The Value of Offshore Banking

The Value of Offshore Banking The popularity of offshore banking has seen an increase in the last few years. In addition to offering many benefits, the process of opening an offshore account is now easier than ever. Privacy One of the top reasons that businesses and individuals choose to open offshore accounts is the privacy they offer. 7.6% The majority of international banks do not allow access to the financial information of their account holders 5.5% except in the case of a criminal investigation. The value of currency fluctuates regularly. With an offshore account you can take advantage of these fluctuations. This dedication to confidentiality allows account holder's to be discreet with their finances. IMPORTANT Make sure you are aware of a bank's privacy policies before you open an account with them. Flexibility If you or your business complete regular transactions in select foreign countries then an offshore bank account may be an ideal option. By having an offshore account in the country in which you are conducting business transactions you can eliminate hefty fees. These accounts are usually simple to open as well. Many offshore banks provide ATM cards that can be used in your country of residence and also offer 24 hour assistance through call centers with operators who speak your native language. Offshore bank accounts typically offer higher interest rates than the local banks provide. When this is paired with the tax advantages of offshore banking it is possible to increase your wealth at a faster rate. Hedging 60 50 ill This advantage of offshore banking is sometimes overlooked. However, it can offer significant protection for your finances. 40 30 20 10 If you hold all of your assets in one country then they are extremely vulnerable to political and social risks that are out of your control. Inflation is another risk that can depreciate the value of your assets. Jan Feb Mar Offshore banking diversifies your assets and gives you some protection from these occurences. Keep in mind that although offshore banking has numerous benefits it is important to invest with a reputable institution. References: https://www.mint.com/blog/trends/offshore-banking/ http://topspottravel.com/top-three-benefits-to-offshore-banking/ http://www.matapitti.com/practice-areas/panama-offshore-banking/faq/ %24