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Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 12050
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I want to open a EURO bank account in the best tax haven.Which

Customer Question

I want to open a EURO bank account in the best tax haven.
Which country would allow this as an Australian citizen?
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.
Hi,...There is no international or country specific law or regulation that prohibits or allows this. ...This is a private business decision, made by each bank - based on their specific account underwriting policies....I have one client in OZ that was able to open a UBS Euro based account. I have heard anecdotally, that HSBC is accommodating for non residents/international locations....there are also what are called the challenger Banks, some of them Virtual Banks....See this: this: says this:..."Revolut (Your Personal Money Cloud) is a UK based company that has set their mission to remove geographical borders and other hassles of using your money abroad from the perspective of accessibility and cost. To tackle this problem Revolut offers a multi currency account (GBP+EUR+USD+more in the future) with a multi currency card and the most attractive exchange rates on the market. Although, you are required to provide a residence address to fully activate your account, it does not have to be an EU address."...Hope this helps!...Let me know of you have questions...Lane......I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice on three continents, since 1986
Customer: replied 1 year ago.
Thank you.Was the person able to open an account online or had to travel there? I believe a lot of the Banks allow you to open an account but just need to verify identity in person.Let me rephrase my question to be more specific as the answer was kind of off the information I required.I want to incorporate in a TAX HAVEN. I'm looking for one with a EURO currency.Eg CaymenI'm looking for guidance on the best Tax Haven with a euro currency Bank account. Reasons why it is the best in terms of Corporate tax/personal income tax and so on.
Expert:  Lane replied 1 year ago.
...In terms of your question about a EURO currency, Luxemburg, one of the best tax havens is a EURO currency country...Luxembourg's tax haven status comes from its business-friendly laws that allow international companies to park portions of their business there to dodge billions in tax bills....Appx 33% of U.S. Fortune 500 companies have subsidiaries in Luxembourg....IRELAND: In the Republic of Ireland, the official currency is the euro. Recently, U.S. drug company Pfizer merged with Ireland-based Allergan, with plans to re-headquarter in Ireland. Apple and Google are both incorporated in Ireland...CAyman, of course uses Cayman dollars, but you may be able to facilitate via one of the service like B2B above....I'll keep looking, this is a pretty tough combination, however ... more to come...Lane..
Customer: replied 1 year ago.
Thank you.I have read about both. Any more detailed comparison would be great!
I know the summaries can be found by googling top tax havens or top Europe tax havens.I was hoping for a comparison in numbers and why a particular haven was the best.For example, why Luxembourg over Caymen?Caymen has 0% corporate and 0% personal income.Luxembourg tax at 35% corporate for non residents. Why would it be better?Answers like these are what I'm more seeking than a general broad search!
Expert:  Lane replied 1 year ago.
I'll opt out then ... I bill clients at 150 to 200 per hour for that kind of in-depth research... maybe someone else here is willing to help. ...My suspicion, however, is that you've set up parameters to the question that makes the answer, "there are none."...I gave you a very specific answer to your first question, The second one, with new information, is the one to which I refer now....As an example Cayman is zero and zero, but doesn't use the EURO, Luxembourg's tax breaks have to do with specific incentives and would take more research AND knowledge of what your business does BUT DOES use the EURO. None of the companies I mentioned in Luxembourg are resident there. they have just spent the time tonlook into their tax code to see where incentives exist....Isle of Man? (Euro impossible to use, even hard to exchange)...You might want to look at Andora: Andorra did not have an official currency prior to adopting the euro. and ecoming a resident of Andorra is relatively easy. Four categories of residence exist: active residence, category A (the former passive residency), category B (an international business permit), and category C (a cultural permit)....But, as you might expect, when you're trying to use the business structures of a jurisdiction, and not examine specific tax incentives where they are incentivising the type of businesses that helps them economically in other ways , but are just looking for broad "No TAX" situation, you either need to be their and BRING economic incentives such as having business assets there and paying property tax, or providing jobs OR adding to their VAT coffers OR using some pretty questionable and dicey business practices - as you see in Andora....My gut is that if you put the parameters as you have, the answer is that you'll not find a jurisdiction that meets the specific objectives without a workaround.
Customer: replied 1 year ago.
Thank you Lane. That was much more informative!
I apologies if I came across impolite.What would you say about British Virgin Islands?
For a internet online business.
Expert:  Lane replied 1 year ago.
Hi,...Once we opt out we are no longer notified of any responses... but in looking back through my questions, it doesn't appear as anyone else is opting-in....I think you've hit the proverbial "nail on the head," as it relates to the tax piece....BVI is the probably the most popular offshore jurisdiction:Exemption from all local taxes for BVI Business Companies conducting business outside of the BVIWell developed financial services industryCommon law legal system based on English lawWell developed professional infrastructureExcellent telecommunications systemEasy air access to North America and EuropeNo foreign exchange restrictions....BVI companies (and all amounts paid by them to non-residents) are exempt from all local taxes and stamp duty....Then when the company is sold a third person, there's no capital gains tax....As a matter of fact, British Virgin Island companies don't file tax returns, and have NO reporting requirements for foreign-source income either....The currency there, however, is the U.S Dollar....That seemed to be a hard constraint in your question early on, BUT the ease of exchange there may address you issues....And it's a common Law country (US, UK, Canada, AU) so that may help as well
Expert:  Lane replied 1 year ago.
I hope this has helped you work through some of this....If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit")...JustAnswer will not credit me for the time and work unless you rate me positively....Thank you!Lane……I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/ Medicare, & estate, as well as corporate & tax, on three continents, since 1986