From Flag Theory
Pillar 4 of our updated 7 Pillars of FlagTheory is “Offshore Banking“. While mostly used by offshore companies, there are also options for personal accounts. It often makes sense to have bank accounts in jurisdictions other than the ones that you live in or are incorporated in. When you hold the account in a different country, it gives you additional redundancy, time and protection against frivolous lawsuits.
Offshore banking is a completely legal and legitimate method of managing currency holdings, used by major company and the wealthy for years, just make sure that you do all your paperwork correctly (like the “FBAR” for Americans)!
There are many options for offshore banks. Some banks require large deposits and minimum balances, some offer certain currencies and others have strong restrictions on allowed citizenships. Our Offshore Banking article has a large list of banks available. If you need a more personal touch, feel free to reach out to me at [email protected] and we can schedule an hour consulting call to discuss your needs and provide the best solutions.
New and updated articles
Highlighted articles: We have launched a new site specific to International Banking. If you like the article “List of the Best Offshore Banks” above, the new site presents the information in searchable and filterable format. Check it out here: https://bankaccounts.io/
Is your Corporation Really Tax Free? Check out some of the rules and “gotchas” here:/residency/
Keeping with the tax theme, Tax Residency is Pillar 2 of Flag Theory: /tax-residency/
We have done a couple case studies on structuring residency and incorporation jurisdictions to minimize tax issues. See one example here: /tax-free-in-philippines/
FAQ
My company is growing and PayPal has blocked our payments. What other options do I have?
The best option is to move to a Merchant Account that allows you to take credit card payments directly, rather than through a provider. For further options, we have an article about different payment processor options.
Got a question? E-mail it to us at [email protected] and we may answer it in our next newsletter or might even make it onto the site as an article.