EU SAVINGS Tax Directive Private Offshore Accounts

Urgent Information Regarding Your Offshore Private Bank Account You may or may not be aware that on the first of June 2005 the EU Savings Tax Directive came into play for clients with Private Offshore Bank Accounts. Under the directive EU Banks will be required to hand over to the relevant tax authority information about savings and income received by EU individuals not resident in the country where the account is held. The information will be handed to the tax authority where the account holder is resident. So that it can be compared with what has been declared on their domestic tax return.

The European Union Savings Tax Directive says “the directive applies only to individuals and NOT OFFSHORE COMPANIES”.

There are currently no plans for the EU to issue a similar directive against ‘entity accounts’ (offshore companies). We recommend that you consider a Seychelles offshore Company. The Seychelles jurisdiction is recognised as the best jurisdiction currently available. The jurisdiction offers the following advantages:

• Tax Free
• No requirement to file accounts
• No beneficial owners name on record
• Bearer shares
• Minimum yearly maintenance fees.

Our Seychelles offshore package includes a business bank account with The Bank of Cyprus IBU (International Business Unit) In Cyprus. This account will offer the same facilities as your current private account plus additional currencies in Sterling, USD and Euros. This account will give you total confidentiality.

A Professional Director based in Cyprus will be provided with the package, this enables our clients to remain at arms length from any transactions or contractual arrangements the company may wish to make. A re-invoicing service and postal service is also available at minimum extra cost.

The cost of the Seychelles Offshore Company with Nominee Director and three currency accounts to new clients is very competitive.

You may be interested to know that bearer shares companies can trade or hold assets. Once property, cash or intellectual property is within an offshore it becomes the property of the offshore company and therefore acts as an excellent asset protection device.

Your offshore Company account will provide all the facilities you currently enjoy with your private account but with absolute confidentiality. Visa debit card (subject to holding deposit) on-line banking, personal Bank officers.

We keep 25+ shelf companies in stock at any one time or we can form a company to your choice of name the following day at no extra cost.

See further information on our offshore Company/ Bank account page

EU Tax Directive FAQs

Q When did the EU tax directive commence? A June 2005

Q What is the EU tax directive? A Financial Institutions are required to send information on clients of offshore Private Bank accounts details of interest paid on the account. Under the directive, financial institutions IN EU member states will be required to hand over to the relevant EU tax authority where the account holder is resident so that it can be compared with what has been declared on their domestic tax returns.

Q Does this affect me if I am resident in a Non EU country? A No

Q To open a business account do I need an offshore company? A Yes, it is essential, offshore banks do not open business accounts unless the client has an offshore company.

Q How do I proceed or get more information? A Easy, just call Charles Farran at Amanda J Molyneux & Company on: 01305 853310 or email:Charles@molybank.com