Each far-sighted person has a Plan B nowadays! And an offshore account is usually a part of that plan. What if your account in the home country is blocked for some reason or the political or economic situation deteriorates and you will not be able to withdraw the amount you need? That’s where a spare account will come in useful.
However, offshore accounts may also be used for other purposes. For example, foreign banks may offer really beneficial conditions for saving money (low taxes, high annual interest rate, and the anonymity possible in the present-day world). Participation in large investment projects may also be easier if you have a bank account abroad.
There are many other reasons that we will discuss in this post later on. Meanwhile, we invite you to our portal where you can read more private offshore account setup tips and get in touch with qualified experts to ask any questions you may have. Bank regulations in a foreign country may be tricky, but our specialists will help you open a bank account with minimum effort on your part.
Offshore Account Defined
There are two typical associations with offshore accounts: tropical islands and tax evasion. However, these are just associations: an offshore bank account is a serious legitimate instrument for the management of your business and personal finances, so let’s define what it really means.
In two words, an offshore bank account is one you set up in another jurisdiction than the country of your legal or tax residence.
It may be a tropical island or a neighboring country, or a state located on the other part of the globe.
Another misconception is connected with the perks you get.
You don’t automatically get any beneficial conditions if you just open an account in any country outside your homeland. You should choose a country that is an offshore jurisdiction – that is, it has special regulations that ensure advantages to foreign account holders.
To summarize, you should open an offshore account in an offshore jurisdiction to get what you want.
Offshore Banking: Advantages
There are three categories of people that open foreign bank accounts:
- Those who wish to have reliable protection for their assets
- Those who intend to use an offshore account to accumulate passive income from real estate and other investments
- Those who need more privacy than they have back in their home country
And offshore banking really provides a lot of advantages to cater to the needs of all three categories. Set up an account with an offshore bank to benefit from the following:
- Convenient management of funds. Foreign banks provide state-of-the-industry mobile apps and online platforms to make money transfers and any other operations with your money really easy.
- Little paperwork. Offshore banks want their prospective customers to feel welcome, so they reduce the amount of paperwork required to set up an account to a minimum. However, it does not mean that they will not thoroughly check your background and other aspects.
- High privacy standards. The employees of foreign banks will not share the information about your account or identity with any third party (individual or legal entity), except for one case: they receive an official request from a law enforcement authority that orders them to disclose these facts. However, make sure you know the laws of your country of residence regarding offshore accounts: in some jurisdictions, you have to declare that you have a bank account abroad.
- Asset diversification. Diversification is the key to safety. If something happens to a part of your money, you will have access to another part, which may be critical in some situations. The situation in the world has some signs of instability which are felt more or less in each country, so far-sighted people take care to diversify their wealth.
- Asset protection. Let’s look at the way things happen in your home country: a lawsuit is filed against you, your opponent wins it, and the money in your account is seized. There are offshore jurisdictions where it happens in a different way: your opponent wins the case in a foreign country, and… nothing happens to your money as the local courts do not recognize the decisions of foreign ones. Your opponent will have to start the proceedings all over again locally, which is not that easy. The result? Your money is intact in 99.9% of cases. Visit our portal or contact our experts to find out which jurisdictions offer this kind of protection.
- Low taxes. Wherever you keep your money, you will have to pay taxes on income. Fortunately, offshore banks offer really low (sometimes zero) rates, which will help you save your money in a more efficient way.
- Multicurrency investments. Open a multicurrency account to benefit from investment projects in different countries, which is the diversification we strongly recommend!
Offshore accounts have something to offer to all people, especially if you choose the right jurisdiction. And this is the service that our experts provide for free: click on the above link to benefit from the offer and ask any questions (and share any doubts!) about an offshore bank account.
Pre-Approval Service
You cannot reasonably expect to be serviced by 100% of banks: even if they declare that they are prepared to work with non-residents, they may turn your application down. And this is especially annoying if you put some time and effort into collecting a package of documents and studying the bank’s regulations.
With that in mind, we offer a service that will prevent futile efforts: pre-approval. You fill in one application and send it to the bank. If the feedback is positive, it means that you can start collecting the package of documents as the bank is ready to open an account for you.
This service is fee-based, but it saves a lot of time, money, and effort.
Conclusion
An offshore bank account is a really versatile instrument that we recommend to almost anyone – even if all you have is your pension savings. Still, have any doubts? Do not hesitate to follow the link above and talk to one of our team members. It is always better to make an informed decision than remain hesitant for a long time.
Make your step towards your better financial prospects today!
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