How About Offshore Banking
Individuals may have a variety of reasons why they wish to bank offshore from their original homeland. So how about offshore banking for you? If you are retiring in a tropical paradise you may wish to bank offshore where you live. You may notice that the local currency, such as the Colombian peso, is rising in value versus the US dollar and want to bank your assets where they will grow instead of decrease in value. Or perhaps, setting up a business in a growing economy in Latin American or Asia appeals to you. Some nations have favorable tax laws and it may simply be a matter of looking for a legal tax haven in which to bank your hard earned dollars, pounds, Yen, or Euro. Or an offshore jurisdiction with a degree of privacy associated with bank accounts may be your goal. If you think that what you own is no one else’s business you may want to continue reading How about Offshore Banking.
Offshore Banking for Asset Privacy
In an increasingly international world many live or retire, do business, and do their banking offshore from their nation of origin. Reasons vary from person to person and are many. Individuals bank assets away from their country of origin to avoid being the target of frivolous lawsuits. They place their hard earned assets in tax advantaged offshore jurisdictions to legally protect what they worked so hard to earn. Many choose jurisdictions where corporate and banking laws shield the individual from unnecessary intrusions into their private lives. Many choose offshore to protect the privacy of their assets. Is this costly? Not really. If you deal with a reputable advisor you will find that there are many banking opportunities in many jurisdictions. You simply need to consider what your needs are and pick the most advantageous jurisdiction and bank.
Modern Offshore Banking
Having a bank account in foreign countries does not mean that you need to fly down to Panama every month to deposit your social security check or take out living expenses. As much as a trip to a place like Panama City might be enjoyable it is typically not necessary. A modern offshore bank will allow you to send and receive funds worldwide (SWIFT/BIC). You can carry a debit card which allows you to take money from a cash machine anywhere in the world. A well chosen bank will have an account manager who speaks your language and can help you with any details via email, a phone call, or Skype. If banking offshore and using your debit card as you travel the world appeals to you please continue reading our primer for offshore banking. Remember that you do not need to live where you bank. Pick the best jurisdiction for doing business, the best for living, and the best for travel. And pick the most advantageous for banking offshore.
A bank account in an offshore jurisdiction is often a very private.