The term offshore refers to a location outside of one's national boundaries, whether or not that location is land- or water-based. The term may be used to describe foreign banks, corporations, investments, and deposits.
A company may legitimately move offshore for the purpose of tax avoidance or to enjoy relaxed regulations. Offshore financial institutions can also be used for illicit purposes such as money laundering and tax evasion.
In the terms of business activities, offshoring is often referred to as outsourcing—the act of establishing certain business functions, such as manufacturing or call centers, in a nation other than the one in which the business most often does business. This is often to take advantage of more favorable conditions in a foreign country, such as lower wage requirements or looser regulations, and can result in significant cost savings for the business.
Why choose International Banking?
There are many reasons for choosing International Banking. You might be looking for services that aren't available through your local bank, or maybe you're looking for a secure location for your money. International Banking offers you:
Secure and stable financial jurisdictions .
Multiple accounts in multiple currencies
All your accounts in one place .
Easy, worldwide access to your money
Competitive foreign exchange rates .
International investment opportunities.
What is offshore banking business?
Offshore banking is a term used to describe banking activity in currencies other than the currency of the country in which the bank accounts are held. Countries / territories conducting such business are called offshore financial centres.
Certain parties view offshore banking as meaning banking by non-resident persons in a jurisdiction; however, this description is not appropriate. In Phuket Thailand, these activities dwarf local currency banking business.
Banks which conduct business solely with non-residents are designated non-resident for exchange control purposes and are not allowed to offer services to residents without the approval of the Central Bank, thus enabling a clear differentiation between the domestic and offshore sectors, and ensuring effective conduct of domestic monetary policy.
DILUTE YOUR POLITICAL RISK
Today, the biggest threat to your savings isn’t market risk. It’s your own government.
There’s no doubt government poses an increasing risk to your savings. Governments are sinking hopelessly deeper into insolvency. Predictably, they are turning to the same desperate measures they’ve used throughout history.It’s only prudent to expect more bail-ins (as we’ve seen in Cyprus), bank deposit taxes (as we’ve seen in Spain), retirement savings nationalisations (as we’ve seen in Poland, Hungary, Portugal, and Argentina), and capital controls (as we’ve seen in Cyprus and Iceland), among other destructive actions. And these are just a few recent examples.
If you think these kinds of things can’t happen in your country, think again.
According to Judge Andrew Napolitano:
People who have more than $100,000 in the bank are targets for any government that’s looking for money to shore up its own inability to manage its finances.A big part of any strategy to reduce your political risk is to place some of your savings outside of the immediate reach of thieving bureaucrats in your home country. Setting up a foreign bank account in the right jurisdiction is a convenient way to do just that.
That way your home government can’t easily confiscate, freeze, or devalue all of your money with a couple of taps on the keyboard. If your home government imposes capital controls, an offshore bank account would help ensure you could access your money when you need it most.In short, keeping some of your savings in the right foreign bank can largely protect you from madness in your home country.
Almost all of the banking systems in Western countries are fundamentally unsound. They’ve leveraged themselves to the hilt. The promises of insolvent governments are all that back them. Worse, most of these banks only keep a tiny bit of cash on hand to meet customer withdrawal requests. This means, in the event of another Lehman-style financial shock,
There are banks in stable jurisdictions with low debt that don’t gamble with customer deposits (i.e. your money). Many of these banks are much better capitalized, keep more cash on hand, and are otherwise much more conservatively run than those in the U.S.These offshore banks are almost always more responsible custodians of your hard earned savings.
Holding foreign currencies is a great way to diversify your portfolio risk, protect your purchasing power, and internationalize some of your savings.
While there is no such thing as 100% protection, a foreign bank account can help make you a less attractive target.An offshore bank account also protects you from overzealous government agencies armed with the summary power to freeze your assets. That’s because their reach doesn’t extend beyond the U.S.
If you ever find yourself in a wrestling match with a government agency or a frivolous lawsuit, a foreign bank account give you resources you can count on.
In what amounts to a war on savers, the European Central Bank and the Fed have manipulated interest rates to near historic lows.
These artificially low interest rates effectively transfer wealth away from savers, who would otherwise enjoy higher returns on their deposits, to borrowers.
In fact, if you live in the West, there’s a good chance the interest you’re earning on your savings isn’t even keeping pace with the real rate of inflation.
If you look abroad, though, you can find banks that pay significantly higher interest rates than what you’d find at home.
If you’re unable to receive timely treatment in your home country, an increasing possibility with the disastrous Obamacare, you may want to access medical care abroad.
In the worst-case scenario, this could mean the difference between life and death.
Suppose, for whatever reason, you cannot get the medical care you need in your home country and you have to go abroad. You would have to transfer money abroad to pay for it. However, if your home government has already imposed capital controls, it could be difficult or impossible to pay for the medical care you need.
The Ability to Act Quickly
When it comes to international diversification, it’s always better to be a year early than a minute too late. Once a government has imposed capital controls or levied bank accounts, it’s too late to protect your money.If you don’t already have one, you should open an offshore bank account now, even if it’s a small one. Just having one available, regardless of how much money you initially put in it, gives you meaningful benefits. It gives you the option to act quickly and transfer more money abroad in the future, should the situation warrant it.
Maintain Limited Privacy
Americans who have an aggregate of $10,000 or more in foreign financial accounts at any time during the year must report it. However, if the aggregate total of your foreign financial accounts remains under $10,000 for the year, and you are not using a trust, LLC, or other structure, you don’t necessarily have to report it. Always consult with your tax advisor on these matters.
Peace of Mind
An offshore bank account is like an insurance policy. It helps protect you from unsound banks and banking systems and the destructive actions of a bankrupt government. It also makes you a hard target for frivolous lawsuits and ensures you can pay for medical care abroad. Knowing that you’ve taken a big step to protect yourself should give you more peace of mind.
Maximize Your Personal Freedom
Having a foreign bank account gives you more options. More options means more freedom.It’s a crucial step in freeing yourself from absolute dependence on any one country.
Achieve that freedom, and it becomes very difficult for any government to control your destiny.
OFFSHORE BANK (LEGAL?)
Despite what you may hear, offshore banking is completely legal. It’s not about tax evasion or other illegal activities. It’s simply about legally diversifying your political risk by putting your liquid savings in sound, capitalised institutions where they are treated best.
It’s no secret that it is becoming harder and harder to open a foreign bank account. Soon it could be impossible. This is a strong incentive to act sooner rather than later – even if you don’t plan to use the account immediately.
Even if your home government doesn’t slap on capital controls or confiscate deposits, you’re no worse off for having moved your savings to a safer home. In fact, you’re far better off for the reasons described above.
Obtaining an offshore bank account is a prudent step that makes sense no matter what.
Open International Bank Account
Access cross-border wealth management opportunities with an award-winning bank in thailand,Open a bank account in Thailand with Kasikorn bank to unlock new wealth management opportunities. With a Global Account, you will have ready access to investment opportunities and cross-border wealth facilities. This service specifically allows foreigners or non-residents of thailand to open a bank account in Thailand without needing to reside in the country.
If you are looking for overseas banking services, open an international bank account with us today.
You can choose to open an international bank account in one of three major currencies, dollar, sterling and euro, and hold these funds in Kingdom of Thailand . Our offshore locations could offer you financial planning advantages.
Easy to keep up-to-date
With access to international online and telephone banking, you can check your account at a time that suits you. Aura Mobile Banking is also available for sterling accounts.*
Use your account to make quick secure International Payments, and trade in up to 60 different currency pairs.
Access your money worldwide
Use ATMs worldwide, wherever you see the Visa sign, using the Sterling contactless debit card. No notice is needed for withdrawals.
Overdraft options available
You can also apply for an overdraft facility on your International Bank account.
Once you have opened an account, you can benefit from our secure banking technology, access to Aura Advisers, Treasury Team and Service Executives who are ready to offer support to any International Banking client.
Save in USD, EURO, or choice of up to 19 currencies with attractive interest rates.
Access trading opportunities in the US, Hong Kong and Germany.
Enjoy free global funds transfer between Kasikorn bank accounts globally via JP Morgan bank Global Transfer.
24-hour access to your funds online and from over 20,000 Kasikorn bank and shared network ATMs worldwide with JP Morgan.
Manage your wealth and investment with a single login through Kasikorn bank Online.
Access to a wide range of investments and financial products that may not be available in your market.
Dedicated Relationship Manager who speaks your local language.
Access to a team of product specialists, including Treasury Services Managers and Mortgage Specialists.
Gold Standard Conversation with your Relationship Manager to align your wealth portfolio with current market conditions.
Wealth Management Products and Tools
Select from a wide range of wealth management products designed to help you meet your ongoing financial needs.
Benefit from the Weekly Financial Market Analysis, Monthly Market Outlook Report and Mid-Year and Annual Outlook Report generated specially for you.
Track and monitor your financial goals with Total Wealth Advisor, designed specially to support you through your wealth journey.
Keep abreast of market updates with Aura Wealth Insights and our monthly web seminars.
WHO SHOULD USE AN OFFSHORE COMPANY /ACCOUNT ?
An offshore company may be of interest to a great number of people and it may be used for various activities:
Creating an offshore company allows you to begin an activity without having to deal with the set-up of a complicated infrastructure. An offshore company allows you to quickly create a stable structure with a simple administration and enjoy all the benefits of the offshore jurisdiction.
Commerce over the Internet (E-Commerce) :
Internet traders can use an offshore company to maintain a domain name and to manage Internet sites. An offshore company might be ideal for people whose business is on the Internet. You might choose to incorporate the registered office of your company in an offshore jurisdiction to take advantage of the various benefits offered by these jurisdictions.
Consultants / Counsellors:
You can also carry on your consultancy or counselling business through an offshore company. You will find it easier to manage your company, while being registered in a stable jurisdiction and benefiting from all the strengths of this jurisdiction.
International commerce can be carried out through an offshore company. It will handle purchases and sales operations. Aura can also arrange for obtaining a VAT number for companies that we register in Kingdom of Thailand.
Holding intellectual property rights
Any kind of intellectual property right (a patent or trade mark) may be registered in the name of an offshore company. The company may also buy or sell this type of right. It may also grant rights of use to third parties against payments.
For the custody of movable and immovable property:
Offshore companies are used to hold both movable property (such as yachts) and immovable property (such as houses and buildings). In addition to confidentiality, the benefits and advantages they offer include exemption from certain types of taxes (e.g. inheritance tax). It should be noted, however, that some countries do not allow the acquisition of movable/immovable property through offshore structures and therefore those wishing to form an offshore structure are advised to check with a competent authority before proceeding.
For inheritance purposes:
An offshore firm that always stays afloat (provided all costs associated with running it are paid) may, in some countries, be used in relation to inheritance tax laws. With a view to optimising inheritance tax liability, the offshore structure may also be combined with a trust or a foundation.
Offshore companies are very often used for share or foreign exchange transactions. The transactions may for instance be performed with an account opened under a company name.
Aura Solution Company Limited wishes to make you aware that you ought to liaise with a tax or legal advisor in your country of residence before setting up an offshore company.for more information feel free to contact us .
You can get in touch with our Service Executives through our international number +66 824188 111, please replace the + with your country’s exit code. Alternatively call +66 824188 111. Toll free numbers may not be available in some countries. Charges will apply when dialling the alternative number. When dialling the toll free number from a mobile, charges may apply. Please check with your service provider.
The Individual Review aims to capture and update information about your financial goals and what is important to you. This may result in our Service Executives being able to provide further information to you on additional products and services. Please note that not all products and services, including the Individual Review, are available in all jurisdictions and some are available on a limited basis only, due to local regulatory and legal requirements. Please note our Service Executive team does not provide financial advice.
Relationship management is available for clients who maintain at least $100,000 or currency equivalent with us. If you have savings or investments in currencies other than sterling, we'll work out the sterling equivalent by using the exchange rate that applies at the time we do the calculation.
International Banking is available if you have $100,000 (or currency equivalent) to deposit and maintain across your accounts.
The products and services described on this page are provided by Kasikorn Bank in Thailand sister concern of JP Morgan Bank. For more information, please read the important information page.
Call costs may vary - please check with your telecoms provider. Calls may be recorded so that we can monitor the quality of our service and for security purposes.