Our company is made up of international private banking professionals who faithfully respect Swiss bank secrecy legislation. You can put yourself in the hands of professionals who will ensure your absolute confidentiality.
The term originated in the Cana islandsl that are “offshore”, that is, offshore, away from the coast of the United Kingdom. By extension, as most offshore banks are found in island nations to this day, the term is used figuratively to refer to any bank used for these purposes, regardless of location. So some banks in switzerland although they do not have a coastline, like Luxembourg y Andorra can be described as "offshore banks".
Aalthough the media, following the Panama Papers, they have taken charge of pointing their accusing finger at the one who had offshore accounts abroad, the truth is that it is one more financial product, totally legal which seeks, among other things, to hide money from the public sphere.
It is a measure of protection of personal assets before potential creditors, lawsuits that are contemplated within the law. Only the owner has the obligation to declare these assets in the country of residence. Shall inform the tax authorities the holding of these funds, their returns and the benefits they generate. Definitely, it's a tool depending on how it is used it can be beneficial or harmful.
En 2014, 51 countries signed an agreement to implement the Automatic Exchange of Information within the framework of a summit on Transparency and Exchange of Information promoted by the OECD. Thanks to this multilateral pact, it has been possible to establish standard rules at the global level to carry out this exchange.
As of today, 101 countries have already committed themselves to the OECD to implement this procedure. However, on January 1, 2017, the starting signal was given to implement these exchange measures in 55 countries, while 46 countries will start this in 2018.
In this way, the signatory authorities undertake to collect bank information from their foreign residents and subsequently to communicate it to the authorities of their countries of origin. We are talking about the Common Reporting Standard (CRS) system where banks began collecting information in 2016 and authorities will begin to routinely exchange data starting in September 2017.
Even so, there are still jurisdictions reluctant to implement the rules for Automatic Exchange of Information.
CAs a consequence of the financial crisis, the interest of the G20 to establish a global standard increased, which gave way in September 2013 to a formal petition to the OECD, in order to develop a common tax standard to combat tax evasion. .
LThe EU passed a Directive requiring all financial institutions in the EEA (European Economic Area) to carry out due diligence procedures and automatically inform tax authorities about customers and account details.
PFor the accounts of individuals or legal entities that are tax residents in a participating jurisdiction, the following information will be transmitted:
Identification information: name, tax identification number, date of birth and tax residence.
Financial account information: account number, account balance at the end of the previous year and gross income).
En the framework of global standards of international organizations, such as OECD and FATCA, the Common Reporting Standard (CRS) was introduced, which includes common due diligence procedures on the way in which tax information is exchanged between banks.
Lhe measures and rules established in the CRS affect any natural and / or legal person, with domicile in any jurisdiction participating in the CRS regulations. However, it mainly applies to the accounts of tax residents abroad.
LBanks are obliged to provide: the identity of the account holder, account number, the balance of the account at the end of the year, income (interest, dividends, gross income, etc.).