4 семестр / Ex_card_7_2_kurs_ekzamen_IFTEB
.pdf2 курс экзамен ИФТЭБ _75_2021 Examination Card № 7
Read the text then summarize it using your own words.
-Summary should contain only the main ideas of the original text.
-Summary should be concise, accurate and objective.
As a conclusion express your own view on the subject, discussed in the article (5-7 sentences). You should talk for 3-5 minutes. You now have 20 minutes to prepare.
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Putting to Rest the Myths About Offshore Banking
By Luigi Wewege, the Senior Vice President, and Head of Private Banking,
In an age with access to so much information, it’s no surprise you will find a lot of misinformation thrown into the mix. In the case of opening and maintaining offshore bank accounts, myths abound.
While the falsehoods are likely to remain around for a long time, it helps to understand what’s true and not related to offshore banking. Here are a few myths that need to be laid to rest.
In an age with access to so much information, it’s no surprise you will find a lot of misinformation thrown into the mix. In the case of opening and maintaining offshore bank accounts, myths abound.
While the falsehoods are likely to remain around for a long time, it helps to understand what’s true and not related to offshore banking. Here are a few myths that need to be laid to rest.
Only those with criminal leanings use offshore banking. Between novels, movies, television, and even radio dramas, the image of the criminal who sneaks money out of the country only to deposit it in an offshore bank remains a popular trope. While it can be a nice plot point that adds some spice to a script, too many people have assumed that only those with criminal minds want offshore accounts. That’s not true.
The majority of people who open bank accounts offshore do so free of any hint of criminal intent. The purposes may have to do with creating resources to be used while living outside their home countries. For some, it’s a way to open accounts and amass wealth for the retirement years. Those accounts may provide an easier means to take advantage of investments they can’t make at home. In other words, offshore banks do lots of legitimate and legal business.
Offshore banking is for the rich only. Another myth that seems to cling to people’s minds is the idea that only the rich can open offshore accounts. The fact is that anyone who can meet the minimum deposit requirements set by the bank is eligible to open one or more accounts.
For example, you may be someone who earns under USD 100,000 per year. You are financially stable and can afford to put away some money in a time deposit account. Scouting around, you find an offshore bank that offers different account options with minimum balance requirements that you can meet.
Offshore banks don’t box out the middle class. As long as you can meet the balance requirements, open an account and add to the balance when possible. The result will be a more secure financial base to draw on when you do retire.
Tax Evasion is Why People Open Offshore Banking Accounts. Any discussion of offshore bank accounts is bound to bring up the issue of taxes. One thing that must be understood is banking and tax laws vary in different nations.
It may be that you’re a citizen of a country where it’s necessary to report your balances in offshore accounts, but you don’t pay any taxes on the money unless it’s transferred into your domestic bank accounts. As long as you comply with the required reporting of your home country, there is no tax evasion.
It’s worth noting that you may or may not have to pay some tax in the jurisdiction where your offshore accounts reside. Taxation varies from nation to nation. See this as one more reason
to make sure you understand banking laws and tax requirements before you open a bank account in any part of the world.
There are plenty of other myths about offshore banking that should be ignored. Whatever you hear, learn to separate fact from fiction.