After our last article about an offshore bank account, we will now take a closer look at its utility. Thus, here are 6 reasons to answer the question: why you need an offshore bank account.
As the saying goes: don’t put all your eggs in one basket. It may be wise to transfer some of your assets to an offshore bank. Choose a bank in a politically stable location. Thus, you will protect your assets from economic and political fluctuations. Indeed, if the government in which your assets are located takes a decision about tax, that puts your savings at risk, the money you have transferred to an offshore bank will still be safe.
Better interest rates
It is interesting to underline that offshore banks offer better interest rates than those offered by the European Central Bank or the Federal Reserve Bank. Thus, opening a bank account in an offshore bank gives you access to a range of interest rates which can be much more favourable than the ones of your country of residence.
Here’s a new reason why you need an offshore bank account: protecting your wealth. Thanks to offshore, you can preserve your assets against any pursuit of local laws.
Offshore banking very often offers multi-currency accounts, allowing you to diversify currency risks. This is because it can be advantageous to own funds in various currencies depending on market fluctuations and your interests in local markets. Dollars, Yen, Yuan … thanks to your offshore bank account, it is up to you to decide in which currency (s) you wish to diversify your funds.
Stable banking system
The 50 top banks are based in an offshore jurisdiction. It is therefore really important to choose the jurisdiction that best corresponds to your project. Note that an offshore jurisdiction may be ideal for one company but not for another. This is why it is essential to surround yourself with the best experts who will study your needs in detail, and this is precisely where Mundo Offshore can help you.
For example, owning a company with a bank account in Belize is particularly suitable for people who practice Forex and Trading in a personal capacity.
This is an essential criterion to take into account when opening your offshore bank account. You should choose carefully the jurisdiction in which you open your offshore account. Note that payments exceeding 100000 USD are reportable, protect yourself by using an offshore company to hold the account.