Barclays Bank is one of the largest of the UK based international banks and is conveniently located on the Island of Tortola in the BVI; useful if you need access to a major international bank without the US connection. The bank is very efficient and they do carry a certain prestige. Account management is by password protected/coded faxed instructions. As a side note, the British banks generally are very resistant to US pressure over conforming to what the US sees as the need for offshore account details to be given out on demand; so much so that several major UK banks are considering withdrawing totally from the US banking system.

Contact WORLD Law Direct for further details.

About offshore banking

An offshore bank is a bank located outside the country of residence of the depositor, typically in a low tax jurisdiction (or tax haven) that provides financial and legal advantages. These advantages typically include some or all of…

  • strong privacy
  • less restrictive legal regulation
  • low or no taxation (i.e. tax havens)
  • easy access to deposits (at least in terms of regulation)
  • protection against local political or financial instability

Advantages of offshore banking

  • Offshore banks provide access to politically and economically stable jurisdictions. This may be an advantage for those resident in areas where there is a risk of political turmoil who fear their assets may be frozen, seized or disappear.
  • Some offshore banks may operate with a lower cost base and can provide higher interest rates than the legal rate in the home country due to lower overheads and a lack of government intervention.
  • Interest is generally paid by offshore banks without tax deducted. This is an advantage to individuals who do not pay tax on worldwide income, or who do not pay tax until the tax return is agreed, or who feel that they can illegally evade tax by hiding the interest income.
  • Some offshore banks offer banking services that may not be available from domestic banks such as anonymous bank accounts, higher or lower rate loans based on risk and investment opportunities not available elsewhere.
  • Offshore banking is often linked to other structures, such as offshore companies, trusts or foundations, which may have specific tax advantages for some individuals.