Recommended Offshore Jurisdictions:
Liechtenstein
For those seeking confidentiality over their business and financial affairs Liechtenstein probably offers the best 'haven' in Europe. It is not a member, or associated member, of the European Union and only has one double taxation treaty with Austria.
Under their most recent banking legislation, passed on the 21st October 1992, both present and former bank staff together with government officials cannot disclose any banking information to third parties. If one of the numerous local legal entities, including anstalts, aktiengesellschafts and foundations, are needed it is highly recommended that local lawyers are employed since any non-authorized disclosures would result in penal consequences.
For the same reasons, their employment is also recommended even when personal or foreign company accounts are being opened. Obviously, Liechtenstein like all other respectable jurisdictions does not wish, notwithstanding the aforementioned, to be seen as a center for illicit/criminal activities and, provided sufficient evidence is adduced, will release information. Further, any cash deposits over 500,000.00 Swiss Francs will be subject to strict source verification.
Nevertheless, it should be noted that the Liechtenstein authorities will not assist third party inquiries relating to foreign tax obligations. If a foreign company is opening an account full banking confidentiality will still apply, however, it is then necessary to consider that jurisdictions disclosure rules.
Bank & Jurisdiction Confidentiality Rating: 5 Stars
Bank System Rating: 5 Stars |
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