Do you have some savings in a bank account back at home or in an offshore bank account? It is important to appreciate that such funds are faced by a very serious danger. From political threats to unstable financial systems, the risks are very dire. In Cyprus, the government became so insolvent and decided to raid people’s bank accounts.
Imagine going to sleep and waking up to find that your account has been drained. Well, some people might argue that Cyprus is too far. Hold on because you might already be a victim.
- Many governments are imposing taxes on savings.
- The interest that your savings earn is very small.
- Withdrawing large amounts of cash at a go is almost impossible without giving notices.
- The western banking system is very fragile and could easily sink with your cash at the slightest provocation.
The solution to staying away from the high-risk western banking system is going offshore. Note that the stereotypes standing in your way should not deter you. For example, the argument that opening an offshore bank account is illegal is wrong. Just like you earned the cash, you can spend it or save where you want. One of the most outstanding jurisdictions for offshore banking is Hong Kong. The following are top four benefits of opening an offshore bank account Hong Kong.
The Hong Kong banking system is very stable
The Hong Kong administration boasts of one of the highly stable political systems in the globe. The administration has been supporting and protecting the banking system leading to its current financial hub status. You can, therefore, rest assured that your cash is always safe and free from interference.
Offshore banking provides users with more investment opportunities
Going offshore opens doors to new investment opportunities abroad. Your offshore bank will let you know when new investment such as shares and bonds are available.
This implies that you can get more returns from interests and investments. To enjoy even more investment with your funds, take time to review and open an offshore bank account Hong Kong with a financial institution that has more avenues for growth.
Accessing your cash in any quantities is easy and direct
In the west, most of the savings are lent to others through loans. Therefore, making withdrawals urgently is never easy. It is nearly impossible to urgently withdraw large amounts in some banks. However, offshore banks in Hong Kong will always have your cash to dispense when needed. This means that whether it is a business deal that went through faster than expected or has an emergency, your funds will always be available.
The cash is free from third party seizures
If you have cash in a bank account back at home, it is important to appreciate that getting it frozen is as simple as a signature by s judge from a court of law. Note that you do not even have to commit a crime to get dragged into a court of law.
A court battle can haul itself when driving the road, on social media or even at work. Therefore, getting an offshore bank account Hong Kong means that institutions back at home cannot freeze the cash because they lack jurisdiction.