Undoubtedly the possibility of hiding personal data during banking operations, as before, does not lose its appeal.
Today, many entrepreneurs are interested in registering an anonymous offshore account in such a bank that will help to avoid disclosing information about the availability of funds on the card, the amount of money transfers, the purpose of payments, etc.
And, if earlier they still had the opportunity to open an anonymous offshore account, now the requirements for the provision of such a service have become significantly stringent.
What has changed, and whether there are modern alternatives of registering an anonymous offshore account? We will thoroughly consider this in our article.
As is known, a decade ago, the opening of an anonymous offshore account was quite legal and was carried out involving island banks and their correspondent banks.
But, after the new conditions for the automatic exchange of tax information (TIEA) were introduced, correspondent banks were obliged to request personal information of those who want to register an anonymous account. This is precisely what led to discontinued engagement between them and most island offshore banks. Today, it is not possible to open an offshore account and such attempts are punishable by law. The questions of those who seek to register an offshore account are handled by the international organization FATF, which is responsible for the control of international banking structures. This organization is authorized to adopt laws and standards which are aimed at eliminating and minimizing any type of illegal activity of banking institutions.
Now, if the client are interested in opening an offshore account, banks request the possibility of identification, as well as the provision of relevant documents.
But, at the same time, it’s worth saying that opening of an anonymous offshore account does not mean completely denying yourself the right to confidentiality, since no one has canceled the concept of bank secrecy.
Based on this, it can be concluded that the personal information of those, who want to open an anonymous account will be known only by the banking institution of their choice, which does not have the right to disclose it.
Modern solutions require more time to conduct an in-depth analysis based on customer requests and the goals pursued by them, such as: setting up a business, opening a deposit account and others.
Nevertheless, alternatives to offshore accounts exist. There are the main of them:
The USA is a completely independent and the only jurisdiction in the world that does not have tax information exchange agreements.
In other words, if you want to open an anonymous personal account in the USA, then your personal data, including information on banking transactions will be stored exclusively in the archives of the banking structure of your choice.
This information will be completely confidential, without the right of disclosure.
Another proven option which will help you to open an anonymous account is applying to the banking institutions that have not yet signed a tax information exchange agreement.
By using their services, you can receive a complete guarantee of the confidentiality of personal data.
Based on this, to date, you can:
Those who are intended to register an anonymous personal account should pay attention to payment systems or the so-called online banks. Payment systems are financial institutions that can provide money transfer services, but at the same time, have limited set of banking functions and are not allowed to make loans.
The main reason for opening an anonymous account in the payment system is that some financial institutions of this type are not required to engage in the automatic exchange of tax information.
Our lawyers can provide you with more details about the conditions for registering a personal account in one of the payment systems.
It is worth saying that today there is no one-size-fits-all solution for opening a personal anonymous account. Each situation requires an individual consideration. Therefore, if you are interested in opening an anonymous account quickly, legally and as simple as possible, then the best solution would be to get professional advice from IQ Decision lawyers.
Our experts will help you choose the most optimal solution, assess the possible risks, and also prepare all the necessary documentation.
The information outlined in the article is actual at the time of its publication.
Please refer to our specialists for checking possible solutions for your business.
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