What is the interest rate for offshore savings accounts. I want to know about the Cayman Islands, Switzerland Banks,etc. And how often is the interest allocated, like in the states, most savings accounts are 9% a year.
2007-02-19 17:22:26 · 3 answers · asked by ???? 2 in Business & Finance ➔ Personal Finance
And do offshore banks take out taxes.
2007-02-19 17:23:08 · update #1
Ordinary savings accounts in Switzerland offer not more than 1% of interest, in Swiss Francs.
If you have an other currency, you'll get more.
There is a special "withholding tax at the source" of 35% on all interests earned in Switzerland, but there are several possibilities to get around this tax.
2007-02-22 19:58:50 · answer #1 · answered by swissnick 7 · 0⤊ 0⤋
Offshore banks don't have to pay taxes so they usually don't. Interest rates vary widely
2007-02-20 02:08:33 · answer #2 · answered by emsjoflo 2 · 0⤊ 0⤋
Good luck with that one, but it is a BIG RED FLAG when you do your IRS income taxes to have off shore accounts. The moment you take money onshore from them, watch out.
2007-02-20 01:37:02 · answer #3 · answered by daddyspanksalot 5 · 0⤊ 0⤋