In the EU there are some countries providing favorable conditions to open offshore accounts. In Austria banking secrecy offers interesting operating conditions for those who want to manage their funds in one of this country’s banks, that is not in black list. To open an account in Austria is a valid option to benefit from services up to the expectations and, by the right passport, allows to benefit from a major banking privacy protection. Banking secrecy in Austria is guaranteed for such categories of people and companies. The choice of opening a bank current account in loco is the right way to avoid your money to be concentrated in just one jurisdiction, mainly for the economic difficulties and for the application of specific national norms in contrast with economic freedom of individuals.
Banking institutes in this country benefit from European statute of Austria, and consequently, cannot be inserted among the banks in black list countries. To see whether it’s convenient to open an offshore account in Austria, personal or business, you should take into consideration the given operating conditions, or even if it’s applicable in your case banking secrecy of Austria, in order to conduct your business in privacy.
Despite its alignment with OCSE standards in fiscal matters, in Austria banking secrecy is a constitutional provision, with the result that privacy protection is fully guaranteed. An expert of the current norms and their evolution can suggest you if to open or not an account in Austria, and mainly, when the jurisdiction offers concrete advantages for the entrepreneurs.
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