Banks are partially subject to strict due diligence regulations

Society Constitution
offshore in Colombia

Country analysis: legal structures

DWe have offshore account opening services in Colombia 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€’ Banks are partially subject to strict customer due diligence regulations (old FATF recommendation 5 / new FATF recommendation 10).

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

β€’ Banks and / or other covered entities are 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 appeal rights against the exchange of banking information
on request without qualifications

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

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

D

We must emphasize that it is perfectly legal to open a offshore bank account in Colombiaas 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.

2. Measures to avoid tax evasion

β€’ Payment of dividends: 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).

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 does not issue or accept the circulation of large notes / cash notes of its own currency (with a value greater than 200 EUR / GBP / USD).

β€’ Bearer shares are not available / not circulated.

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

β€’ Trusts with escape clauses are not prohibited.

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

4. Anti-money laundering legislation

Colombia is not on the FATF list of countries that have been identified with strategic AML deficiencies.

In 2018, the last Mutual Evaluation Report was carried out regarding the implementation of standards against money laundering and terrorist financing in Colombia. According to that Assessment, Colombia was considered to be in compliance with 9 and largely complies with 14 of the 40 FATF recommendations. It was considered Highly Effective for 0 and Substantially Effective for 4 of the Effectiveness and Technical Compliance ratings.

Overall Non-Compliance Score of FATF Standards in Percentage: 45,3%. (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: 94.

What type of private banking exists in Colombia?

International Banking
Local banking

Central bank security ⭐⭐⭐

The international and digital banks They're available.

CRS: SI.

Real bank operations: 90%.

Type of visa: COP $, US $, €.

Joint accounts.

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.

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