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Is Offshore Merchant Account Credit Card Processing Option?Offshore-Merchant-Accounts.net Says Yes
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Credit Card Merchant Account Basics
Knowing which credit card merchant account to get can be very confusing. There are thousands and thousands of banks, merchant account providers and third party sales teams that can offer you all kinds of incentives.
Going Offshore to Protect Your Assets
Offshore bank accountsoffer a level of asset protection you cannot achieve in the United States. If you wish to protect yourself from undue taxation, liability in the event of a lawsuit or divorce, or work in a high-risk profession, an offshore bank accountmay be the solution you need. With the assistance of a professional well-versed in the establishment of offshore bank accounts, you can establish your own personal or corporate account quickly, easily, and at minimal cost.
Five Straight Steps to Opening an Offshore Bank Account
Despite what you may have read or heard, anyone is free to open an offshore bank account nowadays! In fact, banking offshore has been used successfully for tax reduction and asset protection by both individuals and worldwide organisations for decades.And opening an offshore bank account in this day and age couldn't be simpler either! Here are five straightforward steps to take towards opening an offshore bank account.
Myths about Offshore Merchant Account
When you hear the term, Offshore merchant account, or just the word offshore, what initially comes to your mind? Suspicious. Somewhat illegal. Sounds paranoid, isn't it? Don't worry. It's just but normal to be cynical about this. We have watched in movies businessmen being arrested because of having a 'hidden? offshore merchant account. But in reality, an offshore merchant account isn't as bad as it seems.
Discover How to Set Up an Internet Merchant Account
Despite the current economic problems internet based retailers are continuing to see growth. Due to this more and more small businesses and retail stores are looking to increase their sales by providing their products and services online. While it seems like setting up an online store should be fairly straightforward there are a few small details that many people forget to consider. One such area is how to set accept payments. The majority of payments made to online stores are via credit or debit card, in order to accept these forms of payment the business owner first needs to set up an internet business account.
Best Countries To Open An Offshore Bank Account
We frequently hear about offshore bank accounts in the news or in the movies because those trying to hide money for criminal reasons usually utilize these accounts so that they are not caught up in their shenanigans However, that is not all an offshore bank account is about
Instant Merchant Account Equals Trouble
Instant Merchant Account Services can vary in quality. For one thing, you wouldn't want to overlook something contractually like the fact that these instant merchant account services can easily weasel you out of thousands and put a nail in your business dealings. Choosing the right merchant processor is literally the difference between doing business, or someone stealing you blind. Not sure what i is about those merchant processors, but they have their red hand in the cookie jar before and after dinner practically every night of the week.
Want A Credit Card Merchant Account?
Who doesn't want a credit card merchant account! This special service allows you to process credit card payments from your clients in a number of ways that can help to speedily grow your business. A merchant account has been known to double or triple business profits in a relatively short amount of time, so only if your company is poised for growth should you consider this exciting opportunity.
Swiss Parliament to Help in the Release of Undisclosed Offshore Bank Accounts
On February 24, 2010, the Swiss government announced that it will seek parliamentary approval to effectively overturn a Swiss Courts efforts to block the release of information identifying U.S. accountholders at UBS AG (UBS) to U.S. authorities. In the meantime, pending parliamentary approval, Swiss tax authorities are continuing to process U.S. requests for information on U.S. clients of UBS.
Learn From The Rich: Having An Offshore Bank Account
Suggest to the average American that he or she might benefit by owning a foreign bank account and you'll more than likely get a questioning look and a response such as, "Why on Earth would I want to do that?"
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Swiss Parliament to Help in the Release of Undisclosed Offshore Bank Accounts
On February 24, 2010, the Swiss government announced that it will seek parliamentary approval to effectively overturn a Swiss Courts efforts to block the release of information identifying U.S. accountholders at UBS AG (UBS) to U.S. authorities. In the meantime, pending parliamentary approval, Swiss tax authorities are continuing to process U.S. requests for information on U.S. clients of UBS.
On August 19, 2009, Swiss and U.S. authorities reached an agreement ("the Agreement") whereby the Swiss Confederation agreed to process a U.S. request for information regarding U.S. clients of UBS, pursuant to the U.S.-Swiss Double Taxation Convention ("Tax Convention"). Under the Agreement, the Swiss Federal Tax Authority (SFTA) would process U.S. clients of UBS suspected of "tax fraud and the like" for disclosure to U.S. authorities.
However, on January 21, 2010 the Swiss Federal Administrative Court (the Court) ruled that the Agreement's "tax fraud and the like" provision was too broad and violated the Tax Convention temporarily blocking the SFTA from turning over UBS clients to U.S. authorities. Under the Tax Convention, Swiss banks may be required to disclose account information for suspected tax fraud however it does not cover tax evasion.
How The Swiss distinguish tax fraud:
Under Swiss law, tax evasion is an act of omission failing to report income or assets whereas tax fraud is an act of commission actively lying to authorities. The Court ruled that the Agreement violated the Tax Convention, which has greater legal force. The Court reasoned that the Agreement allowed accountholders suspected of tax fraud and the like to be turned over too broadly encompassing tax fraud and tax evasion a violation of the Tax Convention. The Court's ruling has the potential to block disclosure of nearly 4,200 U.S. clients of UBS because those clients were only suspected of tax evasion, not tax fraud.
The Swiss's Next Action
The Swiss government's action will circumvent the Court's ruling, thereby paving the way for disclosure of U.S. clients of UBS suspected of tax fraud and tax evasion to U.S. authorities. Essentially, Swiss authorities would elevate the Agreement to the same level as a treaty. As a result, the treaty framework would be altered allowing for disclosure of U.S. clients of UBS suspected of tax fraud and tax evasion. In the meantime, Swiss authorities indicated that they will continue to process the request by U.S. authorities for information on U.S. clients of UBS, pending parliamentary approval.
What does this mean for U.S. clients of UBS?
While a Swiss Court may have temporarily blocked disclosure to U.S. authorities, the Swiss parliament IS cooperating with U.S. authorities and continues to process the requests for information pending parliamentary approval, which appears very likely. Information on all 4,500 U.S. clients of UBS will likely be turned over to U.S. authorities.
Once the information is handed over, the U.S. Department of Justice and Internal Revenue Service will conduct criminal investigations and civil audits into U.S. accountholders of UBS. If you have been contacted by the UBS, Swiss authorities or U.S. authorities regarding your UBS account...
you should immediately consider consulting a tax attorney who is versed in the intricacies of international tax law disputes. For more information on these developments and offshore tax issues, go to www.thorntaxlaw.com
Tax Attorney - Kevin Thorn
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