Offshore Account

Offshore Account | Helps Protect And Grow Your Income

5 main compelling advantages of an offshore bank account & how it saves you financially

5 Reasons why you should have an offshore account

Offshore account: An offshore account has long since been a subject of great curiosity and debate by investors.

Please invest 2 minutes of your time to watch the video below. It spells out how you can benefit. Or if you prefer to read, then feel free to skip the video and go straight to the text below:

 

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This article provides in detail, information on what you can achieve when you open an offshore bank account like:

  • Protection from high taxes and creditors
  • Stability and freedom to make your wealth grow

You can open an offshore bank account by first having an offshore structure and then opening a bank account in its name.

Offshore Account | Helps Protect And Grow Your Income

Varal Team Member

Offshore account: Get a free quote now by filling in the box on the right and discover how to protect and grow your income

5 advantages

1. Less tax and more control

Offers a tax advantage when it belongs to an offshore structure/entity.

The offshore entity you may form can be an offshore company such as:

  • An International business corporation
  • A limited liability company or partnership
  • A trust or a foundation

Depending on what tax laws apply to you, these types of companies/entities offer more significant advantages in income and wealth tax compared to an individual personal tax rate; unlike if you’re living in countries like Canada or the USA.

You hear many stories of individuals/corporations having to pay millions in taxes due to some change in their country’s Corporate Finance law.

These offshore companies also offer an advantage in terms of other government duties/levies for transactions such as sale, purchase or transfer of assets.

An offshore account can hold the proceeds from these transactions.

Another advantage is that since the account is offshore there is no deduction of tax at the source. Tax, if applied, can be paid when settled as payable.

Thus offers a comforting sense of control over your money. There are no hidden fees or charges due by you to some authority.

Offshore account: Get a free quote now by filling in the box on the right and discover how to protect and grow your income

2. Protection from creditors

In many legal disputes, the creditors can get a court order from the First Court to confiscate the liquid assets of a debtor, even if the case goes to appeal to the next court.

This order is difficult or nearly impossible to execute when the debtor has an offshore account in which he holds liquid assets.

This gives you security from your creditors until the dispute is settled and also provides you with a bargaining edge.

Your assets are thus protected from your creditors if you hold them in an offshore account.

3. Protection from unstable regimes

Most offshore accounts are located in small but stable countries whose national income is derived by providing a dependable business and banking environment.

Countries like Belize, Panama, Cayman Islands and Jersey (UK) are just some examples.

They provide a foreign and private haven to your hard earned funds.

These countries are politically stable, as opposed to perhaps your own home country, which can be risky to your assets.

There is always a fear of your account being frozen, your money being confiscated, or your money not passing to your beneficiaries seamlessly. An offshore account is a great solution to these fears.

Your assets and wealth remain safe in a stable jurisdiction unless you are implicated in a serious criminal offense.

Stability is one of the most common causes of why people want an offshore account.

Offshore Account | Helps Protect And Grow Your Income

Varal Team Member

Offshore account: Get a free quote now by filling in the box on the right and discover how to protect and grow your income

4. Higher returns

Capable of giving you a higher return on two counts:

  • You may be offered a higher interest rate compared to your home country
  • And you may be able to open an account that holds several currencies, like holding Pounds Sterling and USD concurrently and thus benefit from the global market

This multiple currency facility may afford you the freedom to transfer money from one currency to another and maximize your financial gains.

Many jurisdictions offering offshore accounts have banks that attract clientele by offering a higher interest rate because of their lower running costs and greater competition.

This higher rate makes your savings, cash, stocks, and deposits grow exponentially on a monthly basis.

5. Freedom and confidentiality

Bank accounts offshore are chosen predominantly because they are confidential.

In your home country, you may not be able to keep your wealth away from authorities. Every trade you make will have to be reported- there is no possibility of evasion.

To keep your money securely locked in a confidential location you will need to choose an offshore jurisdiction.

Most offshore accounts are owned by confidential registered entities. Hence they offer you another collateral advantage.

You can transfer the money to other locations in the world without the hassle of the paperwork of exchange-regulations and costs that this may entail in your home country.

This freedom of transfer is a great advantage in fund management and investment planning. Therefore, apart from confidentiality you also have access to many more investment options if you have an offshore account.

Offshore Account | Helps Protect And Grow Your Income

Varal Team Member

Offshore account: Get a free quote now by filling in the box on the right and discover how to protect and grow your income

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Offshore Account was last modified: June 17th, 2019 by Manu Raj

Manu Raj

Has a positive attitude towards the job, is friendly and a team player.

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