- Protecting the estate of the consumer from inheritance taxes (Mauritius);
- Easy access of funds;
- Foreign Exchange Services;
- Personal freedom managing funds;
- Protection from potential devaluation of currencies, inflation, deflation and economic instability;
- Offshore banks are safe, reliable in Mauritius;
- Flexibility of offshore accounts; and
- Access to more liquidity
Offshore bank accounts are also attributed with protection of your assets, conducting international transactions with ease, wealth management and privacy. In some countries, the Consumer Protection Policy protects your deposited wealth in case a bank goes bankrupt or in case of a financial crisis. In Mauritius, privacy is a guaranteed advantage of offshore banking; your personal banking information, offshore bank accounts and banking transactions stay private and confidential.
One of the core benefits of opening a bank account in an offshore jurisdiction are fiscal incentives. Mauritius has a unique tax rate of 15% for both corporate and individual income. However, Global Business Companies can benefit from a Partial Exemption Regime. Other incentives include no Foreign Exchange Control, no Withholding Tax, no Capital Gains Tax and a wide-ranging network of Double Taxation Agreements. Offshore banks in Mauritius are regulated by international standards with stable credit ratings, which makes it one of the best countries for offshore banking.
Other benefits of some offshore banks include:
Characteristics of Mauritius as preferred jurisdiction for offshore banking
Offshore banking is a way to manage your money with convenience while you are abroad. It is not drastically different from a local bank account opened in your country of residence. The major variances comes in the country where the bank is located, as well as the types of banking services offered in that country.
The reputation of the jurisdiction of the offshore bank also plays a key role in attracting investors and High-Net-Worth Individuals. Economically and politically stable, Mauritius attracts international banks that offers premium offshore banking services to global investors.
Characteristics of Mauritius as one of the best countries for offshore banking
- Economic and political stability
- Tax rate of 15% for corporates and individuals
- Ranks 13th globally in the World Bank’s Ease of Doing Business Report
- Strict KYC and AML regulations
- Presence of renowned banks serving international clients
- International transactions made easy with IBAN system
- Compliance with international banking standards guaranteeing asset protection
Opening an offshore account in a Mauritian bank is simple and takes one to two weeks, contingent on the offshore bank and official procedures. Mauritius also counts the presence of Shariah Compliant banks.
Offshore banks in Mauritius offer services such as:
- Wealth Management;
- Special Investment openings;
- International Bank Account Numbers;
- Fixing currency prices;
- Consumer Protection Policies;
- Multicurrency Accounts;
- Multi-currency automatic bill payment; and
- Discounted International Payments.
It is crucial to note that having an offshore account is legal. Illegal practices lead to severe penal sentences and can even result in jail. For transparency, offshore banks commonly request the sources of the income when funds are deposited on the account.
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Features of the best offshore banks
The reputation of an offshore bank and that of the jurisdiction where it is established are intertwined. Indeed, no individual would want to bank in a jurisdiction where there is social, economic, political insecurity, even if a bank in the country is delved as the best offshore and safest bank in that jurisdiction.
Reputable offshore banks are a good choice for the management, diversification and asset protection, conducting secure international transactions and privacy amongst others. They are financially sound and experienced and qualified professionals manage your fund efficiently.
Set up in Mauritius and open an offshore bank account
Sunibel Corporate Services accompany you in all the processes related to offshore banking. We help you to open an offshore account with the bank that best fits your objectives. We offer tailored advisory, corporate and business services, and are here to help you find solutions that will enable you to optimise your costs and benefit fully from the advantages that Mauritius offers.
Considered for decades to be reserved for financial experts, investors, multinationals or High-Net-Worth Individuals, offshore banking continues to gain in popularity.
Take advantage of the benefits of offshore banking by choosing Mauritius, one of the best countries for offshore banking – Contact us via the below contact form:
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