The place where you open an offshore bank account should be researched on thoroughly. There are many factors that matter when an offshore account is opened and amongst these factors, one is the tax benefits. When the offshore jobs involving offshore banking had been created, the idea was to offer the best benefits to a client that a bank can offer.
Let us take an example. If you are a British citizen who plans to open a personal bank account in Austria and you do not want your information to be shared, then this is not a viable option. If you would have researched on the banking norms of the 2 countries, then you will find that the bank in Austria has to share the banking information of a British citizen with the internal revenue department of Britain. This is as per the rule of the country. Therefore your primary purpose is not solved despite the good deal that the bank offers. There are ways out of this dilemma as well.
All that you need to do is to create and account in the name of a trust or a corporate and the information that you wish to get withheld will be withheld because there is no law that makes it mandatory to share the information of a trust or a corporate.
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