Daily Investment Tips

Three Major British banks have subsidiaries in Monaco Island.The three UK Banks provide offshore bank accounts to international clients.

Lloyds TSB Bank Plc

Located ar 11, bd des Moulins

Barclays Bank Plc (Monaco)

Located at 21, av de la Costa

HSBC Private Bank Monaco

While confidentiality is a legal requirement in Monaco, it might not be elsewhere where tax authorities might be able to exert some influence on disclosures at a bank’ s head office (for example The Inland Revenue in the UK might try to get information on a UK citizen who has a Monaco bank account from the London office, if the UK citizen had a Monaco bank account it should be with a non UK bank to prevent this possibility).

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Offshore investment is investing money in a jurisdiction or country that is different from the jurisdiction or country that the depositor or investor resides in.

Major Advantage of Offshore investment

The main advantage of offshore investments is the tax advantage. Offshore investments returns are taxed between a low rate to a zero rate depending on the jurisdiction.

Major Offshore investment centres

Cayman Island, Bahamas, Bermuda, Jersey

Minimum deposit in setting up an offshore investment

This depends on the jurisdiction and the manager of the funds. With some managers and some types of accounts it is possible to start off with a deposit of $1,000, while other managers will require minimum $500,000.

Documents required in opening an offshore investment

Most offshore centres will require your identification documents such as your authenticated passport (must be current and valid) and one/two copy of your most recent utility bill to prove your current residency.

Choosing a safe offshore centre

A safe offshore centre should offer investors prudent, sound regulations in place geared towards safeguarding the deposits and maintaining their confidentiality. A respect for rule of law.

Talk to your financial advisor on how start investing offshore.

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Numbered bank accounts are offered by Swiss banks. This mean the owner of the bank account is identified by the special number rather than his/her name. The number gives the owner some level of anonymity.

Typically the account will also have a codename attached to it for the convenience of both the banker and customer. This avoids confusion between banker and customer as to which account is being discussed. The feature of numbered accounts is that the customer’s name does not appear on bank statements. Only the number and code-name appear. This means that if bank statements are lost or stolen, it will not be immediately obvious as to who is behind the account.

In the case of a numbered account, the customer’s identity will only be known to a small group of people in the bank, on a “need to know” basis. Also the customer’s name does not appear on the bank’s computer thus preserving confidentiality in the case of cybercrime.

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