Open a bank account in Europe

BankINTRODUCTIONS.com

OPEN A BANK ACCOUNT
IN
EUROPE - CHANNEL ISLANDS

BI.C does not support tax evasion. What you file for taxes in your home country is up to you, not BI.C. It is your responsibility to comply with your own specific country laws. BI.C does not support any illegal activity and we do not wish to refer any clients who are involved with any illegal activities of any kind. BI.C are not tax consultants, but we are an independent research firm and bank introductions company. Our goal is to help guide you to safe banks and diversify your wealth within sound banking regions.

BI.C has identified the Channel Islands consisting of the islands of Jersey and Guernsey nestled between the coasts of Britain and France as truly a first class offshore banking destination and tax haven. The quality of service, the level of bank safety & privacy and the soundness of the banking system are exceptional. There is a wide array of financial products and services available to handle any specific financial need that an individual or busines may require. Whether it is setting up a simple bank account or to designing prudent offshore protection strategies composing of issues such as legal & tax, offshore trusts, custody, etc., the Channel Islands as a financial centre are more than well prepared to handle any requirement. At BankINTRODUCTIONS.com, we are delighted to help recommend different banks and firms that can help establish you and/or your business banking needs in the Channel Islands and elsewhere in the world.

General Overview of the Channel Islands

The Channel Islands have a special and good working relationship with the United Kingdom. They are NOT part of the UK, hence, British parliament has no power to pass legislation, but the UK is responsible for their foreign relations and for the external defense of the islands. Domestically, the islands govern their own affairs and they do submit an annual contribution to the UK government and Bank of England for services rendered to the islands.

Both Jersey and Guernsey tend to cater to the wealthy as well to a large number of clients with modest wealth. Many of the world's largest banks presently have offices in the Channel Islands. This European offshore banking region is very politically stable, bank privacy & infrastructure is superb along with a sound legal system. The governments of these islands have in place strict rules for reporting for banks as the authorities take banking compliance very seriously. This attitude enhances the credibility and soundness to the financial institutions that operate in this European banking centre. The Islands find a balance between regulation and maintaining competitiveness as investors feel more confident as they are protected against dubious individuals and/or businesses.

Business for these banks is very international with respect to clientele and companies that bank in these tax havens. In the Channel Islands, the majority of deposits are in currencies other than sterling - a truly international finance centre. Strong legislation is in place for these European offshore tax havens to adhere to international banking regulations. The Channel Islands are a financial jursidiction with stringent anti-money laundering policies coupled with other financial fraud regulations firmly in place. The long term future for both Jersey and Guernsey is sound as international clients can conduct legitimate financial business without the fear of unwarranted intrusion from foreign governments, pressure from the OECD and/or the IMF.

Many of the largest banks in the world have offshore programs that are specially designed for clients from the global community. There are no agreements that prohibit banks on the Channel Islands from offering their services to nationals of another country, especially from presssure applied by various country governments. So yes, worldwide clients are welcome. The type of client best suited for the Channel Islands are those who can make a minimum deposit of $20,000 USD although a great many banking services are targeted to those individuals and businesses with over $250,000 USD of liquid net investable assets. Many of the banks located in the Channel Islands are very capable of handling any corporate banking business requirement as well. The islands have very high banking standards and have a diverse number of professionals to ensure that most financial and other services are adhered to including legal, accounting and insurance.

Finally, it should be mentioned that the 'EU Savings Tax Directive Regime (STD)' came into effect on July 1, 2005. STD applies to residents in an EU country on interest received on savings instruments, deposit accounts, etc. The directive does not apply to persons (including EU nationals) who are resident outside the 25 Member States of the European Union.

BI.C Recommends for Banking in the Channel Islands

RBC
Royal Bank
of Canada For Global Private Banking in EUROPE -
the Channel Islands

RBC Royal Bank provides a full range of Global Private Banking Services for those interested in setting up an account for as little as $20,000 USD to those with over $1 million USD. They provide first class banking services with expertise in the areas of International Banking, Advisory, Investment Management, Trust and Custody. RBC Royal Bank also handles corporate banking services for those organizations conducting international business. The Global Private Banking division of RBC Royal Bank of Canada has an extensive international presence with over 25 financial centers scattered throughout the world and assets equivalent to approximately $100 billion CAD. RBC Royal Bank is Canada's largest and oldest financial institution with over 70,000 employees worldwide and $1.7 trillion CAD in total assets under administration. They rank in the top 15 financial institutions within North America. RBC Royal Bank is well known for its leadership in banking technology particularly in Internet banking. Global Private Banking with RBC Royal Bank is a sound, safe and prudent choice to diversify your wealth on an international level.

JERSEY

Jersey is the largest of the Channel Islands and is situated off the north west coast of France. Jersey is approximately 160 km south of England, but only 20 km north of France. The island is 16 x 10 km for total land area of 117 sq km. The population is 91,000 people with immigration controls in existence to restrict future growth.

Jersey Islands's Parliament, the Statutes of Jersey, pass laws and regulations to govern the island's internal affairs, including revenue and taxation matters while the United Kingdom is responsible for the island's external affairs. One of the large attractions to Jersey is the fact that it has been a low tax area for centuries. The standard rate of income tax for resident individuals and corporations is 20 percent, unchanged since 1940. Subject to income tax only on income arising in Jersey, except with respect to interest on bank deposits which is exempt. There are no wealth, capital gains, VAT, gift or inheritance taxes. English is the main language although French is the official language, English is used for financial and commercial activities. The majority of the law is based on English Common Law with some French statutes.

Financial services are the main source of income for Jersey although tourism, agriculture and fishing play an important role. Jersey enjoys excellent telecommunications with the rest of the world as it uses the UK's digital network. The official currency is the Jersey pound which is on par with the UK pound. The island issues its own notes and coinage which are freely interchangeable with the UK pound. There are presently no exchange controls as they ended with the UK in 1979.

Even with the excellent credentials and reputation of Jersey, no offshore location will escape problems. At BI.C, it is our goal to provide you with a thorough, comprehensive and current research analysis of related banking issues. A small bank based in Jersey, "Cantrade Bank", was in the middle of a corruption scandal, fraud, possible cover-up and incompetent management. As well, other guilty players may include a major accounting firm and to possible Jersey public officials caught in a government cover-up. The victims of this fraud were mainly American investors. A caveat is the possible question of safety balances in the Jersey political system with regards to separation of powers between judiciary, legislature, and executive. Jersey is a single party state that has been ruling the island for over 100 years, although historically very stable. The political environment is further enhanced with Jersey's constitutional relationships with the UK and EU. Jersey does however enjoy a 'AAA' sovereign rating awarded by Standard & Poors.

Nevertheless, besides this very isolated incident, not to tarnish the island, Jersey is and will remain placed firmly in the premier group of international financial centres. Many of the world's most prestigious banks have offices in Jersey and are open for business. Of the 79 banking licenses held by institutions from 17 countries, 22 of them are in the world's top 100 banks(2001). Jersey attracts a significant percentage of individual and corporate clientele from around the world. Over 30 percent of the top 500 European companies and over 10 percent of the top 700 companies from the Asia-Pacific corridor are currently banking in Jersey. This is evident as Jersey is indeed a very popular place to park your money as it has in excess of 188 billion GBP sterling (March 2006) in total deposits and $296 billion USD equivalent in net asset value of funds under administration (March 2006). .

Why is Jersey so popular to establish banking activities? The answer lies in a multitude of factors. Some of these include: a comprehensive regulatory framework, closeness of geography to London and other European financial centres, economic & fiscal stability, the ability to establish tax exempt companies coupled with the common law which provides confidentiality for legitimate business. And most importantly, the ability of the majority of the domiciled banks to provide first class banking and support services to their clientele's needs.

BankINTRODUCTIONS.com Recommendation for Banking in Jersey

RBC
Royal Bank
of Canada For Banking in the Channel Islands - Jersey.

HSBC For banking in the Channel Islands - Jersey.

HSBC is a prestigious well known global banking giant headquartered in London, United Kingdom. As an international financial conglomerate, the HSBC Group is a very prosperous successful banking brand with over 10,000 offices scattered around the world. HSBC Group’s International network companies have 284,000 employees worldwide, HSBC is indeed one of the world’s largest global banking and financial organisations. Through an international network linked by advanced technology including a rapidly growing e-commerce capability, HSBC provides a comprehensive range of financial services: personal banking, commercial banking, corporate, investment banking and capital markets, global private banking and other services. HSBC is a publicly traded financial institution with stock exchange listings on London, New York, Paris and Hong Kong. The HSBC Group is named after its founding members, the Hongkong and Shanghai Banking Corporation Limited, which was established in 1865 to finance the growing trade between China and Europe.

GUERNSEY

Guernsey is the 2nd largest of the Channel Islands located close to France and just north of Jersey. It is an international financial and banking centre attracting clients from the global community. There are in excess of 75 banks from 17 different countries and 30 captive insurance companies (2001). Guernsey is also host to many of the world's top legal and accounting professionals assisting the financial industry.

Special status with the United Kingdom and to the European community as Guernsey have retained their right to internal self government similar framework, own right to balance the books and fiscal independence. Guernsey is part of the British Isles but not the United Kingdom. The political system is flat and simple, runs on non-political party lines with each of the 10 parishes having a representative member cast a vote. Political stability is at the forefront as they realize the importance of Guernsey being a major financial centre is to their economy. The simplicity of the Guernsey political system has created an environment that there is no requirement for inheritance, capital gains, capital transfer, value-added or withholding taxes. Like Jersey, residents pay tax of only 20 percent.

Guernsey has "designated territory" status under the UK Financial Services Act 1986, which states that investor protection on Guernsey is just as good as it is in the UK. Banking sector is well regulated, banks are well managed with conservative balance sheets. The finance sector of the Guernsey economy is well developed including the insurance, asset management, trust services and company formations industry. Similar to Jersey, relatively strict immigration controls which limit the ability of banks and other financial groups from moving in and setting up.

Guernsey is indeed a respectable offshore financial centre home to many of the world's top banks with 89.3 billion GBP sterling (June 2006) in total deposits and 115 billion GBP in funds being administered and managed (June 2006). Of the deposits, 30 percent are held in sterling, 70 percent in foreign currencies including 50 percent in US-dollars, 14 percent in euro's along with Swiss fiduciary deposits (2006).

BankINTRODUCTIONS.com Banking Recommendation for Guernsey

RBC
Royal Bank
of Canada For Banking in the Channel Islands - Guernsey

HSBC For banking in the Channel Islands - Guernsey.

HSBC is a prestigious well known global banking giant headquartered in London, United Kingdom. As an international financial conglomerate, the HSBC Group is a very prosperous successful banking brand with over 10,000 offices scattered around the world. HSBC Group’s International network companies have 284,000 employees worldwide, HSBC is indeed one of the world’s largest global banking and financial organisations. Through an international network linked by advanced technology including a rapidly growing e-commerce capability, HSBC provides a comprehensive range of financial services: personal banking, commercial banking, corporate, investment banking and capital markets, global private banking and other services. HSBC is a publicly traded financial institution with stock exchange listings on London, New York, Paris and Hong Kong. The HSBC Group is named after its founding members, the Hongkong and Shanghai Banking Corporation Limited, which was established in 1865 to finance the growing trade between China and Europe.

DISCLAIMER

DISCLAIMER: the information presented within this banking section is believed to be accurate and correct to the best of BankINTRODUCTIONS.com's 'BI.C' independent research abilities. BankINTRO.com is not liable for any out of date or not knowing inaccurate statements presented. BI.C recommends the Internet reader seek out other sources of offshore banking information to verify the text within this BankINTRODUCTIONS.com web site.