Tanzania and Offshore Banking
Tanzania A paradise for Offshore Banking; You will find many countries offering offshore banking as their services, but why consider Tanzania over the rest of the countries in the world? What makes it stand out from the pool of countries trying their best to attract foreign investors to go and deposit their wealth in this country and not elsewhere?
Assured Confidentiality of Information
Most international organizations are convincing many banking institutions to create policies that will be a deterrent to money laundering acts. Tanzania supports this campaign; nevertheless, it has maintained its position of securing the confidentiality of the information of the principal owner of the account, unless appropriate documents are presented to them by the relevant authorities. Therefore, you do not need to worry about your account information easily disclosed to strangers; because banks in the region have committed to protect this right and will do their best to keep it safe from any unjust practice.
Following the Trend
It has been observed, that many Chinese and Indians have considered this place as the best destination for the wealth they have earned from their businesses. These business enthusiasts have placed their trust in Tanzania and has given much confidence with the quality of services it provides. They have studied the advantages of putting their earnings in Tanzania and they are more than convinced that this is very much profitable; therefore, there is no sufficient reason why you should hesitate to not do the same.
The price of gold as a commodity and currency has increased in the past years because of the economic crisis felt by both the US and the UK. Therefore, with Tanzania is becoming a major producer of gold since the year 2000, this gives the country a more stable gold reserve in comparison to the drowning banks of Europe. This is a factor worth considering and an element sufficient to convince anyone that it is a wise decision to stick with banks in the region.
Friendly Tax Rates
The Government of Tanzania is all set to become one of the premiere tax havens in the world. It has decided to abolish several taxes to include the Capital Gains and Tax. Foreign bank accounts investing in the country are also exempted from tax, including non-resident individuals or companies. This implies lesser taxes and more chances of earning revenue in the future.
Existing Double Taxation Treaties
Like other tax haven countries, Tanzania shares double taxation treaties with Denmark, Finland, Italy, Norway, Zambia, India, and the United Kingdom. It is also making moves for it to close double taxation treaties with Iran, Belgium, Mauritius, Lebanon, Rwanda, Malaysia, and Pakistan. Therefore, any company wishing to expand operation in these mentioned countries is best off establishing bank accounts under the jurisdiction of Tanzania.
Strong and Healthy Banking Sector
The banking sector of Tanzania was heavily criticized in the past because of its extremely precautionary banking regulations. Others may have failed to realize the benefit it will gain, but the long-term advantage of these excessively restrictive regulations resulted to a strong and healthy banking sector of Tanzania today.
Setting up a bank account in Tanzania is a simple process. You will only need a few weeks to set it up. You do not even need to travel to the country just to finalize any documents. Just find a reliable business and legal firm that will handle this task for you in the region and you will have your bank account in no time. Once you have access to your account, it can be used to sell or buy stock, perform bank transfers, and utilize other convenient online banking transactions.
Consider establishing a bank account in Tanzania today and enjoy the private banking services and offshore wealth protection it offers.