General Advice:
In many cases, those establishing offshore companies and trusts require confidentiality. However, unwittingly individuals, often carefully having considered the pros and cons of a jurisdiction, forget to employ the same care choosing a bank. Basic factors to consider: Before establishing a bank account facility it is essential to consider not only the physical location but how and where it was originally constituted: Physical location - Every bank will be subject to the laws, treaties and regulations of the jurisdiction in which it is operating. In virtually all Western European countries it is accepted that the relationship between a banker and his client is privileged and cannot be released without specific legal sanction (In the UK see Tournier v. National Provincial & Union Bank of England [1924] 1 KB 491). How and where the bank in question was constituted - In very few cases will a potential bank client consider the exact legal status of his bank although the consequences of an 'bad' choice can be very serious. In simple terms, it is always better to select a bank which has been established as an independent subsidiary rather than as a branch of a 'mother' company since the latter could result in legal exposure in two jurisdictions rather than one.  If Management or Tax Planning Advice is required we recommend the services of The SCF Group.
Established in 1989 - Owned by Lawyers & Accountants - Licensed Trust Managers.
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