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Private Bank Account

 

An private bank account is an account located in a country in which the depositor is a non-resident. In addition, the private bank is often times a financial institution chartered in the foreign country and opening an private bank account can only be done with persons and institutions that are non-residents or not citizens of the country in which it is chartered.

 

So why open an private bank account in a country or jurisdiction other than the one in which you reside?

 

Private bank accounts are typically located in a tax haven, or a jurisdiction with a low tax burden on the private bank account depositor. In addition, private accounts can offer a less restrictive regulatory environment, and often times a higher degree of banking privacy. While private banking clients have many reasons for desiring financial privacy, this can be extremely important in times of political or financial instability in their home countries. Nowadays it is becoming increasingly possible to open private bank accounts online

 

What are the disadvantages of opening an private bank account?

 

Tax collecting authorities have often attempted to characterize private bank accounts as being associated with tax evasion, money laundering, criminal enterprises or more recently terrorism. US persons, for example, are required to declare any private bank account, including a numbered bank account, they have each year when they declare taxes. The United States' tax collection authorities, Internal Revenue Service, estimate that last year they missed $40B in tax receipts due to the existence of private bank accounts and private financial centers.

 

Most private banks do not to report income to their respective clients' tax authorities. In countries with strong bank secrecy laws they are under a duty not to do so. Swiss bankers, as an example, face heavy fines and/or jail for disclosing information about a swiss private bank account without good reason.

 

The problem is, since September 11, 2001 many tax authorities have used the opportunity created in the crisis to levy addition scrutiny on private bank accounts, private banks and private financial centers. Those jurisdictions and institutions that were the most susceptible to political and economic pressures from the United States have in essence ceased observing their own bank secrecy laws and have in effect ceased to be effective private financial centers.

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         Important notice:
         - CCG DOES NOT PROVIDE TAX ADVICE OF ANY KIND. IT IS THE CUSTOMER'S RESPONSIBILITY TO COMPLY WITH THEIR COUNTRY'S TAX LAWS.
           NEITHER CCG NOR ANY CCG SUBSIDIARY IS A REGISTERED BANK. THE CCG ARBITRATION CENTRE IS NASSAU, THE BAHAMAS.

 

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