There’s a huge misconception about offshore banking that makes people believe it is illegal. We can assure you, it is nothing as such! As long as you don’t use your overseas account to launder money or evade taxes, you will never be in trouble for holding that account. In fact, not only it is safe from a legal point of view, it also brings numerous benefits to you and your finances.
Higher Interest Rates on Savings
Opening an offshore account to stack your savings it might be the smartest decision you can ever make. It is no secret that the Western banks pay very low-interest rates, which in most cases do not even correspond adequately to the inflation. However, in many countries abroad, banks are prepared to reward their customers with considerably higher interest, which means you get more money, just for having money.
Protecting Your Assets
If you have a business that’s doing well you can easily become a target for competitors, dishonest “friends” or even some government agency, who may try to sue you or freeze your assets. The United States is one of the countries with the highest number of lawsuits filed every year. Which means that if you keep all your finances in domestic accounts you could lose considerable amounts or even everything. Nobody wants such trouble, which is why it is clever to put some of your financial assets safely in a bank overseas, where they will be protected to a higher extent. Furthermore, having an offshore account enables you to act quickly if required and transfer large sums into it before your domestic accounts are frozen or tapped. As they say, don’t put all your eggs in one basket.
Do you remember what happened a decade ago? Recession, a big one, that cost the savings and even homes of many Americans and later affected other Western economies. Things like this are always a high probability on the financial market and developed countries banking systems are not particularly sound and able to cope with such disruptions. You wouldn’t want to take the risk of not being able to access your money should an event like that one repeat itself in the future. This is why an offshore bank account it’s a good idea.
Accessing Medical Care Outside of the Country
If you travel frequently abroad you may at some point require medical attention in the country you are visiting. Your travel insurance, if you have one, may not always cover your treatment and you could end up in a situation when you have to pay the medical bill with your own money. This, however, may also be tricky, since domestic accounts are usually a subject of capital control by the government. In such situation, your offshore bank account will come perfectly handy. Another scenario could include a specific treatment you cannot get at home, so you have to go abroad to receive it. In this situation it would be much easier and less time to consume to just settle the medical bill, using your overseas account.
Keeping an account in a currency other than the dollar can be extremely beneficial. Firstly, it looks very good on your financial portfolio, which means you have higher chances to be approved for private and business loans, credit cards and mortgages. Secondly, it gives you peace of mind when your home currency suddenly depreciates or suffers a major shock. You don’t have to lose all your savings and you may even be able to make some more.
All in all an offshore bank account acts as an insurance policy for your private or even business finances. You have the freedom to move your money around depending on circumstances and good protection against government actions, lawsuits, and financial crisis. It means you can get medical care abroad without worrying how are you going
to pay for it. And most importantly, multiplying your savings by just keeping them in the bank. Have you convinced yet off all the benefits offshore banking brings? Take a smart decision for your and the future of your family by opening an offshore account today. Click here to email us and start your project.
Readers should note that this article is only intended to convey general information on these issues and that FAS CPA & Consultants (FAS) in no way intends for the contents of this article to be construed as accounting, business, financial, investment, legal, tax, or other professional advice or services. This article cannot serve as a substitute for such professional services or advice. Any decision or action that may affect the reader’s business should not rely solely on the contents of this article, but should rather be consulted on with a qualified professional adviser. FAS shall not be responsible for any loss sustained by any person who relies on this presentation. This article is subject to change at any time and for any reason.
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