Offshore Tax Free
There are a myriad of reasons why you might want to open an offshore bank account. Simply put, an offshore or foreign bank account is an active account you have outside of the country in which you reside. It's not about hiding your wealth from your residential country's government - it's about diversifying your sovereign risk and protecting yourself.
Motivations to utilize offshore banking range and can include the following:
- Access to foreign insurance
- Access to tax treaties
- Access to low cost areas
- Access to foreign healthcare
- Dilute your political risk
- Higher interest rates for deposits
- Peace of mind
- Political stability
- Enhanced privacy
There's a stigma about offshore banking that it is illegal and that it is for people with enormous amounts of wealth attempting to hide from the tax man. False! Offshore banking is absolutely legal and has nothing to do with tax evasion or illegal activity.
It's true, however, that opening an offshore bank account is becoming harder and harder. This isn't great news for those who hope to one day place their savings in well-capitalized financial institutions. Because of this, it’s wise to consider opening an offshore bank account sooner rather than later - even if you don’t plan on using it for a while.
The banking professionals at iBankDNA will help you manage and protect your wealth and assets. Let us put your mind at ease by walking you through the offshore banking steps and clearing any misconceptions you may have. Our experienced bankers will diligently walk you through the process of opening a foreign account so that you can start reaping the benefits of offshore tax free banking as soon as possible.