Gone are the days when offshore bank accounts were considered to be illegal shelters for money launderers and tax evaders, today most people understand that an offshore account has more to do with the international management of money. However, why would anyone choose to have or use an offshore bank account?
In this report we’re going to cover all the main uses for such an international and flexible account structure, highlighting the benefits and advantages of banking in such a way for many individuals – particularly those who live, work, travel or who are planning on retiring abroad.
As stated, an offshore bank account is not an illegal offering – it is a form of account structure now offered by all the leading national and international banks and finance houses. In its simplest form, an offshore account is the mirror of your plain current account that you use every day, however it is located in a nation other than the one in which you are resident!
Those who live overseas in a nation where the economic or political environment is less than stable and secure often made use of offshore accounts in the past as such an account enabled them to hold their money outside of a less than secure nation. No matter what went down in their country – inflation, devaluation of the local currency, a coup – their money was housed in a secure currency in a secure account in a secure country.
This benefit still stands for those who are working or residing in a less than stable nation for example. And this benefit can be added to for those who work in more than one country – or who regularly travel with their job too. Anyone who needs flexibility on an international scale can potentially benefit from an offshore bank account. For example, if you’re paid in one currency, have financial obligations ‘back home’ in your old nation in a different currency and the transactions you make on a day-to-day basis abroad are in yet another currency, a multi currency offshore account could save you on exchange costs and transfer fees for example.
Those who are living overseas and who prefer to keep their financial business to themselves may select the privacy offered by an offshore bank account – others who are under no obligation whatsoever to bring their money onshore may choose to house their money offshore where they can keep it private and hidden. Finally, another widely experienced advantage is that offshore accounts often come with a whole host of bells and whistles that make your life easier. You may be given a relationship manager at the bank who can help you look after your money in the most fiscally beneficial way. Alternatively you may be offered freebies such as international airport lounge access perhaps. Additionally, you will be able to link your offshore bank account to an offshore savings account on which you may be able to earn a preferential rate of interest.
So, as you can no doubt see, if you’re an international citizen, if you require flexibility, privacy and a better deal on your bank account, you may be better off with an offshore bank account. It’s time you looked into your options and alternatives today to determine whether an offshore bank account could be the right choice.