Offshore Banking - Why You Should Consider Offshore Banking
In the past if someone talked about offshore banking or opening an offshore bank account, they belonged to a category that included: drug dealers, art thieves, dictators and a host of other unsavory characters. Why should anyone with nothing to hide and in their right frame of mind want to open an account in a country that may be halfway around the world? Even much more recent movies still portray offshore banking in a bad light, there’s always some shady character transferring ill-gotten funds to an offshore bank account in the Cayman Islands or Costa Rica to escape.
While there is some truth to the fact that people of shady character often open offshore bank accounts due to secrecy benefits, there are a larger number of legitimate individuals and businesses who follow this option as well. Even many of the big Fortune 500 companies maintain offshore accounts in countries and jurisdictions like Bermuda or Switzerland. Big reputable banks in Europe such as HSBC also have offshore banking services in such jurisdictions to cater to people who may want to open accounts in these countries.
Opening a bank account in an offshore location has many other benefits other than just secrecy. Offshore bank accounts tend to offer more lucrative investment options than local bank accounts; offshore bank accounts also tend to offer higher interest rates on simple deposits. It is for these reasons that most individuals (especially the wealthy ones) tend to place their money in bank accounts in these countries. Rather than have your money subject to all manner scrutiny in your own country, having this money in an offshore location protects your privacy and garners more profits for you as well. There’s nothing wrong with someone who wants to secure a better financial future for themselves and their family by securing their assets in an offshore bank account.
About the author:
Ron Z. Mendelson, Managing Partner at Offshore Secrets Network, is a recognized leading expert in wealth management. Offshore asset protection and international business.
His expertise covers various fields including: wealth management & protection, international investment, foreign asset protection structures, international business corporations, international banking, offshore online gaming business services , and traditional e-commerce business services.
Ron Z. Mendelson
Offshore Secrets Network SA
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