Though perhaps not the first baking method you consider, offshore bank accounts are one of the many ways you can store and manage your money. Today, having an offshore bank account is more common than ever. Many countries across the world offer banking facilities that can handle your money safely and profitably.
If you’re looking for reasons to open an offshore account for yourself, have a look at some of the benefits:
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1. Better investment options
In many cases, offshore financial institutions offer better investment options than banks in your home country. These investments are tailor-made to suit the financial outcomes that you wish to achieve. Most of these banks will also assign an employee to help you construct a portfolio that suits your unique needs.
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2. Heightened security
While you might feel banks back home are safer, not a single American bank has made the cut in Global Finance’s compilation of the world’s safest banks. Offshore banks, on the other hand, handle accounts for clients and investors from across the world, so security and privacy are taken very seriously. In fact, offshore banks generally have strict rules that prevent them from sharing information on their clients. These rules are only relaxed in cases that involve acts of terrorism or serious crime.
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3. Round-the-clock service
Offshore banks understand that their clients live in different time zones. As a result, they often offer round-the-clock service so that customers can always stay connected. They also offer online and telephone banking options. Additionally, account holders are often given a personal relationship manager who will act as a consistent point of contact for any queries.
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4. Tax benefits
Many people prefer the option of opening an offshore bank account due to the tax benefits involved. Many countries that are popular for offshore banking are tax havens. This means that low rates of taxes are levied, helping investors save their money from high taxes in their home countries.
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5. Protection from lawsuits
Statistics show that almost 96% of the world’s lawsuits have occurred in the United States. A lawsuit can cost a person a huge amount of money in terms of legal fees, even if they win the case. Keeping money in an offshore account helps secure funds in such a situation. If your money is under a different jurisdiction and governed by strict laws, it is harder for anyone to sue you frivolously. Additionally, if your money is with a licensed trustee in an offshore asset protection trust, a judge cannot force the trustee to hand over funds.
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6. Good foreign exchange rates
Offshore bank accounts generally offer better foreign exchange rates. This means that an individual might get more value for their money than they would in their home country.
