Offshore Bank License
Why Choose an Offshore Banking License?
The offshore banking industry has flourished in recent years due to the rise of complex regulations and the gradual erosion of financial privacy rights in major financial centers such as the United States and the European Union. Billions of dollars are kept on deposit in offshore banks, even with an increased controls such as the Anti-Money Laundering act by certain jurisdictions. The increased scrutiny of this sector has served to legitimize offshore banking. As the overall industry pushed for more transparency, a tremendous market opportunity for offshore bank accounts was created — especially because the majority of banks have stopped accepting international and/or traditional high-risk banking clients.
There are two main types of offshore banking licenses:
1. A general license (often called a Class A license) allows the holder to initiate all types of banking activities.
2. A restricted license that limits the holder to only the activities specified in the license.
Most countries that offer offshore banking licenses require both an annual fee and paid-in capital. While the amounts involved can vary, in many cases, the paid-in capital is considerably higher than the annual fee. The fee goes to the government of the banking license country and the paid-in capital goes to the bank as operating cash, giving a degree of security that the bank will remain solvent and operational.
Reasons to Get an Offshore Bank License
Accept Customer Deposits
Direct Access to Payment Systems
Lending & Other Traditional Banking Services
Offshore Bank Accounts Areas of Expertise
Vanuatu Banking License
A former protectorate of Great Britain, the primary language of Vanuatu is English. While the Vanuatu dollar is the official recognized currency of the nation, the United States dollar is widely recognized and accepted.
Dominica International Bank License
Since the mid-late 1990’s the government of Dominica has continued to pass legislation ensuring that the country remains competitive on the world stage for ease of conducting business – including levying zero tax on offshore profits.
Puerto Rico International Financial Entity
Given its location in the Caribbean and recent challenges to its economy, the government of Puerto Rico has sought to enact legislation favorable to the development of an offshore financial services center.
Saint Vincent and the Grenadines Banking License
In recent years, increasingly complex regulations and erosion of financial privacy rights in major financial centers such as the United States and the European Union have continued to drive the offshore banking industry.
Antigua Offshore Bank License
Antigua offers an International Bank License which covers all related banking activities, including accepting deposits and issuing debit cards. The licensure is recognized world-wide and is both cost effective and can be accomplished quickly.
Wyoming Cryptocurrency Bank
Average daily trading in Bitcoin alone exceeds $20 billion. The streamlined and cost-effective process of obtaining your money service business registration in the United States license can place you in this lucrative market in as little as three months.
Offshore Bank Account Experts
Finlaw is comprised of a cross-functional team of compliance and legal experts with over fifty year’s combined international business experience. Each member of our cross-border team of legal and compliance professionals brings their unique experience and perspective to each client engagement, creating tailored, wholistic solutions. While other international service providers promise a turnkey service replete with boilerplate deliverables, the legal and compliance professionals of FinLaw consistently deliver best-in-class results in the banking, corporate and offshore licensing arenas. Moreover, FinLaw’s strident commitment to FinTech at the core of its mission enhances the accuracy, speed and cost-effectiveness of each client engagement while the firm’s recognized status in the RegTech field ensures ongoing compliance for each client in even the most complex of jurisdictions.