Generally, an account established at a financial institution in the name of a guardian who acts on behalf of a ward. – In particular, a term deposit received by a domestic bank from a customer, which is invested by that bank with an institution abroad under its own name. The reason for this transfer is usually to avoid the withholding tax on income applicable in the domestic country (an amount usually deposited with a domestic bank which will redeposit the sum with a third party bank in a foreign country in its own name, chiefly to eliminate withholding tax on interest). – See fee, ward money, nominee, trustee, withholding tax on interest.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/