Top 5 Reasons Why You Need An Offshore Bank Account

Posted by Acme Trustnevis on February 25th, 2019

Besides the freedom to open bank accounts in your country, you also have the option to open accounts in other banks located in foreign countries. These type of bank accounts are referred to as offshore bank accounts. You might ask why do you need a foreign bank account in the first place. Well, for starters, they are a great way to protect your money from unforeseen financial troubles. You can find offshore banking with multiple benefits in Nevis and other locations around the world, which will tempt you to open a foreign bank account.

Let's look at some of the benefits associated with these accounts.

1. Dilute your political risk - Your own government is your biggest threat to personal savings. To reduce political risk on your savings, place some of it outside the immediate reach of the bureaucratic holds of your country. Choosing an offshore bank account in Nevis in the right jurisdiction is a convenient way to do it.

2. Sound banking system - You cannot ignore the fact that most of the western countries have a poor banking system. These banks keep a very little amount of cash in hand to meet customer withdrawal requests. There are offshore banks in good jurisdiction with low debt that do not play with the customers’ money. Many of these bank accounts are better capitalized, have substantial cash in hand and are much more private than the US banks. These offshore banks can act as responsible custodians of your hard-earned money.

3. Asset Protection - According to reports by the Legal Resource Network, around 15 million lawsuits are filed in the US every year. It is a known fact that about 80% of the world’s lawyers work in the US. Your money is what they are competing for. While there is no such thing as 100% protection, investing in an offshore bank account in locations such as Nevis can help make you a less likely target. You can count on a foreign bank account when you are fighting with a shallow lawsuit.

4. Higher interest rates for your deposits - Living in the West and expecting a noticeable amount of earning on savings will surely disappoint you. However, this is a completely different story for offshore banks as they pay much higher interest rates.

5. Access to medical care abroad - If you live in a country where it is difficult for you to receive timely medical treatment, investing in an offshore bank might just be the right thing to do. Suppose you require immediate medical attention in a foreign country, to pay money to the medical center, it would require you to transfer funds from your country’s bank, where your government can impose capital controls. This is not a suitable situation due to high transfer charges. That’s where an offshore bank investment can help as these banks have less stringent laws.

Keeping all these points in mind, find an online service provider that can help you create an offshore bank account for personal financial privacy and safety.

Author Bio: The author is a blogger and the article is about an offshore bank account.


Acme Trustnevis

About the Author

Acme Trustnevis
Joined: October 26th, 2018
Articles Posted: 10

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