Wizard Offshore is a FinTech Offshore Banking Platform operated by British Far East Bank in partnership with the Frux Financial Group. It was created to provide the retail offshore transaction portal for the management of Wizard Offshore Accounts which are operated via partner SmartyCash/Dixipay Financial Group (licensed in the UK and New Zealand). The British Far East Bank is based in prime zero-tax offshore jurisdictions like Hong Kong, the Bahamas, British Virgin Islands, Marshall Islands, The Gambia and others. These are well-established and legally sound, reliable offshore jurisdictions with recognised legal systems based on British Law. Diversification of jurisdictions ensures and provides both confidentiality and security of deposits.
When you deposit funds in Wizard Offshore Accounts you are legally making a deposit in an offshore account in a zero-tax jurisdiction that does not levy corporate nor personal income tax on your earnings. Withholdings are not imposed either. British Far East Bank and its partners are 100% Equity and Transaction-Only banks. This means we do not invest or loan out your funds at all, as we are service-only banks. Your funds are deposited by our banks in secure accounts in top Tier I & II prime European and international banks only. Thus, your funds are as safe and always available as if deposited in such Tier I & II banks directly, except that by transacting your business through the Wizard offshore portal you gain the offshore tax and confidentiality benefits not available if you do business directly with such onshore Tier I and II banks.
Tier I & II banks are defined below. Tier I & II banks are considered the safest banks in the world rated by their size and various other statistical factors. These banks include: HSBC, Barclays, Chase Manhattan, Deutsche Bank, SEB Scandinavia Bank, Goldman Sachs, Raiffeisen Bank, Deutsche Konto Bank, JP Morgan, BNP Parisbas, Citigroup, Santander, Sabadell, Lloyds, ING Bank, USB Bank, Credit Suisse and Mellon Bank.
Thus, supervision of customer funds is under the regulatory control of the fiscal authorities of such countries as Germany, the United Kingdom, Canada, etc. while operation and management of accounts takes place offshore, protected by the strictest confidentiality laws. A majority of small to medium businesses, however, do not qualify to be able to open and sustain accounts at these banks and if they did, they would be subject a worldwide average of 25% to 50% corporate income tax and would be subject to the concomitant reporting and compliance requirements as well. Instead, our customers are able to access these prime banks via our zero tax banking platform. For any tax purposes, customers are responsible for their own reporting.
Wizard's offshore status coupled with its collective bargaining strength vis-a-vis the major banks enables them to open customer accounts directly and instantly through their offshore portal. Free online banking and debit cards are provided to clients enabling them to manage their accounts remotely from wherever they are located. Additionally, British Far East bank and Wizard Offshore provide select personal banking services for high-volume customers and offer a variety of other banking-related services and products such as SWIFT services, our Offshore Payment App and high-yield insured investment accounts, which are handled on behalf different specialised service-providing members of our organisation.
As to online security, Wizard and its partners employ the highest state-of-the-art FinTech banking technology to provide you with the very best and secure online banking environment available today.
Wizard is concerned and guards against money-laundering and the worldwide finance of terrorism by employing comprehensive AML/CFT policy guidelines in alignment with the highest standards of Switzerland, Germany, other EU countries and New Zealand.
Tier 1 banks are the world's safest, largest, banks with highest liquidity ratios under the Basel III standards (Basel Accords) They lead worldwide in all bank product categories.
These banks include : J.P. Morgan, Goldman Sachs, Citibank, Bank of America, Merrill Lynch, Morgan Stanley.
Tier II banks are for all intents and purposes just as safe, most often with the same liquidity ratios under Basel III but are not as large and do not lead in all product categories worldwide.
They include Deutsche Bank, Barclays, Credit Suisse, HSBC, UBS.
Wizard combines the maximum safety and security of the world’s top Tier I & II prime banks with a unique offshore platform from which to operate your accounts and finances, providing all the security of mainland banks together with all the benefits of offshore banking.