October 25, 2019

Offshore account

Open an offshore account

If you have an account abroad, you should know that most European countries have now switched to the automatic exchange of information. However, an offshore account is still legal. It is suitable for risk diversification and asset protection.
As of October 2019, countries without automatic exchange of information include

  • Georgia
  • USA
  • Taiwan
  • Serbia
  • Montenegro
  • Puerto Rico

How does the exchange of information between Malta and other EU countries work?

Maltese banks exchange data throughout the EU. A bank account only makes sense in Malta if a company is founded there, which is associated with considerable tax advantages. The effective corporation tax is only 5 %. However, this requires either a Maltese managing director or residence in the island state.

How to recognize a good offshore bank account?

A bank account without information exchange (AEOI/CRS) must be located in a state without information exchange with EU states. There are more countries than those we have mentioned. These are only the most common addresses for EU citizens. The relevant bank account without exchange of information also has certain essential characteristics:

  • It is only known to the account holder and the bank concerned, but not to any tax office or any other authority, and preferably not to any partner company or any other natural or legal person.
  • Opening an account is straightforward.
  • You can participate in SEPA payment transactions with an IBAN from the relevant bank account.
  • Online banking is also possible (naturally also with mobile devices).
  • The holder receives a Debit Mastercard.
  • The bank carries all major currencies.

We will be happy to help you set up such a bank account. This will protect your business and your private assets.