Obtain Credit Card from Offshore Bank
Updated on Monday 05th November 2018
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An offshore credit card is one issued by a bank located in another jurisdiction from that of the cardholder. This is a common step for those who open an offshore bank account and the cardholder can use it for various purposes.
Who can obtain an offshore credit card?
Individuals who open a bank account in the country when they also plan on incorporating an offshore company will commonly select the credit card options made available to them through the local bank. It is also common for these entrepreneurs to select additional banking services, such as a merchant account.
In order to obtain a credit card from an offshore bank, entrepreneurs will need to observe the local rules applicable to the selected offshore jurisdiction.
What are the advantages of offshore credit cards?
Most entrepreneurs will choose to do banking an in offshore location because they also have a tax-related or asset-protection reason and the specific location offers some important advantages for their purposes. Popular tax havens include Belize, the Cayman Islands, Seychelles, and others.
The advantages of the offshore credit card include flexible and secure access to the offshore funds and also the option to have the card issued in a certain currency. The ability to easily manage assets (which can be further improved by holding an offshore credit/debit card) is an important reason many investors are interested in offshore company setup.
What are the conditions for obtaining an offshore credit card?
Offshore banks reserve the right to issue credit cards to individuals who have an outstanding credit history and/or if the applicant has a previous relationship with the bank. The actual conditions may vary, however, when investors choose to work with a team of offshore company formation agents, the offshore bank account packaged for businesses will also include the credit and debit card.
You can contact our offshore company formation agents for complete information on offshore banking in a chosen jurisdiction. We specialize in offshore investment matters in a number of jurisdictions worldwide. Reach out to us to see how we can help you.