Over the last two decades, the state of the western banking systems has moved from bad to worse. Many people have a feeling that their deposits are neither readily accessible not safe in most banks.
This is not all. If your account has a substantial amount, it remains a rich target through lawsuits. Note that you do not have to be involved in a criminal activity to have the account frozen. A battle from the workplace, neighborhood, labor union or even social media can whirl and draw you into the court.
The best way to ensure your cash is secure is keeping it in a safe offshore account. One of these safe jurisdictions is Mauritius. This post outlines the most important things you need to know about offshore bank accounts in Mauritius.
Most banks in Mauritius offer very high-interest rates
Mauritius is an African country that has beaten odds to become an investment and financial hub. Unlike other African countries, Mauritius has an ambitious administration that does anything to attract investors.
By maintaining a very stable political environment, many banks have found the jurisdiction irresistible. Because the taxes levied on banks and businesses are very low, they can provide very high-interest rates. Therefore, you are sure that the offshore account will deliver higher interest rates on your deposits.
The process of opening the bank account is very simple
Most banks want to make opening offshore bank account Mauritius easy and direct. They allow users to use their websites to make and complete the applications.
This means that you can check the requirements, reach the bank, and upload all the required documents right from their websites. However, the applicant will still be required to visit Mauritius to get the account activated. Remember that the rules of different banks might differ depending on internal procedures.
Your offshore bank account can be linked to your credit cards
When you get an offshore bank account, it can be linked to your credit card for direct spending. Some banks even provide their own credit cards for extra safety and convenience of their clients. If you want to use the account regularly, the best thing is picking an account that comes with multiple withdrawal methods such as credit cards and online wallets.
Mauritius banks are committed to keeping fraudsters and scams away from their systems
When you apply for an offshore bank account, most banks in Mauritius want to understand you better. Recently, they have changed the requirements by increasing the threshold for offshore bank account Mauritius. This means that you will be asked for more information including proof of residence, personal address, employment details, and recent bank accounts.
Regular follow up on your bank account
While some people have been thinking that most of the top jurisdictions such as Mauritius are tax havens, the assertion is not true. The banks are working closely with the Mauritius administration to ensure that people who are involved in fraud and scams are filtered off. It is because of this that the banks ask for reasons why people are opening offshore bank accounts.
Besides, they also ask the amount that accounts holders will be transacting. In case an anomaly is noted in your offshore bank account Mauritius, you are required to explain. It is important to provide such clarifications promptly to avoid account termination.