sandyh2001in
Registered User
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Hi
Is it possible to open a deposit account in the Directors name but using Company funds ( of which the Director is majority shareholder), in a foreign jurisdiction.
The jurisdiction where the bank lies allows any interest income to be tax free if the account is in the name of a person of origin of that country. It however taxes the income if the account holder is an overseas company, hence the preference to take these funds from Irish company and place them in a deposit account overseas in the name of Director, attracting zero tax from the host country however still declaring interest income in Ireland and paying CT on it
Is it possible to open a deposit account in the Directors name but using Company funds ( of which the Director is majority shareholder), in a foreign jurisdiction.
The jurisdiction where the bank lies allows any interest income to be tax free if the account is in the name of a person of origin of that country. It however taxes the income if the account holder is an overseas company, hence the preference to take these funds from Irish company and place them in a deposit account overseas in the name of Director, attracting zero tax from the host country however still declaring interest income in Ireland and paying CT on it