Offshore banking is generally perceived to be the province of the very wealthy but that is not the case. The ‘comfortably’ well off can benefit just as much as the very wealthy from offshore banking. In recent years the role a bank plays in an individual’s life has changed and deteriorated. Relationships with clients and customer service are things of the past, banks choose instead to service their customers with overseas call centers and computer generated correspondence, however, there are alternatives. Private bank accounts from leading institutions in favorable jurisdictions such as the Caribbean island of Antigua can make all the difference.
Antigua and Barbuda Offshore Banking License Key features
- All Offshore Banking affairs are subject to annual examination by designated Government Examiners.
- Detailed customer and transaction records must be kept by all Offshore Banks.
- An “equity to assets ratio” of at least 5% must be maintained by Banks.
- Changes in the ownership and Board of Directors of Banks will require the prior approval of the Authority.
- Banks are prohibited from accepting bearer negotiable instruments.
- Banks are prohibited from receiving or transmitting funds for persons who are not customers or account holders.
- Each Bank must appoint a Compliance Officer who is responsible for ensuring the Bank’s compliance with applicable laws.
- A Money Laundering Supervisor has been appointed by Government and given the authority to freeze funds, derived from Money Laundering for up to 4 days with a Court Order.
- The assets of any person convicted of money laundering can be forfeited.
- Courts in Antigua and Barbuda are authorized to co-operate with other States in identifying, tracing, freezing or forfeiting property.
Antigua and Barbuda Offshore Banking License Legal Requirements
|Antigua and Barbuda Offshore Banking License||Description|
||Antigua and Barbuda Company|
|Share capital or equivalent|
|Service Providers Required|
Antigua and Barbuda Offshore Banking Licence Tax Treatment
Antigua and Barbuda Offshore Banking is tax exempt all incomes.
Duration to Set Up
Antigua and Barbuda Offshore Banking Licence Distinctive Benefits of Licence
- Antigua and Barbuda does not have any exchange controls and foreign exchange system is fully liberalized.
- Antigua and Barbuda Offshore Banking is tax exempt all incomes.
Why US (Key Strengths)
- We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances.
- Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
- We are very hands on in the post filing period checking with the regulator and service providers and updating you regularly.
- Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
- We have a full in-house compliance support for all compliance requirements with the regulator and service providers