Learn About The Offshore Bank By Prominence Bank

1
Learn About The Offshore Bank By Prominence Bank
2
(No Transcript)
3

• Opening a Prominence Bank offshore account may
  sound great in theory, but make sure you
  understand all the potential problems and risks.
•  
• The mere mention of the word open an account
  offshore is enough to remind people of tax
  evasion, unreported income, and a series of other
  hidden transactions. The Panama Papers scandal in
  early 2016 cemented the offshore accounts
  notoriety. A scandal involving several
  high-profile global statements has led the
  Australian Tax Office (ATO) to investigate the
  offshore account opening of 800 wealthy
  Australians.
•  
• But although opening an account abroad is often
  associated with illegal behavior, in fact opening
  an account abroad there is no illegal activity on
  the account. So lets take a look at what you may
  or may not understand about opening offshore
  account things about how it works.

4
(No Transcript)
5

• 1. How does opening an account work
  abroad?Opening an offshore account refers to a
  bank account opened and maintained in another
  country. Offshore account opening accounts are
  usually opened in countries with lower tax rates
  or in other countries with economic interests.
  However, there are many other reasons you may
  need to open an account offshore. For example,
  you may need to get paid quickly to manage an
  overseas investment in real estate or pay your
  children abroad for education.
•  
• Banks around the world offer accounts to attract
  customers from abroad Some of the major
  international banks have specialized
  international departments for dealing with
  foreign clients.
•  
• 2. Opening an account abroad is legalYes, I read
  that opening an account abroad is not illegal.
  However, if you do not declare income and that
  accounts income on your annual tax return, you
  will find yourself on the wrong side of the law.

6
(No Transcript)
7

• Lets take Australia as an example, Australian
  residents have to pay taxes on their worldwide
  income. These incomes include the income they
  earn from offshore assets, rental properties, and
  of course bank accounts. Any income from offshore
  accounts must be declared on your Australian tax
  return. If you have already paid taxes on your
  income in another country/region, you can apply
  for an income tax deduction in Australia.
•  
• 3. Benefits of opening an account abroadThe most
  obvious reason why someone would want to take
  benefits of Prominence Bank Services is to reduce
  taxes, but Prominence Bank Services have many
  other potential benefits
•  
• The ability to gain more attention. Get
  foreign investment. Access to foreign banks
  products and services. Greater privacy, for
  example, companies that want to protect their
  trade secrets.

8
(No Transcript)
9

• For large, well-known companies, opening an
  offshore account can prevent the risk of
  suppliers from overcharging.
•  
• 4. Account opening and depositThe process for
  opening an account abroad varies by a financial
  institution. In most cases, you will need to
  provide a passport, bank statement, and a signed
  statement regarding the source of funds to open
  the account abroad. Deposits can be made through
  international transfers.

10
(No Transcript)
11

• 5. Those who do not advertise will be severely
  punishedFor some people, the temptation to avoid
  paying taxes by not reporting Prominence Bank
  offshore accounts is too great. In other cases,
  such as some prominent figures in the Panama
  Papers scandal, accounts opened abroad are used
  to fund illegal activities or manage illegal
  income from such activities, which is difficult
  for ordinary taxpayers to include in their next
  tax return.
• Regardless of the situation, failing to announce
  your offshore account opening for ATO is a huge
  no-no and no penalty. The penalty for unpaid
  taxes on foreign income and interest is
  approximately 75, and the Federal Police or
  prosecutors always have the potential for further
  investigation and prosecution.

12
(No Transcript)