Do you want to keep your assets as safe as possible? What you need is to competently diversify them, and that’s where an offshore account will come in useful. Of course, this is not the only purpose for which people use it: you will have access to better investment opportunities, excellent banking services, and enhanced confidentiality.
All wealthy people open offshore accounts as a perfectly legitimate instrument that helps them have a Plan B if something happens back in their home country. The world is not a very stable place now, so you need to have multiple opportunities to be in control of your life at any moment. And if you think that this is a complicated thing to do, read an article on how to open an offshore personal bank account on our portal and contact an experienced specialist who will help you solve all your problems with a bank account in no time.
Why Open a Bank Account in Another Jurisdiction?
An offshore account is an account that you open outside the country where you permanently reside: it can be a bank on a faraway tropical island or a bank located in a state that borders your home country.
Opening a bank account in a foreign country always requires a little bit more hassle than if you do the same back home. What are the reasons why far-sighted people do it?
The first group of reasons is connected with the ease of payments abroad:
- If you decide to move abroad for some reason (it may be work, studies, staying at a medical institution, and so on), it will be much more convenient for you to make settlements using the card of a local bank
- If you are a potential immigrant that is going to stay in a foreign country for some time, you do need a local bank account
- Do you often go on business trips? If you have a foreign bank account, you may be sure that you will have access to your funds at any time
- Access to your funds is no less important when you travel for pleasure or to see your loved ones as you will hardly want to ruin precious moments by solving problems with the bank
- If you provide regular support to someone abroad (a child who studies there, or your parents), it will be much easier to do so using a local bank account
- If you are a freelancer, you may consider opening an offshore bank account to receive payments easier from your customers all over the world
- Do you have employees abroad? Pay remuneration to them using a local account
- You may be planning investments abroad (in real estate, securities, or other assets), and in this case, a foreign account will come in useful as well
There is one more group of reasons connected with reasonable asset management:
- An offshore bank account guarantees much better protection of your assets that an account in your native country.
- People use an offshore account to accumulate funds they receive from any kind of passive income – be it money deposited at interest, real estate, or any investment portfolio.
- Finally, the more diversification, the better! An offshore account is an excellent extra basket to put a part of your eggs in.
Let’s Look At the Benefits
It is not enough just to say that you will have enhanced asset protection if you open a foreign bank account: you need to see how it will be realized in practice. So let’s look at the advantages in more detail.
- The banks that open accounts for non-residents understand that their services will be mainly used online, so they provide flexible and convenient online banking
- Do you hate paperwork? Most people do, that’s why foreign banks try to reduce the documents you need to file to an absolute minimum
- Data confidentiality. Foreign banks understand that many non-resident customers come to them for enhanced banking secrecy, and they do not share any information about your account with any organizations with only one exception: they cannot decline a request put by law enforcement authorities.
- Diversification. Situations when your bank account becomes suddenly frozen do happen, and it may be a very unpleasant experience. The problem is rarely solved overnight, and you sometimes may have an urgent payment to make… This is when you appreciate having a second account.
- Asset protection. Sometimes you need to protect at least a part of your personal capital from creditors or relatives. If this is your priority, our specialists will be happy to propose several jurisdictions that will serve as real strongholds for your assets: your money will be safe even if there is a court decision on asset It may be exactly what you need!
- Foreign banks usually offer tax benefits for their non-resident customers, so you can keep your savings there at a more profit.
- A multicurrency offshore bank account is a very convenient opportunity to plan really good investment projects that most account holders take advantage of.
Looks good? If you have any questions or need help with opening an offshore bank account, use the above link to get in touch with offshore specialists. We will help you find a customized solution for your situation. By the way, we provide a free session where we help our customers choose a suitable jurisdiction and a suitable bank, which is not that easy.
Our customers often ask us whether an offshore account is legitimate. And no wonder this question arises as we sometimes see the headlines in the media which mention offshore accounts in the context of tax evasion practices. All you need to know about it is as simple as that: an offshore account is absolutely legal, while tax evasion practices are not. So if you use your account for legitimate practices, no institution will have any reason to consider your account illegal!
We do recommend opening an offshore bank account if you have not done it yet to take advantage of all of its convenient features and diversify the risks as much as possible.
Get in touch with us by following the above link, book a free session, ask any questions, and get your account opened without much hassle!