I read about Philippines bank secrecy recently where according til Philippines law, it is not possible for anyone including authorities, courts etc to demand information about foreign currency accounts. See excerpt below. Does anyone have information or experience with opening foreign currency (e.g. USD) bank accounts in the Philippines? Philippines is not generally a low tax country but in combination with a company formed in e.g. Seychelles it might be a good option for privacy.
Republic Act 1405 or the Bank Secrecy Act states that all deposits with Philippine banks are "absolutely confidential" and may not be examined by any person or government official.
However, it cited exemptions such as "upon written permission of the depositor, or in cases of impeachment, or upon order of a competent court in cases of bribery or dereliction of duty of public officials, or in cases where the money deposited or invested is the subject matter of the litigation."
However, another law, Republic Act 6426 or the Foreign Currency Deposits Act, prohibits all kinds of inquiry into bank accounts involving foreign currencies "except upon the written permission of the depositor."
"In no instance shall foreign currency deposits be examined, inquired or looked into by any person, government official, bureau or office whether judicial or administrative or legislative, or any other entity whether public or private," Section 8 of Republic Act 6426 states.
Republic Act 1405 or the Bank Secrecy Act states that all deposits with Philippine banks are "absolutely confidential" and may not be examined by any person or government official.
However, it cited exemptions such as "upon written permission of the depositor, or in cases of impeachment, or upon order of a competent court in cases of bribery or dereliction of duty of public officials, or in cases where the money deposited or invested is the subject matter of the litigation."
However, another law, Republic Act 6426 or the Foreign Currency Deposits Act, prohibits all kinds of inquiry into bank accounts involving foreign currencies "except upon the written permission of the depositor."
"In no instance shall foreign currency deposits be examined, inquired or looked into by any person, government official, bureau or office whether judicial or administrative or legislative, or any other entity whether public or private," Section 8 of Republic Act 6426 states.
