Have you ever wondered: What the difference is between having a bank account e.g. at Deutsche Bank, Bank Paribas or your local savings bank and having an offshore bank account?
The reality is, there’s possibly all the difference in the world.
Here are the top 11 reasons why you should have or even must have an offshore bank account:
Eliminate/Reduce Your Political Risk
Governments are despairingly tumbling into insolvency, which is a big threat to your heard earned savings.
Healthier Banking Systems and Banks
Offshore banks are always more responsible protectors of your hard earned funds.
Asset and Wealth Protection
Should you ever find yourself in a struggling situation with a government office or authority or with a threatening litigation, you’ll have means you can rely on.
Hold different Currencies
Offshore banks normally offer convenient online platforms and accounts foryou to hold and manage foreign currencies.
Higher Interest Rates for Your Savings
If you look abroad, you can find banks that pay interest rates significantly higher than what you’d find at home.
Safeguard Access to Medical Care Abroad
An offshore bank account, which does not impose capital controls in your home country, can help ensure that you always have access to medical care abroad.
The Ability to Act Fast.
Once a government has enforced capital controls or levied bank accounts in your home country, it will be too late to take protective action.
Maintain some Confidentiality
If you require discretion e.g. buying products or services from a competitor and your offshore bank account is held by a company or other structure, you can legally maintain your privacy.
Peace of Mind
An offshore bank account helps protect you from unsafe banks and banking systems, the devastating actions of an insolvent government and frivolous lawsuits.
Increase Your Personal Freedom
An offshore bank account offers more possibilities. More possibilities mean more freedom.
Is it legal?
Nevertheless what you may read or hear, offshore banking is absolutely legal and is not about escaping taxes or other illegal activities. It’s simply about legally spreading your political risk by putting your liquid assets in financially sound well-managed institutions where they are treated best.
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