Opening offshore account
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Opening offshore account

One of the most widespread myths that state-controlled media of any country try to impose is that local banks are much safer than offshore ones. Perhaps, for some countries, for instance Singapore or Hong Kong, it is true, but for most countries the truth is opposite.

As offshore bank is any bank located abroad, you should realize that it can either only consist of a back office in a small building on an island in the Caribbean or be a quite large bank in the Baltic states or be a bank owned by a European princely family or be an international bank having many-storied offices in each capital of the world. Opening and maintenance of an account with the latter may cost the same as with a tiny bank on some island.

You should consider not only size of banks, their liquidity, capitalization and insurance but also diversification of capital over several countries of the world. If you try to find information on where the wealthy keep their money, you will see that:

  1. They keep the lion’s share of their capital outside their country of residence
  2. They diversify their deposits in several banks and jurisdictions
  3. They not only keep their capital as bank deposits but also invest in real estate, projects, precious metals, art, etc.

An offshore account is a major step towards privacy and security. Of course, the most popular countries for bank account opening are those where your profit from deposits or business will not be taxed. Many tax havens only give the opportunity not to pay taxes on capital to non-residents, others – to everybody. Offshore accounts bring advantages for any successful person. The most obvious advantages are the possibility to protect property and privacy. Offshore jurisdictions have strict laws ensuring privacy in all cases except use of an offshore company for criminal purposes.

As offshore banks aspire to be in demand, they try to offer their customers not only privacy but also access to profitable deposits. Such deposits may be prohibited from advertising in your country but this does not mean they are unreliable or disadvantageous. Many countries are not reliable in terms of suing you or your company. In the CIS there are no strong constitutional states, and in the US both parties suffer high lawyer’s fees, loss of time and nerves. An offshore trust or company in conjunction with a foreign bank account may serve for both asset protection and capital internationalization.

An offshore bank account is certainly an irreplaceable tool for international business, no matter traditional or online. If you like working on the internet and earning on lots of possibilities for online business, then in addition to a common foreign bank account you will also need an offshore merchant account. Debit and credit cards of offshore banks enable access to the earnings.

Thus, an offshore bank account is your starting point on the path to freedom, privacy and new possibilities. And you would certainly like to set off with the best bank and the most suitable type of foreign account with it. Any person who realized the importance of opening an account abroad wants to open such an account at the first attempt and at the place where it can be done easier, faster, cheaper, more secure and convenient – in a word, better. It is safe to say that the best offshore bank account for all does not exist.

If there is a good and suitable bank account abroad, it does not mean that in a year this account will still suit you. Your business can grow or the situation in the bank or its jurisdiction may change. And in this case your good foreign account may become a source of anxiety and losses. For this very reason it is recommended to open more than one foreign bank account.

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