Thursday, 20 December 2018 15:07

Bank Accounts in Madeira, Portugal


We are finally able to offer offshore bank accounts in Madeira (Portugal) for offshore companies.

Politically, the island of Madeira belongs to Portugal, but it is located en route for Africa and the Americas, facing the African coast.
Madeira is an autonomous region and free zone of Portugal. The island already enjoyed particularly favorable customs regimes in the past thanks to it nearness to the European Union and its poor economic conditions. In 1968, the EU and Portugal signed a series of agreements for controlling the new area inside the Union which made Madeira a small tax haven inside the European Union. Thanks to the agreements, Madeira has not been flagged like Cyprus or Malta for disloyal conduct and is therefore more enticing for operations. Furthermore, Madeira has no restrictions on working with offshore companies.
The island of Madeira is famous not only for the excellent quality of the wines produced there, but also for the low taxes which companies registered on the island enjoy and for an efficient banking system for opening offshore bank accounts. Banks in Madeira are open Monday through Friday from 8:30 am until 3:00 pm.
Portugal has a banking secrecy law that provides penalties in case violations of the obligations contained therein. The same goes for names included in the beneficiary sector, which can’t be revealed. Therefore, the security of offshore bank accounts in Madeira can be considered as on the same level as Swiss bank accounts.
Offshore bank accounts are equipped with internet banking and once the account has been opened and at least 3,000 Euros have been deposited you may request a credit or debit card. Take note that a deposit of only 1000 EUR is necessary to simply open the account.
The formalities are the same as for other bank accounts, but you must request a Portuguese fiscal code (we will do it). The beneficiary must provide a valid document with apostille, an original utility bill and the original signed forms (provided by us).

Order an offshore account in Madeira, or contact us for further information now.

Published in Offshore Companies
Thursday, 20 December 2018 13:58

What does bank secret mean?

article-2072067-0F1D243A00000578-579 634x454The Bank secret protects the confidentiality of clients’ information from third parties and includes all types of personal and economic information, including deposits, account numbers and transactions; without a doubt it isn’t to be confused with professional secrecy that regulates the discretion of banks and financial negotiators without the same level of protection.
The bank secret reigns fundamentally in extraterritorial or offshore banks almost always located in tax havens, protected by special laws that concede greater freedom to their clients in their operations, in addition to a more favorable tax treatment, on the basis of attracting deposits and investments from non-resident people or businesses, and which are not available for citizens of the country.
Extraterritorial or offshore banks are protected by law or even by the constitution, as is the case in Switzerland, which has set severe fines or prison for any bank employee that violates the bank secret of their clients. Even though the Tax Administrations have direct access to said information, which remains under the custody of the bank itself and its corresponding financial regulation organisms or central banks, and is revealed only through judicial order.
Some time ago, the Organization for Economic Cooperation and Development (OECD) and the G20 adopted measures to force extraterritorial or offshore banks and tax havens to relax the bank secret in cases of tax evasion crimes. To this effect, some jurisdictions were revealed as applying “harmful fiscal practices” proposing sanctions for not offering fiscal transparency.
Among other things, the famous “gray list” of tax havens and extraterritorial or offshore banks came into being, basically descending from the earlier “black lists” that gathered together the countries that didn’t seriously battle money laundering. They signed treaties such as the Mutual Legal Assistance Treaties, especially with the United States and Great Britain; and after the terrorist attacks of September 11, 2001, policies and norms against money laundering, known as Anti-Money Laundering policies were formed.
In the majority of the cases, we aren’t dealing with automatically revealing data or lifting the bank secret, which allows massive requests about accounts from a determined country, also known as “fishing trips”. On the contrary, most of the agreements demand that in order to make use of a fiscal information exchange clause, the account number, the name of the person to whom it belongs, or who is thought to be the beneficiary must be indicated; in addition, they must provide proof that a fiscal crime has been committed and show that the requested information cannot be obtained in any other way.

Published in Offshore Banking
Wednesday, 19 December 2018 21:48

Anonymous Bank Accounts aren’t so anonymous

Anonymous Bank Account

Anonymous bank accounts have been positioned as a possible alternative for increasing anonymity in financial operations and thus diminish the pressure that governments exercise through taxes; without a doubt, experts in anonymous bank accounts remind us that said anonymity is never complete, but certain laws that are in vigor, especially in offshore jurisdictions, protect personal data; however, in case a legal order is produced for a presumed misuse of the anonymous bank accounts, the bank will be obligated to hand over all information of the holder of the anonymous bank accounts.
One of the most outstanding characteristics of anonymous bank accounts is that they are usually registered in a jurisdiction where low taxes are applied to the name of an offshore corporation. Anonymous bank accounts offer online access and the holder receives a Visa or MasterCard debit or prepaid credit card.
One of the main suggestions that experts in anonymous bank accounts make is that it is possible to take advantage of these accounts without actually needing to directly open one. The best path to take is through the website They aren’t a bank; without a doubt, its modern platform lets it receive and send bank transfers; in addition, the client can make payments as well as send remittances to family members and friends. All of these facilities have helped Banana00 obtain a good position on the market, because it combines the advantages of anonymous bank accounts in its services, without the client being exposed to the possible risks.

Order now

Published in Offshore Banking