Whenever you get a little bit of money, you should definitely think about opening up a bank account. With a bank account, you will be able to safely store your money, without worrying about a petty thief finding your stash, which youve been keeping on top of your refrigerator. Eventually, there will come a time, when you have to get a job, grow, up and stop storing your money in an empty sock or that little pink piggy bank. Grown ups need bank accounts. Of course, choosing a bank account can be quite difficult, since there are many different accounts to choose from. You may want to get a savings account or a credit union account. However, there are numerous benefits of opening an offshore bank account.
What is it? Most people have been mystified by gangster biographical television shows and movies. They have the misconception that offshore accounts are only utilized, by criminal elements, which are trying to avoid the grasp of government agencies. The fact of the matter is, yes, some individuals do use these accounts to launder and store ill gotten money, but this isnt always the case. With an offshore account, you will gain the ability to make investments outside of your home country. The foreign markets are filled with potentially valuable investments, including those within the currency and bonds markets.
Tax Related Benefits Many foreign countries benefit from attracting foreign investors. Investments can be everything for a small country, which has a small pool of resources and an equally small population. The right investments can actually boost the countrys economy, which is why these countries tend to offer very favorable tax rates for foreign investors. It is wise to take advantage of this, while it lasts, since the IRS is trying to tighten their grip on foreign income.
Banking with Confidentiality In the United States, it appears privacy is slipping away a little each day. With this in mind, many individuals, who seek confidentiality, are taking their banking operations off shore. Many offshore banks benefit from their countries strict privacy legislation, which places harsh penalties on individuals, who disclose banking customers information, as well as that of shareholders. As an investor, who is making all of the right plays, it is crucial to keep your information private, in order to avoid giving away your game plan. Dont even bother, if youre trying to traffic drugs or launder money, because these institutes are obligated to disclose the private information of such criminals.
Opening an Account When it comes down to it, there are numerous benefits of owning an offshore bank account, but opening one can be very expensive! Your average Joe, who earns a couple hundred bucks a month, isnt likely to be able to afford it. For starters, there are numerous legal and registration fees associated, with opening one of these accounts. On the other hand, it is a requirement that investors place at least one hundred thousand dollars in their accounts! Some banks are even stricter and require an investment of at least one million dollars!
Conclusion All in all, offshore banking can be very beneficial and open you up to new investment opportunities, but it isnt for everyone. If youve got the money to spend and wish to protect your privacy, you may want to consider opening one of these accounts. Otherwise, you shouldnt bother.
For an overview of the banks we offer you to open an account with, please visit our list available here.
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