Offshore Bank Accounts Online
by Bobby Casey
About three weeks ago a buddy of mine came for a visit in Riga, Latvia. He was looking for a getaway for a couple of weeks and wanted to explore the region I have called home for several years now.
A few weeks ago he read one of our articles, “E-Stonia: Wired and Well Ahead of the Curve” – and decided to pursue Estonian E-Residency so that he could get his id card, open a bank account in the EU and do business.
You may remember for our article about Estonian E-Residency that it is a relatively new program offering many benefits.
The program is the only one like it in the world. Estonia is on the cutting edge of technology having birthed companies like Skype and Transferwise as well as being a wonderful place to visit or live.
The country has simplified the lives of Estonians in a way that Americans and other Westerners could not even comprehend.
For example, if you are employed by an Estonian company and that is your sole source of income, you don’t even file a tax return. Your employer files and pays for you, thus no need to even file a report.
Voting is done online. You can digitally sign any document with your id card. The country has 100% wireless coverage. Nearly ever city has wifi throughout the city. The public transport system is cheap and very efficient.
The tax code could nearly fit on on index card. The country has a flat 20% income tax. No tax on dividends or interest payments. No corporate tax (in other words, companies can retain earnings tax deferred).
And yet, Estonia boasts a budget surplus and the lowest debt/gdp in the EU. Estonia hasn’t issued sovereign debt in so long it doesn’t even have a rating.
Which leads me to the opportunity of the best offshore banking opportunity in the world right now.
In nearly all of Europe, it is virtually impossible for an American to open a bank account without first establishing residency in that country.
In Latvia, my business partner visited EVERY major bank in the capital city of Riga only to be turned down – EVERY…SINGLE…TIME. They don’t want Americans unless you can prove you live there. Period.
But in Estonia, you can become an Estonian E-Resident and easily open a bank account.
“Why would you want to bank in Estonia”, you may ask.
Estonia’s banking sector is decades ahead of the US banking system. First of all, nearly all of them are capitalized at several multiples greater than US banks, making them much safer. Our most highly recommended bank maintains a capital reserve more than 3 times the required minimum in the EU (join GWP Insiders to get full details). It is one of the safest banks on the planet.
Online banking is simple and easy. Want to send a wire to Australia in AUD? No problem. Just log in, convert from any currency in your account (you can hold dozens of currencies) to AUD in seconds and enter wire details in just a few more seconds and – voila – you sent the wire. Have a friend from Japan that wants to send you Yen, no problem.
Banks in Estonia use the highest levels of security making it virtually impossible to have your banking information compromised. Unlike the frequent issues you read about in the US banking system where data breaches are becoming commonplace.
Need a debit card with a chip that works anywhere in the world? No worries. Estonian banks’ debit cards use chip technology making it possible for you to withdrawal money safely from bank machines in Tokyo to Vancouver to Santiago – all in local currency.
Maybe you are an entrepreneur and would like to establish a company account. No problem.
With your Estonian E-Residency card you can establish an Estonian limited company online in just a couple of hours. Keep in mind that Estonia has no corporate tax so any retained earnings are held in your bank tax deferred indefinitely.
Additionally with your Estonian E-Residency card you can easily go online and file your tax return in minutes. The E-Residency card allows you to digitally sign your documents, meaning you do not need to be physically in Estonia to manage your company.
For an entrepreneur with an online or virtual business, and Estonian limited company can offer you tremendous benefits with very low cost banking and payment processing solutions in a VERY tax efficient manner.
In order to apply for E-Residency in Estonia, visit this site for details: https://e-estonia.com/e-residents/about/
The process is quite easy. You need to appear in person in Estonia with your passport and pay the 50 euro fee. The application process takes just 10 minutes. Depending on the line at the migration office, you will likely be in and out of the office in half an hour or less.
Within 10 working days you will get an email from the migration office informing you about picking up your card. From there, you are done.
You can then easily walk into any Estonian bank and open your personal account, or create your Estonian company and open your company account using your E-Residency card. It is really a very straight forward process.
For GWP Insiders members, log in today to get more details and benefits like:
- Step-by-step guide on how to obtain E-Residency
- Step-by-step guide on how to register an Estonian company
- Instructions on how a non-resident can avoid all taxation on Estonian company income
- How to create an Estonian company and Offshore company subsidiary to virtually eliminate your tax burden
- Which banks to use and which to avoid
- Get a in person consultation with me to discuss your situation
If you are not a GWP Insiders member, click here to join today and get this and much, much more.