How to Create an Offshore Plan For Your Business
If you are going to open an offshore account you need to carefully create a plan about its use and functionalities. This can potentially save you a lot of money from taxes, but if done incorrectly can also put you in trouble. We offer you ideas on how to make an offshore account plan for different purposes such as personal wealth, business and retirement.
How to Create an Offshore Account Plan for Personal and Business Use
The first step of creating your offshore plan is identifying your goals. What do you need this account for and what do you hope to gain from it. For example, you may want to protect your current or future personal assets and therefore you expect a high level of privacy in your financial affairs. Other factors that may prompt you to go offshore are:
- Ability to trade internationally
- Protection from litigation
- Offshore funds investment
Also consider how quickly do you need your account to be set up. Some providers may be able to offer an express service of up to 2 weeks for your complete package, which will also cost you much. If you are not in a rush, you could get everything done in 30 to 60 days.
The next step would be to think about how frequently and in what way would you like to access your offshore bank account. If you plan to do business with these funds, you will need frequent and easy access, so Internet banking feature will be very important. If that’s not what you have in mind, you could use the account as a savings one, which means you will probably not need to access it on daily or weekly basis. You may also choose to have a mixture of the two options and whether or not to have a credit or debit card with the account. Bear in mind that most offshore financial institutions require a minimum balance for the opening of the account so you also need to plan for that. There is hardly any offshore bank that will open an account for you with less than $500 (or equivalent), but you can deposit over $1 million if you wish.
Step 3 consists of mapping out your future intentions for the offshore account. Are you going to use it to invest in any US stocks, bonds, mutual funds, Forex, precious metals etc.? If the answer is yes, then you may need a brokerage account and you need to decide whether you want to make your own investment decisions or someone will professionally manage the investments for you.
How to Make an Offshore Account Plan for Retirement
When you create an offshore account for retirement purposes one of the first things you need to consider is whether or not you plan to use your IRA for the purchase of any property abroad. Then you need to know if you would like to invest in stocks, Forex, mutual funds and so on, or you’d prefer investing in precious metals like gold or silver. With offshore accounts used for retirement purposes, but planning to invest in the future, you will be required a higher initial deposit. The minimum you could open an account with is $5,000.
It’s always a good idea to go prepared into something new. Offshore banking is not an exception. We hope that this article was helpful and if you need to discuss the topic with a specialist in more detail, we’d love to hear from you.
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