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Off-shore Bank Accounts

This is a hazardous area.There exists a plethora of companies offering off-shore banking but many are unsuitable to the pre–divorce client.

The process of application with some companies is so streamlined that there exists no personal service, and client need is seemingly second to fee accumulation.

It is often disconcerting to the pre–divorce client,upon applying to a company for off–shore banking to immediately be required to complete an application form asking for the fullest of personal and financial information including in many cases, existing banking arrangements. This information is then retained by the company, often at a U.K. address, on their data base. Furthermore there is no advantage or benefit to the pre–divorce client being offered an off–shore  banking facility,when it is a pre–condition that banking references be produced from current bankers. Existing bankers will be disclosed within the disclosure process and any such arrangement is flawed from the start.

Some companies offer an “introducing” service, to the proposed bank as a means of by-passing the bank reference requirement. They, in effect take responsibility for your good character.The problem with this arrangement is that generally the introducer company requires from you the fullest details in order to protect themselves in case you turn out to be a “rotten apple”.

An effective pre–divorce off–shore banking facility requires a case by case consideration.It is not a case of-one size fits all.

We do not offer introductory services to off–shore banks and we do not require detailed application forms completed by the client.

We will attend upon you by telephone, listen to your requirements, evaluate your needs and then simply supply you with the details of the off–shore bank with application forms and instruction sheet enabling you to apply to the bank directly.

We only deal with banks that do not require bank references.Depending upon the off–shore bank selected, various other documents may be required which can be produced properly and legitimately in conjunction with our other services.

Referral fee £350.

Off–shore Company and Off–shore Trust

The advantage to the pre–divorce client in the formation of an off–shore company in an appropriate off–shore jurisdiction is that it enables the client to open a bank account off–shore in the name of the off–shore company. This can provide double protection. However, great care must be exercised. Many company formation agents in off–shore jurisdictions require themselves to be registered as registered agents in the jurisdiction of the company. Often this is a requirement by law. Again the fullest of personal and financial details are required to protect the registered agent from the adverse consequences of malfeasance on the part of the client.

We can provide an off–shore company in a jurisdiction with strict privacy laws on the following basis:

  • no registered agent
  • you will need a registered office within the jurisdiction but can use our office address there.
  • one shareholder and one director.
  • no public records of ownership or register of directors.
  • no requirement to file annual returns.

 

Fees on application.

We can then offer you an off-shore bank account in the name of the off-shore company on the same basis as set out in the previous section.