Talk:Offshore bank

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Untitled[edit]

"Offshore banking is often linked to other services, such as trust and corporate management, which may have specific tax advantages or disadvantages for some individuals".

Tax advantages, I gather why, but disadvantages? Could some precisions be given? Keeping it like this, it just isn't understandable. Tazmaniacs

Apart from the quite clear cases where people have ended up in prison after fraudulently using offshore structures, there are some cases where a person may incur extra taxes as a result of a trust. A UK person, for example may find his assets subject to lifetime and periodic tax charges if he creates an offshore trust. It seems to me that the Wikipedia is not the place to give tax advice since that would require specific knowledge of the individual seeking the advice, and since it may be true that tax disadvantages accrue, the article should either be silent on the issue or give due balance. --Andrew Gardner 18:08, 7 February 2006 (UTC)

I wonder if this article would benefit from a rework based on the notion that "offshore" is anywhere other than the home country of the investor. Thus a bank account in the US would be offshore for a Cayman Islands citizen. To do so may help to focus on the advantages/disadvantages of banking away from home in general, and the specific issues as relate to "Tax havens" around anonymity could be dealt with in detail there. Thoughts of others are welcomed--Andrew Gardner 18:54, 30 March 2006 (UTC)

Sorry, I was responding to the question below, when I noticed Andrew's comments posted above. Speaking as a British Virgin Islands resident, everyone in the BVI does their offshore banking in the UK; the UK has a sophisticated banking infrastructure, and if you are non-resident and non-domiciled then all interest accrued is tax free. I agree with Andrew that what is "offshore" depends where you start from. As a practitioner I would say that no additional tax is usually a pre-condition of offshore banking, but rarely a reason. No one except a total lunatic is going to deposit funds in a jurisdiction where they will be subjected to additional taxes to those that they already pay on general income in their home jurisdiction. But it is relatively rare to be able to "avoid" taxes (not legally anyway) by simply depositing funds in another country. There are some exceptions to this, although they tend to relate to funds which accrue offshore (for example, if you are resident but non-domiciled in the UK, you are only taxable on income that either arises in the UK, or is remitted to the UK - Arsenal Football Club were criticised for exploiting this particular rule by paying their players from a separate company in respect of their overseas performances, and those payments are made into an offshore account. Then when Thierry Henry and Kolo Toure and co. retire or move overseas, they can then have access to funds, and the UK taxman never gets to take a bite as they were never actually remitted to the UK). Legis 07:41, 19 October 2006 (UTC)

What about putting together a list of the major offshore banks? Thanks John 2007 —Preceding unsigned comment added by 193.108.73.47 (talk) 11:52, 13 September 2007 (UTC)

Gibraltar is no more an offshore centre since 30th June 2006. No new Exempt Company certificates are being issued from that date. [1] --schawo (talk) 17:01, 24 July 2008 (UTC)

Citation number 10 ""Open a bank account in Switzerland". BankIntroductions.com. Retrieved 2012-02-20." - The article doesn't indicate in any way that "Among offshore banks, Swiss banks hold an estimated 35% of the world's private and institutional funds (or 3 trillion Swiss francs), and the Cayman Islands (1.9 trillion US dollars in deposits) are the fifth largest banking centre globally in terms of deposits". A new reference is needed to validate this statement. — Preceding unsigned comment added by 14.139.97.71 (talk) 05:50, 5 August 2012 (UTC)

Spam[edit]

Does anybody mind if I add a link to my website about offshore banking? [http://www.offshorebankingcentral.com Offshore Banking Central] Thank you, Carlo D. —The preceding unsigned comment was added by User:83.72.243.108 (talkcontribs) 01:09, 19 October 2006.

No offence, but Wikipedia has a fairly strong anti-spam policy, no I "<nowiki-ed>" your link. Legis 07:26, 19 October 2006 (UTC)

What does "<nowiki-ed>" mean? There is not a Wikipedia page about it :)

"<nowiki-ed>" means using the <nowiki> tags around a link to prevent it operating in violation of WP:SPAM. Legis 18:12, 26 October 2006 (UTC)

More spam[edit]

Sorely tempted to remove the external link:

  • [http://swiss-bank.atspace.org Offshore in Swiss Banks] Informational site

as Spam, but (although it is clearly a commercial site) it may have enough content to justify its continued existence. Other views? Legis 18:12, 26 October 2006 (UTC) Looks like Spam to me--Andrew Gardner 17:40, 27 October 2006 (UTC)

Offshore banks reference[edit]

Hello. My web site www.worldoffshorebanks.com is the biggest list of offshore banks on the web. I think it is a great reference point to your section on offshore banks. Can an editor let me know if it can be used as a reference. —Preceding unsigned comment added by Offshorebiz (talkcontribs) 01:01, 2 July 2008 (UTC)

Probably be a violation of WP:SPAM if it was used directly. --Legis (talk - contribs) 21:12, 2 July 2008 (UTC)

Disadvantages...?[edit]

Could one of the disadvantages mentioned be that the amount of money deposited and syphoned through offshore banks can cause financial issues for the residents of the countries where the money originally *belonged*? I'm not saying I have an opinion either way, it just seems a touch relevant. — Preceding unsigned comment added by 85.210.173.15 (talk) 16:40, 5 June 2011 (UTC)


"However, only offshore centres such as the Isle of Man have refused to compensate depositors 100% of their funds following Bank collapses." Is this still true? I thought the Cypriot bank collapses signified the end of universal 100% state backing. Did Iceland and Ireland fully compensate depositors? — Preceding unsigned comment added by 83.218.31.15 (talk) 11:20, 3 January 2014 (UTC)

Add?[edit]

Title[edit]

Should the title of this article be changed to "offshore banking"? The emphasis seems to be much more on the global industry rather than institutions? I don't have really strong views, but it seems a more natural fit. Any other thoughts? --Legis (talk - contribs) 06:16, 23 December 2013 (UTC)

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Severity of a payed for propaganda (myth).[edit]

Offshore banking does NOT have a banking advantage in terms of taxes & tributes for one single reason: NO offshore bank nor the license provider (nations/cayman islands) could EVER make good on 1 trillion in notes based on another nations valoration, NOR can they replace those notes in the case those notes would be burned down.

Clearly, those instances are one of tax preference versus tributes versus evasion, where evasion has to do with never having declared any taxes on those notes, where they have been made.

Place a (Sustained Con Myth versus Reality) or similar behind that statement, the opinion is not a fact, but an attempt to deviate real facts. — Preceding unsigned comment added by 201.209.29.60 (talk) 20:27, 26 December 2015 (UTC)

Assessment comment[edit]

The comment(s) below were originally left at Talk:Offshore bank/Comments, and are posted here for posterity. Following several discussions in past years, these subpages are now deprecated. The comments may be irrelevant or outdated; if so, please feel free to remove this section.

==WP Tax Class==

Start class because needs more citations. Once it has an appropriate another of citations then it would be classed higher.EECavazos 01:14, 2 November 2007 (UTC)

==WP Tax Priority==

Mid priority but could be higher if tax aspect expanded upon.EECavazos 01:15, 2 November 2007 (UTC)

Last edited at 01:15, 2 November 2007 (UTC). Substituted at 01:43, 30 April 2016 (UTC)

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