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Offshore banking 'a good option' 2008-03-08 04:38:00 Consumers who are thinking of moving abroad could opt to take out offshore banking
accounts, NatWest has suggested this week.Products in this sector are growing in stature and therefore should be considered by such individuals, an official at the bank noted.Head of NatWest international personal banking Dave Isley argued that there are many benefits to be seen from such banking methods, including those on the "taxation side".And there is a "suite" of products on hand for people in a totally different area of the globe, he suggested, including cheques and credit cards.Banking abroad is now improved so that the situation has undoubtedly improved, Mr Isley asserted.He commented: "Banks are becoming more and more sophisticated at providing very good products to help them do that."
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Divorce Settlements and the Case for Offshore Asset Protection 2008-03-02 17:02:00 You only need to take a look at court cases involving divorce issues these days and realize what the world is coming to. Famous celebrity weddings have ended in divorce with one party seeking half the entire wealth of the other party. It’s especially painful and frustrating to work all your life for what you own and have someone take that all away by virtue of the fact that they were married to you. Women most especially ask for the equal sex treatment when it comes to all other areas of life but when it comes to wealth and alimonies, they conveniently feign ignorance of the “equal sex” concept.
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, Settlements
, Asset
, Protection
Liechtenstein fights back against tax probe 2008-02-28 03:08:00 Liechtenstein is fighting back against
the global scrutiny into its banking procedures, after a number of countries - including Ireland - began probing citizens who may be evading tax through Liechtenstein accounts.Foreigners are allowed to invest money in accounts wherever they choose but they are obliged to inform the authorities in the country where they pay tax. However Liechtenstein, as well as Andorra and Monaco, are considered uncooperative in terms of operating tax havens, according to the Organisation for Economic Cooperation and Development.
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Why You Should Consider Offshore Banking 2008-02-22 16:33:00 Opening a bank account in an offshore location has many other benefits other than just secrecy. Offshore
bank accounts tend to offer more lucrative investment options than local bank accounts; offshore bank accounts also tend to offer higher interest rates on simple deposits. It is for these reasons that most individuals (especially the wealthy ones) tend to place their money in bank accounts in these countries. Rather than have your money subject to all manner scrutiny in your own country, having this money in an offshore location protects your privacy and garners more profits for you as well. There’s nothing wrong with someone who wants to secure a better financial future for themselves and their family by securing their assets in an offshore bank account.
UBS to wind down offshore private banking for US clients 2008-02-14 16:15:00 About 60 private bankers in Zurich, Geneva and Lugano are affected. A few might transfer to UBS Swiss Financial Advisers, a Zurich subsidiary created specially to meet US regulatory requirements, but not enjoying Swiss banking
secrecy on securities transactions."We are talking to lots of people. It is clear there has been a rather exceptional situation over the past three to four months," said an executive at Impact Partners, a Geneva executive search company dealing with some of the UBS staff affected.
Offshore banking 'a good option' 2008-02-14 03:49:00 Consumers who are thinking of moving abroad could opt to take out offshore banking
accounts, NatWest has suggested this week.Products in this sector are growing in stature and therefore should be considered by such individuals, an official at the bank noted.Head of NatWest international personal banking Dave Isley argued that there are many benefits to be seen from such banking methods, including those on the "taxation side".
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, option
Offshore havens face fresh probe 2008-03-12 03:37:00 WEALTHY investors who have salted their cash away in offshore investments to escape the British tax authorities have been warned they face another broadside, this time from the European Union.Germany is lobbying the EU to extend the 2005 savings tax directive which forced tax authorities to reveal information about those who earned savings income in offshore bank accounts in the wake of a dispute with Liechtenstein over anonymous trust holdings.The savings directive affected only interest from bank accounts, however, and not dividends from shares, discretionary trusts, structured products and offshore insurance bonds.This led to billions of pounds pouring out of Jersey bank accounts into complicated products that were outside the rules.
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, fresh
Taiwan's Cabinet approved a proposal to let the island's banks acquire as much as a 20% stake in Chinese lenders 2008-03-16 03:34:00 The approval, which will help Taiwanbanks
expand to the fast-growing Chinese
market and serve the hundreds of thousands of Taiwanese doing business and working in China, is the latest relaxation of rules covering China-bound investment by the ruling Democratic Progressive Party ahead of the March 22 presidential election.Last week, the Cabinet
said it would let Taiwanese companies invest as much as 40% of their consolidated net asset value in China rather than up to 40% of their net asset value currently.The financial subindex of the Taiwan Stock Exchange ended up 0.9% following the announcement. The benchmark index closed 0.6% higher."We understand that local banks want to provide services where their customers are," Huey-Jen Jong, deputy director-general of the Financial Supervisory Com
Austria and Luxembourg showed resistance to tightening rules on tax dodgers who stash their cash in offshore accounts 2008-03-20 17:01:00 The EU finance ministers called on the European Commission to bring forward a review of the savings tax directive to May if possible, and then come up with reform proposals "in due time.""The commission will prepare a report on the functioning of the savings taxation directive and on the basis of this report the commission will present some legislative proposals if appropriate," EU Tax Commissioner Laszlo Kovacs told reporters.In its present form, the savings tax directive requires EU members to share tax information with one other on interest income kept by account holders from other EU countries.However, it was only agreed after special arrangements were made for Austria
, Belgium and Luxembourg
, which were eager to protect their banking secrecy practices.
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Weekly and Offshore Overviews, March 27 2008 2008-03-28 15:53:00 Offshore the US sharemarket has recovered 4% over the week and some glimmers of hope regarding the banking crisis have appeared. But the fundamentals argue against any quick resolution of the sub-prime related problem and bad data released late in the week on consumer sentiment, the housing market, and business investment imply the drift in the US economy remains firmly downward for now. In the UK the Bank of England Governor has admitted that cutting interest rates 0.5% has not actually helped borrowers because bank funding costs have been pushed up by the liquidity crisis. In Australia mortgage rates continue to creep up in the absence of any official monetary policy tightening and motor vehicle data show a 16 year low in consumer confidence is affecting spending.
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, Offshore
, March
As Dubai Millionaires Multiply, Money Masks Missing Liberties 2008-04-01 15:57:00 April 1 (Bloomberg) -- From his air-conditioned office on the seventh floor of one of Dubai
's twin Emirates Towers, Pakistani tycoon Arif Naqvi surveys the metropolis that made him rich. To Naqvi's left, about 50 skyscrapers rise above the desert city, where thousands of cranes work on $200 billion of real estate projects, according to HSBC Holdings Plc, Europe's largest bank. Sprawling to his right are the palace, gardens and stables of the emirate's ruler, Sheikh Mohammed bin Rashid al- Maktoum, his wives and children. ``I couldn't have done a 10th of what I've done if it hadn't been for Dubai,'' says Naqvi, 47, who moved to Dubai in 1994 with $50,000 of savings and now runs buyout firm Abraaj Capital Ltd. His $5 billion of assets include stakes in Turkish ho Read more:Millionaires
, Multiply
, Money
, Masks
, Missing
, Liberties
HSBC chooses Dubai as key offshore banking centre 2008-04-08 19:14:00 Dubai
has been chosen as one of the five key offshore banking
destinations for HSBC customers. HSBC have announced the launch of a new offshore and international service for their premier customers.HSBC Premier offers cross-border banking enabling customers to take their accounts, credit history and banking relationships with them wherever they choose to live and work.HSBC Bank International provide offshore financial expertise mainly to expatriates from the United Kingdom, Europe and Commonwealth countries, now living and working in the region. Expatriates account for more than 75% of the population in the United Arab Emirates.Dubai benefits from its geographical position between Europe and the Far East and a robust regulatory framework that is renowned for its economic and political st
Offshore Banking in Costa Rica 2008-04-18 10:30:00 The presence of offshore banks in Costa Rica
has grown exponentially in recent years. Within the last three years, the total amount of funds these banks have attracted has increased by 65%. This includes money private citizens and businesses have placed in savings and checking accounts, long or short-term money market accounts, retirement plans, credit loans and other financial services. The amount of funds collected by Costa Rica’s offshore banks exceeded $2.245 million as of September of 2007. To get some perspective on this number, just imagine that it’s equivalent to 9% of the country’s Gross Domestic Product (GDP). A reliable source defines GDP as “the total market value of all final goods and services produced within a given country in a given period of time (usually a calend Read more:Offshore
Minister rules out offshore banking 2008-04-29 03:14:00 Traditional offshore banking
which has been affiliated with money laundering will not be one of the services to be provided by the Government's proposed Trinidad and Tobago International Financial Centre (TTIFC). Finance Minister
Karen Nunez-Tesheira made the disclosure on Tuesday as she announced the time had come for "an alternate strategy" to move this country's economy away from its dependence on the oil and gas sector. She said development of the financial services sector was one way to do so. Nunez-Tesheira spoke on these issues during a symposium on the TTIFC, held at the Hyatt Regency Hotel, in downtown Port of Spain. Nunez-Tesheria said the benefits of establishing the TTIFC could be "substantial" since as it could prove to be the key element of a sustainable diversified econom
Nigeria: Banks And Global Banking 2008-05-06 05:02:00 One of the remarkable fall-outs of the last banking consolidation exercise is the opportunity it has presented to Nigeria
n banks to access the global market.Some Nigerian banks are already taking advantage of the situation and are opening offices all over Africa, Europe and America. Banking which used to be a domestic business is now a global affair. The recent expansion of Nigerian banks into the global market is what the world's wealthy nations have done many years back- establishing branches all over the world. Nigeria banks such as First Bank, Union Bank, UBA, Intercontinental Bank and GT Bank are beginning to branch out gradually into the global market. These steps are no doubt bold and commendable.There has always been global banking.It dates back to hundreds of years particularly du Read more:Global
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