There are no legal penalties for disclosing the customer's bank details to third parties.

Opening de cuenta
banking in Germany

Country banking analysis

DWe have offshore account opening services in Germany and anonymous bank accounts with numbered debit cards in Asia, America and Europe. These are aimed at companies, individuals and major corporations.

Everything you need to know to set up an operating company with a bank account.

1. Exchange of banking information

β€’ There are no legal penalties for disclosing the customer's bank details to third parties.

β€’ Banks are partially subject to strict customer due diligence regulations (old FATF recommendation 5 / new FATF recommendation 10).

β€’ Banks are largely required to maintain sufficient records of their customer and transaction data for law enforcement (old FATF recommendation 10 / new FATF recommendation 11).

β€’ Banks and / or other covered entities are not required to report large transactions in currency or other monetary instruments to designated authorities.

β€’ The national administration has sufficient powers to obtain and provide bank information on request without qualifications.

β€’ There are undue notification and recourse rights against the exchange of banking information upon request, but with some problems.

Is it legal to open an offshore bank account in Germany?

D

We must emphasize that it is perfectly legal to open a offshore bank account in Germanyas well as any offshore jurisdiction or low tax. Illegality arises when the beneficiary of these offshore accounts

You have not informed the administrative and tax authorities of your country of origin of the opening of said bank account.

MORE CONFIGURATION SERVICES SOLUTIONS

  • Shareholders and Agents
  • Office permits
  • Protection of trademarks and copyrights. - Market study.
  • Legal support
  • Proportion of details of temporary unions or associations
  • Fusions and acquisitions.
  • Internal control.
  • Group restructuring.
  • Financial management consulting.
  • Buy a business.
  • Valuation of companies.
  • Credit recovery
  • Job solutions
  • Due diligence search on existing companies and individuals

2. Measures to avoid tax evasion

<br>β€’ Dividend payments: Unilateral relief for double taxation through a tax credit system for a payment scenario (if the recipient is an independent or related legal person, or a natural person).

<br>β€’ Interest payments: Unilateral relief for double taxation through a tax credit system for both payment scenarios (recipients always receive a unilateral tax credit, regardless of whether it is a legal person or a natural person).

3. Cash flow

β€’ The jurisdiction issues or accepts large banknote circulations / cash notes of your own currency (value over 200 EUR / GBP / USD).

β€’ Unregistered bearer shares are available / outstanding or registered by a private custodian.

β€’ Series LLC / Shielded Cell Companies are not available.

β€’ trusts with escape clauses are not prohibited.

4. Anti-money laundering legislation

Germany is not on the FATF List of countries that have been identified with strategic AML deficiencies. At its June 2014 meeting, the FATF Plenary recognized that Germany had made sufficient progress in addressing the deficiencies identified in its 2010 mutual evaluation report, and could be removed from the regular monitoring process.

In February 2010, Germany was placed in the regular monitoring process as a result of a rating of partial compliance with certain key and basic Recommendations in their mutual evaluation report. Since then, Germany has reported to the FATF Plenary on the progress it has made to correct these deficiencies.

The June 2014 follow-up report contains a detailed description and analysis of the actions taken by Germany with respect to all Recommendations rated as partially compliant and non-compliant. Significant actions taken with respect to the Key and Basic Recommendations are:

- Amendments to the Penal Code by including the use of privileged information and manipulation of the market, as well as the counterfeiting and piracy of products as predicate offenses for money laundering.

- Amendments to the AML Law to ensure that verification of the beneficial owner is required in all cases and that in low-risk cases, a minimum level of due diligence continues to be carried out. Germany has also adopted a much broader definition regarding beneficial ownership in the context of a trust agreement.

- Amendments to a number of other laws to strengthen the overall AML / CFT framework.

- Greater cooperation between relevant ministries, the regulatory and supervisory authorities, as well as other organizations involved in the fight against money laundering and terrorist financing.

There are still some shortcomings in the implementation of the technical requirements of the key and basic Recommendations regarding the freezing of terrorist assets. Overall, the level of progress achieved by Germany was considered sufficient to remove it from the regular monitoring process.

Overall non-compliance score with FATF standards in percentage: 46,9%.
(100% = all indicators rated as not met / low level of effectiveness; 0% = all indicators rated as completed or highly effective)

5. Automatic exchange of information

You signed the MCAA and committed to sharing information on or before 2019.

Number of significant activated AEOI relationships (under the MCAA) published by the OECD as of October 2019: 97.

What type of private banking exists in Germany?

International Banking
Local banking

Central bank security ⭐⭐⭐

Each filtering bag international banks and digital are available.

CRS: SI.

Real bank operations: 90%.

Visa type:€, $.

Joint accounts: Yes

Remote management account: To consult.

Asset management Depending on the rating of the company.

Rates: It depends on the type of account.

Credit / debit cards in local currency

Why with Foster Swiss?

Foster Swiss is an international company registered in Switzerland aimed at providing financial and compliance advice on a variety of topics related to company formation
and commercial banking internationally. We are specialized in the implementation of businesses in different jurisdictions, which means that we offer value-added services helping our clients in their expansion abroad.

Some of these services include:
Advice and consultancy,
visas, offices, nominated director / shareholder / secretary,
accommodation if necessary… to name a few.
Check with your assigned consultant for more information.