Offshore Company, Banking & Cryptocurrency

On a proportional rate to its economy, the banking system in Cyprus is impressive. It is large and widely diversified – even larger than the banking systems in bigger and more developed countries. In 2010, the total assets of the banking system were almost 900% of the GDP. Other countries in the European Union ranged around 350%. The idea behind this system is fairly simple to understand. There are many domestically run banks out there with numerous overseas applications that count as part of Cyprus. But then, even without these banks, the banking system is still too large for this tiny country and can easily exceed 700% of its GDP (Gross Domestic Product). But despite these numbers, Cyprus is not the leading country in this segment...

Every day the market gets more and more unstable. The prices of the goods are constantly changing, and with it, the currencies exchange rates. It is not easy to predict what will happen tomorrow, but we need to be prepared for any scenario. This list will help you understand if your currency will appreciate or depreciate. Are you planning a vacation abroad? Do you have a budget set for your next big purchase? If so, currency exchange rate fluctuations could have an adverse effect on your finances depending on which countries you visit and what goods you buy. However, for all those travelling enthusiasts looking for the best travel destinations worldwide, a country with a weak currency can be a cheaper alternative. Every day...

Belize is a favorite offshore company haven. The reason being is that Belize made their country’s laws friendly for foreign businesses. It also has stable politics and economy, protecting offshore companies from unexpected liabilities. Here is a breakdown of the Belize Company Formation. What is Belize Company Formation? Belize Company Formation is the creation of an offshore business in Belize. Belize is a business capital. The business environment in Belize allows an offshore company to establish itself as a legal entity. There is no restriction for company formations there, for both local and foreign stakeholders. The only difference is that of a non-resident owner having to gain the approval of a bank. Why Choose Belize? Belize...

Most commonly, it makes sense to incorporate a business in your own state, whether you register a small business, a medium enterprise, or even a large LLC. Most people choose this option because they are familiar with the laws and, well, it is more convenient. However, there are also people who choose to go a long way and get out of the comfort zone. Sometimes, it is worth traveling and becoming familiar with a new state, especially if this effort brings in a plethora of advantages. A Wyoming company is one of the hottest topics in the entrepreneurship industry these days. You do not necessarily have to reside in Wyoming to start a company there, so more and more business people choose this state for incorporation. At this point, you...

British Virgin Island or BVI company formation becomes easier with help from an expert in providing business support services. We have been in this field for several years and have helped those interested in starting a BVI offshore company. This is why you can count on us when it comes to this task. Because we know how important it is in this venture to make a well-informed decision, let us give you the information you need to start things right. Why consider BVI company formation? Forming a British Virgin Islands offshore company, more popularly known as BVI Business Company, comes with advantages, which include: Communication is easier with English as the language; the US dollar is the currency. Another tax haven, BVI frees...

Hong Kong is a part of the People’s Republic of China. However, it operates differently from the mainland. As such, the region’s jurisdiction rules in an independent manner. Hong Kong is a popular offshore company establishing-ground for various reasons. The Definition of Hong Kong Company Formation Hong Kong Company Formation pertains to the creation of an offshore company based in Hong Kong. The offshore company will have a non-residential status in Hong Kong. The rationale of an offshore company works this way. A company conducts its business in country A. Then, the owners set up an offshore company in Hong Kong. The offshore company will follow the jurisdictions and bylaws of Hong Kong, as well as operate within its legal...

It makes no difference what kind of investment you are trying to make. It also makes no difference what kind of broker you deal with. Unless you pick an unknown name from a third-world country that most people cannot even locate on the map, chances are you will be asked for the country that you are a tax resident in. You will also be asked for the corresponding tax identification number, which may come under different technical names. What is the catch then? What is the point of such information and what do you do if you travel a lot or deal with an offshore industry? Here is everything you need to know at a glance. Understanding the common reporting standard The common reporting standard – CRS – was introduced in 2014 and was...

Fraud and scam refer to the exact same thing, and unsurprisingly, they seem to target every segment or industry that seems to gain popularity. Unfortunately, a moment of inattention is more than enough to lose thousands, if not more. As if offshore banking isn’t seen with shady eyes already, some banks and institutions are making the whole situation even worse by grabbing customers’ money in illegal ways and failing to return them when needed. Offshore banking is not in the best situation at the moment. With quite a few scandals over the past few years based on leaks and governmental institutions hunting citizens' money abroad, legitimate banks seem to struggle to get new clients due to this overall feeling of negativity. Plus...

The golden visa is no longer a rare occasion to be allowed entry into a country. Instead, golden visa programs have become extremely popular lately and they are widely implemented by countries from all over the world. The concept has gained more notoriety in Europe though, yet you can find similar programs all over the world – even if they are advertised under different names. To keep it simple, such a program will provide a temporary residence permit. Requirements and laws vary from one country to another. For instance, you could get a permit for a few years or perhaps one that will cover you until you can apply for citizenship. If there is one thing these programs have in common, that is the way to get the visa – a solid investment...

The Panama Papers represent over 11 million documents that were leaked in the spring of 2016. The documents provided access to a series of financial documents – more than 200,000 offshore businesses and individuals, including attorney-client conversations and details as well. Some of the documents were recent, but others dated back to the 1970s. The papers were stolen and leaked from Mossack Fonseca – an offshore law company based in Panama. Documents were associated with both low-profile companies and large corporations – including wealthy individuals known all over the world. Most of the data were kept private until these papers came out. Various governments took action based on these leaks – for instance, Jan Marsalek was...

Different OffshoreCorpTalk forum users stick to different online payment platforms – whatever works for them. Then, different platforms come with different terms and conditions. One thread in particular has caught our attention due to the wide discrepancies in opinions and facts. Regarding the versatile payment platform Stripe, more and more people fail to understand the terms and conditions associated with it, facing all kinds of issues. Here are a few things you should know before turning to Stripe. Business identification requirements This is probably the most important requirement from Stripe. The business ownership verification is applied to business owners only. The physical location will be verified – make sure you can get...

Hong Kong is known for its rich and exotic Chinese culture, countless majestic tourist spots such as Hong Kong Disneyland, Tian Tan Buddha, and a whole lot more. Another factor that gives Hong Kong the flare for having numerous visitors coming back and forth in the country is its thriving economy, due to the abundance of businesses growing in the country. One can surely agree that Hong Kong's successful economic status is due to its currency's flowing cycle. If you're one of those individuals who have plans on residing in the said country sometime in the future, one way to quickly adapt to the new lifestyle would be to apply for a Hong Kong bank account. Wealth is one of the most valuable possessions an individual should always pay...

Incorporating in the USA seems like a bad idea at a first glance. Most entrepreneurs would rather focus on low tax jurisdictions – in fact, if you play your cards right, you might be able to avoid tax at all, without even breaking the law. However, the USA does have some advantages and some states in particular stand out. This is because while the whole country falls under some general laws, each state has the right to come up with its own regulations. Delaware is one of these states. More and more corporations choose Delaware and for some good reason. But then, just like any other state, it has both advantages and disadvantages. Here is everything you need to know about incorporating a Delaware company. Benefits of incorporating...

Barack Obama signed FATCA in 2010. FATCA stands for the Foreign Account Tax Compliance Act and became a legal requirement targeting Americans from all over the world – exactly, including those who do not live or work in the USA too. At that time, FATCA paved the way to multiple similar acts with the one and only purpose to boost transparency and communication in terms of offshore banking. This act is one of the elements that ruined privacy in this industry. Now, unless you plan to commit a financial crime, FATCA should not really affect you. But on the other hand, it is disturbing to know that banks are actually asked to spy on their customers and mention specific aspects about them – it feels like going back to the 1970s in Eastern...

While saving for retirement is the norm, the truth is more and more people turn to diversify their assets in order to avoid depending on the government. After all, by the retirement age, there is not much you can do to get back on track, so you truly depend on a bunch of rich individuals. If it is already too late, you can still aim to diversify assets by diversifying your retirement plan and even moving it abroad. Not only do you get protection against the American government, but you could also end up with much higher returns in the long run. Retirement account confiscation seems to be the norm these days. Governments have proven already that they can cut pensions whenever a so-called crisis kicks in. Basically, they help...

Most people would be unable to locate Liechtenstein on the map, yet those with an entrepreneurial spirit can probably relate to it as one of the safest and most stable jurisdictions in Europe – not a tax haven, though. Liechtenstein is a micro state – a constitutional monarchy – located between Austria and Switzerland. Covering just over 60 square miles, it has fewer people than a neighborhood in a large city – less than 40,000. With all these, Liechtenstein has a few different municipalities, and its capital is located in Vaduz. Now, here comes the interesting part. From a financial point of view, Liechtenstein is among the countries with the highest GDP per person in the world. Back in the day, Liechtenstein was known as a tax...