Most Expats have a bank account in their home country to manage financial commitments like property payments and school fees. Most also have a bank account in the country where they reside for day to day living. Banking offshore provides an indispensable link between all your banking arrangements, giving you easy international access to your finances and a central home for your money.
If you don’t already have an offshore bank account, here are a number of reasons that should make you reconsider:
- Security – as the economy and currency of some countries can be unstable, it is extremely wise to place your wealth in a secure financial haven offshore
- Confidentially – most offshore locations have laws in place guaranteeing your financial privacy
- No exchange control restrictions, allowing capital to be freely moved
- Interest on your savings and investment accounts may be paid gross, without deduction of tax at source (Although you may have a liability to tax elsewhere)
- Holding assets offshore may have some tax planning advantages
- Potential Inheritance Tax benefits
- Sophisticated worldwide communication links
Doing at least some of one’s banking offshore makes financial sense. Isn’t it time you start?
If you are looking to set up an Offshore Bank Account please drop me a message and I will get back to you as soon as possible.
I hope that you have enjoyed reading this post.
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