Controlling the Urge to Spend

Offshore Banking

> Agent Fees
Usually, only an agent properly registered in the tax haven can have an IBC formed on a foreign nationalfs behalf. The local agent charges a fee to have this service done.
> Government Fees
The advantage of establishing an offshore bank account in a tax haven is that it obviously releases you from having to pay typical business-related taxes (i.e. personal or corporate income tax, foreign investment tax, capital gains tax, withholding tax, estate tax, value added or sales tax). However, the government of the tax haven will be charging an incorporation fee for the IBC or Shelf Company you put together.
> Nominee Directorfs Fees
An offshore company is required to nominate one or more directors. This can either be the individual that sets up the offshore company, or an appointed nominee director. The nominee director will have no actual knowledge of the corporationfs affairs or accounts, nor will they have influence on the corporation unless given the founderfs express permission. The nominee director is a resident of the country where the IBC is founded and acts under instructions from the founder of the IBC.
In order to arrange for the services of a nominee director, you will have to negotiate with them a fee.
> Trustee Fees
A trust is normally managed by one or more trustees, and the same goes for offshore trusts. Trustees will charge fees for their service, and the amount is to be negotiated between you and your appointed trustee.


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