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A bank that is located outside the country of residence of its depositors is known as an offshore bank. Typically, most offshore account holders are non-residents of the bank's jurisdiction. The popularity of offshore banking is due to the various advantages it offers in comparison with national banking, such as greater privacy, easy access, little or no taxation and protection from political, local or financial instability. While the term originated in the Channel Islands, offshore from the United Kingdom, and while historically most offshore jurisdictions are located on islands, it is now used to refer to all banks offering the above-mentioned advantages, regardless of their location. For example, banks located in Switzerland, Luxembourg and Latvia are often referred to as offshore banks.
Benefits of having an offshore bank account The main advantages of having an offshore account, and the reasons for offshore banking's growing popularity, are:
Convenience and flexibility — the process of opening an offshore bank account is significantly faster and more convenient than when dealing with national banks. Many companies now specialise in offering a full-service package for those looking to open a bank account in a specific offshore jurisdiction. Multiple currencies — having several accounts for different currencies allows you to diversify risk associated with your home currency and profit from exchange rate fluctuations. Little or no taxation — some offshore banks are located in jurisdictions called tax havens, where taxes on inheritance or income are levied at a lower rate or not at all. Greater secrecy — an alternative term for a tax haven is secrecy jurisdiction, because most offshore banks offer higher levels of secrecy than are available in other countries. This is possible thanks to legal provisions in these jurisdictions prohibiting the disclosure of a client’s personal and account information to the authorities, except in the event of a criminal complaint. Disadvantages of having an offshore bank account There are some disadvantages to consider before opening an offshore bank account:
Offshore banking is often associated with tax evasion, money laundering and organised crime. Therefore, tax agencies and other authorities work hard to impose strict rules and greater regulation on international finance, particularly with regard to offshore banks. An offshore bank, depending on whether it is a private or a retail bank, may require a relatively high minimum deposit before you can open an account. In addition, some banks require you to maintain a certain minimum balance on your account at all times. You may not be protected if there is a financial crisis or if the offshore bank defaults, which means that you may not be able to retrieve all or any of the money you have deposited. Therefore, it is crucial to carry out extensive research or to entrust a competent professional, who is familiar with the banks you are considering and the legal requirements of your chosen offshore jurisdiction, to conduct this research for you. Blacklists of offshore jurisdictions and their impact National and international authorities have developed several grey- and blacklists in order to tackle uncontrolled offshore banking. These lists usually include jurisdictions that refuse to co-operate on tax or other matters requiring the provision of information on their customers. For example, the EU is drafting a common blacklist of uncooperative jurisdictions, which should be finalised by September 2017. The plan is for this list to include not only the names of offshore jurisdictions and tax havens, but also sanctions and other defensive measures against these countries. Common sanctions against blacklisted jurisdictions include:
Increased disclosure requirements for individuals and companies using tax havens Withholding taxes on transactions with tax havens Prohibition on using interest accrued in blacklisted countries to offset tax Revision of tax treaties Political pressure on global corporations to refrain from investing in tax havens Reductions in international aid Interestingly, those who defend offshore banking tend to criticise any attempt to regulate and impose sanctions on offshore jurisdictions. They consider the process to be driven, not by security or financial concerns, but by the desire of domestic tax agencies and banks to access the funds held in offshore accounts.
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Switzerland is world famous for its banks and blooming economy having a GDP higher than in most of the Western European countries. Also, the price of the Swiss franc (CHF) was quite stable in comparison to other currencies. In year 2009, the financial sector of Switzerland have contributed around 11.6% of total gross domestic product and employed almost 195,000 employees (136,000 of which are employed in the banking sector specifically), which is almost 6% of the overall Swiss labour force. In addition to that, Swiss banks employ roughly 103,000 employees in other countries.
Today roughly thirty three percent of total global funds are being kept outside of originating state (also known as offshore assets), which are kept in Swiss banks and financial institutions. Back in year 2001, Swiss banks have managed a great total of 2.6 trillion United States dollars net worth.
Privacy policy of the Swiss banks The Banking Law of 1934 has turned into a criminal offence for a Swiss bank to disclose information about an account holder. Swiss bank discretion policy guarantees the secrecy of bank customers. The anonymity guaranteed by Swiss laws resembles in its nature confidentiality protection level between doctors and patients or attorneys and their clients.
The Swiss authorities recognize the right to secrecy as a core principle that must be secured by any democratic state. While secrecy is guaranteed all bank accounts are connected to an identified individual, also known as ultimate beneficiary. It should also be pointed out that even the bank privacy principle isn’t absolute per se: a prosecutor or a judge is entitled to issue a legal order granting right to apply legally enforced access to bank data essential for leading an investigation.
However, everything changed on the 27th of May year 2015, when Swiss authorities have signed an agreement with the EU officials. The latter agreement has aligned bank practices of the Swiss banks and financial institutions with common European requirements and standards, which, as a result, has ended the privacy policy that EU-resident customers of Swiss banks had been enjoying lately. According to the provision of the agreement, both parties involved: Switzerland and European Union member states, shall automatically exchange information on the bank accounts of one another's residents starting from year 2018.
Asset management industry in Switzerland Asset management is a rapidly developing business in Switzerland. In order to make sure that the Swiss financial centre does actually prosper and benefit from this development, several local banking and financial associations have developed the Asset Management Platform Switzerland. This platform fulfills the duties previously carried out by the Asset Management Initiative, which was started back in year 2012. The ultimate goal of the platform is to make Switzerland an appealing, global level destination for asset management purposes.
Asset management in Switzerland is going to be improved into one of the leading forces of the Swiss financial centre. Asset management industry is going to be recognized globally for high levels of trust and quality. The aforementioned platform is going to be used in order to develop asset management in Switzerland as strategic industry. As a result, the Swiss financial centre shall become diversified, as already existing guidelines of business will be re-introduced and industries that are receding shall be compensated for. Also, for the private client business and customer-focused investment banking, asset management is going to turn into a full-scale supporting pillar of the financial centre and Swiss economy as whole.
Swiss banks As of beginning of year 2008, on the territory of Switzerland there are 327 incorporated and authorized banks and securities dealers. Companies on this list widely range and include the Two Big Banks as well as numerous smaller banks. Click here to view our Swiss banks catalogue.
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Liberia is considered to be a large nation because of its total area. Its total land area is 111,369 km² (approx. 43,000 mi²). Continental shelf of Liberia is approximately 17,715 km² (around 6,840 mi²). Liberia is located in Africa. Africa is the world’s second-largest and second-most populous continent. African countries include, but are not limited to, South Africa, Kenya, Tanzania, Ethiopia, and Egypt. Liberia has 3 neighbouring countries. Its neighbours include Guinea, Côte d'Ivoire, Sierra Leone. Liberia is not a landlocked country. It means that is is bordered by at least one major body of water. The average elevation range of Liberia is 243 m (797 ft).
Neighbors Total length of land borders of Liberia is 1667 kilometers (~644 miles). Liberia shares its land borders with 3 different countries, and has the same number of unique land boundaries to neigbouring territories. As in the case of Liberia, if a country has the same number of unique neighboring territories as number of land borders, than that country has no non-contiguous sections of a land border. This is in contrast to several countries that have multiple non-contiguous sections of land borders. Liberia has 3 neighbouring countries. Its neighbours include Guinea, Côte d'Ivoire, and Sierra Leone. The lengths of the land borders of Liberia with its neighbouring countries are as follows:
Guinea - 563 km (350 mi), Côte d'Ivoire - 716 km (445 mi), Sierra Leone - 306 km (190 mi).
Cities The capital city of Liberia is Monrovia. The largest city in Liberia is Monrovia.
Elevation The average elevation range of Liberia is 243 m (797 ft). The highest point of Liberia is Mount Wuteve, with its official height being 1440 m (4,725 ft). The lowest point of Liberia is Atlantic Ocean. The elevation difference between the highest (Mount Wuteve) and lowest (Atlantic Ocean) points of Liberia is 1440 m (2 ft).
Area The total land area of Liberia is 111,369 km² (approx. 43,000 mi²). and the total exclusive economic zone (EEZ) is 249,734 km² (~96,422 mi²). The continental shelf of Liberia is approximately 17,715 km² (around 6,840 mi²). Including land mass and EEZ, the total area of Liberia is approximately 361,103 km² (~139,422 mi²). Liberia is considered to be a large nation because of its total area.
Forest and arable land 31,540 km² of Liberia's territory is covered in forests, and forest land comprises 28% of all the land in the country. There are 3,304 km² of arable land in Liberia, and it comprises 3% of the country's total territory.
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Equatorial Guinea is considered to be a large nation because of its total area. Its total land area is 28,051 km² (approx. 10,831 mi²). Continental shelf of Equatorial Guinea is approximately 7,820 km² (around 3,019 mi²). Equatorial Guinea is located in Africa. Africa is the world’s second-largest and second-most populous continent. African countries include, but are not limited to, South Africa, Kenya, Tanzania, Ethiopia, and Egypt. Equatorial Guinea has 2 neighbouring countries. Its neighbours include Cameroon, Gabon. Equatorial Guinea is not a landlocked country. It means that is is bordered by at least one major body of water. The average elevation range of Equatorial Guinea is 577 m (1,893 ft).
Neighbors Total length of land borders of Equatorial Guinea is 528 kilometers (~204 miles). Equatorial Guinea shares its land borders with 2 different countries, and has the same number of unique land boundaries to neigbouring territories. As in the case of Equatorial Guinea, if a country has the same number of unique neighboring territories as number of land borders, than that country has no non-contiguous sections of a land border. This is in contrast to several countries that have multiple non-contiguous sections of land borders. Equatorial Guinea has 2 neighbouring countries. Its neighbours include Cameroon, and Gabon. The lengths of the land borders of Equatorial Guinea with its neighbouring countries are as follows:
Cameroon - 189 km (117 mi), Gabon - 350 km (218 mi).
Cities The capital city of Equatorial Guinea is Malabo. The largest city in Equatorial Guinea is Malabo.
Elevation The average elevation range of Equatorial Guinea is 577 m (1,893 ft). The highest point of Equatorial Guinea is Pico Basile, with its official height being 3008 m (9,869 ft). The lowest point of Equatorial Guinea is Atlantic Ocean. The elevation difference between the highest (Pico Basile) and lowest (Atlantic Ocean) points of Equatorial Guinea is 3008 m (2 ft).
Area The total land area of Equatorial Guinea is 28,051 km² (approx. 10,831 mi²). and the total exclusive economic zone (EEZ) is 303,509 km² (~117,185 mi²). The continental shelf of Equatorial Guinea is approximately 7,820 km² (around 3,019 mi²). Including land mass and EEZ, the total area of Equatorial Guinea is approximately 331,560 km² (~128,015 mi²). Equatorial Guinea is considered to be a large nation because of its total area.
Forest and arable land 16,320 km² of Equatorial Guinea's territory is covered in forests, and forest land comprises 58% of all the land in the country. There are 1,299 km² of arable land in Equatorial Guinea, and it comprises 5% of the country's total territory.
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Documents required for opening a corporate bank account Opening a corporate bank account is a straightforward and relatively simple procedure; however, you need to take into account all of the bank’s stipulations and required documents, which may vary significantly from country to country. However, there is a certain set of documents that forms an integral part of the process of opening a corporate bank account and will undoubtedly be required regardless of the bank. These are the most commonly required documents:
Completed corporate bank account application form, signed by the authorised signatories in accordance with the board resolution An extract of the board resolution approving the opening of the corporate bank account Documents that confirm the authority to open and manage the company’s bank account — e.g. a board resolution, a power of attorney, an extract from the commercial register, etc. An original or a certified true copy of the company’s incorporation documents, i.e. the certificate of incorporation, articles of association and by-laws Identification documents for the company’s directors, principal shareholders and authorised signatories — this list may be extended to the beneficial owners of corporate shares Specimen signatures of the authorised signatories Other documents may be required depending on the country and state regulations regarding risk factors and compliance requirements. These may include a director declaration providing personal information on directors and principal shareholders (a person entitled to exercise 10% or more of the shareholders’ voting rights), a business plan or audited financial statement as a proof of business, a certified copy of an organisational chart showing each individual shareholder’s percentage of holding and details of the ultimate beneficial owners for nominee shareholders.
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The businesses of Macau are 2 in terms of economic liberty. Citizens in Macau are considered mostly free with regards to their economic decisions. While the government exerts some control over commerce, citizens are still able to control their own finances and property. Corruption may be present but it does not hinder economic growth or freedom to any large extent. In terms of journalistic freedom, the media of Macau is in a 3. In Macau, journalists are generally allowed to express a variety of opinions and a number of news sources are in operation. However, the government may censure or express disapproval towards specific topics or publications. This is considered to be a satisfactory situation.
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In terms of political and civil liberties, New Zealand ranks 1st. Citizens in New Zealand experience complete freedom. The majority of countries where citizens enjoy wide civil liberties and political liberties are representative democracies, where officials are directly elected by the citizens to advocate for their needs and wants. Free countries are often backed by healthy economies and well-functioning governments. Businesses in New Zealand are 1 in terms of economic freedom. Citizens of New Zealand are considered free in their economic choices. Citizens are free to conduct business, earn personal gain, and make financial decisions without government interference (except in cases of legality). Countries that are economically free are generally free from corruption and investing in these countries is considered a safe bet. New Zealand's media ranks first in terms of journalistic freedom. In New Zealand, journalists and news organizations are free to express a variety of viewpoints. Censorship and state control do not go beyond ensuring the legality of published content. This is considered a good situation.
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The total population of Ukraine is 44,009,214 people. People in Ukraine speak the Ukrainian language. The linguistic diversity of Ukraine is diverse according to a fractionation scale, which is 0.4741 for Ukraine. The average age is around 40.6 years. Life expectancy in Ukraine is 71. Female fertility rate in Ukraine is 1.5. Around 21% of the population of Ukraine is obese. Ethnic diversity is diverse according to a fractionation scale, which for Ukraine is 0.4737. Details of the language, religion, age, gender distribution and advancement of the people of Ukraine can be found in the sections below, as well as the section on education in the country.
Population In Ukraine, the population density is 75 people per square kilometer (195 per square mile). Based on these statistics, this country is considered sparsely populated. The total population of Ukraine is 44,009,214 people. Ukraine has approximately 4,834,898 foreign immigrants. Immigrants in Ukraine make up 2.2 percent of the total number of immigrants worldwide. Immigrants in Ukraine make up 11.4 percent of the total number of immigrants worldwide. Ethnic diversity of Ukraine is diverse according to a fractionation scale based on ethnicity. Ethnic Fractionation (EF) deals with the number, size, socioeconomic distribution, and geographic location of diverse cultural groups, usually within a state or some other demarcated area. Specific cultural characteristics can refer to language, skin color, religion, ethnicity, customs and traditions, history, or other distinctive criteria, alone or in combination. These characteristics are often used for social exclusion and power monopolization. The index of ethnic fractionation in Ukraine is 0.4737. This means that there is a certain diversity in Ukraine, although all people can still be divided into a relatively small number of major ethnic groups. EF is usually measured as 1 minus the Herfindahl concentration index of ethnolinguistic group proportions, which reflects the probability that two randomly drawn individuals from the population belong to different groups. The theoretical maximum of EF of 1 means that each person belongs to a different group. Read below Ukraine's statistics on the average age and gender distribution at different ages.
Age The average age is around 40.6 years. The average age of men is 37.3, the average age of women is 43.7.
Gender The sex ratio, or number of males per female (estimated at birth), is 1.06. It can be further broken down into the following categories: sex ratio below 15 - 1.06; sex ratio from 15 to 64 - 0.92; sex ratio over 64 - 0.5; Overall sex ratio - 0.85. The overall sex ratio differs from the sex ratio estimated at birth. This is because some newborns are included in the sex ratio estimated at birth, but die within the first few weeks of life and are not included in the overall sex ratio.
Religion The majority religion of Ukraine is Christianity, whose adherents make up 83.8% of all religious believers in the country. Christianity is an Abrahamic monotheistic religion based on the life and teachings of Jesus Christ as presented in the New Testament. Christianity is the largest religion in the world with over 2.4 billion followers known as Christians. Christians believe that Jesus is the Son of God and the Savior of mankind, whose coming as Christ or Messiah was prophesied in the Old Testament. Besides Christianity, there are several other religions in the country. Other religions in Ukraine are Islam, Hinduism, Judaism. Religious diversity of Ukraine is quite diverse according to a fractionation scale based on the number of religions in Ukraine. The index of religious fractionation in Ukraine is 0.6157. This score means that there are several major religions in Ukraine, evenly distributed.
General development Ukraine is considered a developing country. A nation's level of development is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality and quality of life. As a developing country, Ukraine may not be able to provide consistent social services to its citizens.These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. In Ukraine, 33.7 in every 100 people use internet. Ukraine has a Human Development Index (HDI) of 0.734. Ukraine has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The migration rate in Ukraine is -2.25%. In Ukraine, 24.1% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Ukraine is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments.
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26.07.2024 07:42
