Banking

Having an offshore bank account is becoming more and more common these days. However, offshore banks are still looked at by many as dishonest or sneaky. And, in fact, some individuals would like you to keep thinking like that.

There are a lot of reasons why one may choose to open this type of account; however, there are three major reasons why an offshore bank account is essential for some people. The three reasons include profit, protection and privacy. If you consider any of these three seasons to be crucial to you when it comes to banking, then opening an offshore account is an option you should pursue.

Protection

Offshore accounts are believed to be illegal, conjuring images of criminals and crooks trying to hide money from the government. Contrary to these beliefs, having such an account is very legal. These accounts offer one a very high level of protection that no other type of bank account can offer. This is especially true for individuals who are highly concerned about the protection of their financial information and assets. These banks will not disclose your information to anybody and very heavy fines, and lengthy jail terms are offered to anyone disclosing one’s information to others.

Profit

Higher returns and profits are other attractive features of these bank accounts. In most places, there are numerous taxes that one must pay when banking. This is not the case with offshore banking. A standard bank not only charges financial institution duty tax and bank account debt tax but also taxes any interest earned on your account. With offshore banking accounts, you don’t have to worry about such tax that in itself is a way to save money and profit. Banking in an offshore account that is situated in a neutral tax jurisdiction allows one to compound his/her earnings which is exceptionally beneficial and profitable.

Privacy

Privacy is another reason most people would want to have an offshore bank account. The levels of privacy offered by these banking accounts go hand in hand with the level of protection offered on your assets. With the regular onshore banks, your financial and personal information can be accessed quite easily by nearly anybody. Also, it is a requirement by the law for onshore banks to disclose information to the authorities should they request it. Conversely, offshore banks offer a very high level of privacy to their clients. In order to enhance protection and privacy, offshore banks allow their potential clients to provide the facility with minimal information.…