Myths about offshores

Many people still have myths about offshore company.  Offshores become more and more popular and available in our global world.

We want to mention some myths about offshores. Offshore could be bank account and company. 

Tax reduction is the only benefit of an offshore company.

Tax reduction is one major benefit of an offshore structure, but it's not the one. Setting up an offshore company is a good way to diversify economic, litigation risk and protect assets. Offshore is relevant to small start-up and individually owned companies, because most offshore jurisdictions have lower minimum capital, as well as simpler filing requirements.

Offshore is for criminals.

Willingness to get benefits from setting up business  abroad, from beneficial tax system and more comfortable life abroad doesn't make you criminal. Supposedly there are some unlawful funds deposited in tax haven jurisdictions but they make up a small percentage indeed of the total criminal proceeds arising from and within the high tax jurisdictions. Note that banking secrecy is not working when it comes to illegal activities.

Every offshore banks can guarantee anonymity after opening account.

Whatever account name or number you are assigned is, you will not remain anonymous to the bank.

To have offshore company or bank account you should be a reach man.

Ofcourse, banks set requirements for opening bank account, but of mainly investment profile looking for deposits starting with US $100,000. Some smaller banks are still interested in a regular middle class customer.

It is difficult to manage the offshore because offshore banks is located in remote region.

Nowadays, technological progress makes it easy to do, even if many offshore jurisdictions are indeed small islands in the ocean. For bank account you can use e-banking(online banking). 

Did you hear some myths about offshore company or bank account which is not mentioned in our article?