Offshore Banking Becoming a Reality For Smaller Entrepreneurs
At a beachside bar in Oistins; – a tourist district on the blue-water coast of Barbados, Frenchman Julius Francois handed over a black coloured Visa Card to the bar cashier who swiped it, and soon collected payment for the drinks that he and some other business colleagues had consumed for a few hours that evening.
Mr. Francois, who happens to be a small art dealer back in London, was practically taking his third business holiday to the Caribbean, and spending exclusively on a Visa card that is associated with his recently opened offshore bank account.
Subsequently sitting down for a conversation with this publication, the rather burly gentleman spoke about his love for art investments, while complaining about the volume of taxes that he was paying on his relatively small savings in the UK.
According to him, in a bid to escape his debacle, he tried for almost two years to go offshore with his savings but was deterred by the US$500,000 minimum deposit that was required by almost all offshore banks.
However, with a rather soft smile on his face, he flashed a dark coloured visa card and indicated that he got around his challenges and found financial salvation in 2013 with Breder Suasso Bank, an offshore Bank Account services provider based in Auckland, New Zealand.
Boasting about their simple online sign up process and a meagre $2,500 deposit, Mr. Francois is adamant that his experiences with the financial services provider have been most rewarding.
And like the art dealer, two of his other colleagues who also claims to be Breder Suasso clients, overwhelmingly agreed.
So as was customary, we did a little service check up on the offshore banking institution to determine whether they are pioneering new changes in the offshore banking industry.
Our investigation has since demonstrated that Breder Suasso Bank is making offshore banking a simpler experience for everyone, and is also making everything possible for lower earning entrepreneurs to benefit from offshore banking by accepting smaller clients, when compared to Swiss banks.
Generally, holding an offshore bank account meant jetting away to Zurich, Geneva, the Cayman Islands, Panama or many of the other major global offshore banking jurisdictions, and forking out a minimum deposit of over half a million U.S Dollars to satisfy the average bank requirements.
With such a challenging minimum financial ceiling and having to contend with greedy middlemen and expensive accounting proxies, smaller entrepreneurs had found it almost impossible to own an offshore bank account, much more to benefit from the tax breaks and many other concessions that comes with it.