The fallacious belief and largely shared misconception is that opening an offshore bank account is about tax evasion. However, this couldn’t be further from the truth. The tumbling down of economies and the insolvency of most western countries has made offshore banking a lucrative option. The fact that your own government can wake up one day and freeze your bank deposits as well as your assets should send shivers down your spine.
What about a divorce that could literally see you lose half your fortune? What about the idea of getting on the wrong side of some bureaucrat in your country and waking up one day to find your bank accounts frozen?
The reality of things is that we cannot afford to sit and wait like ducks for an unfortunate something to happen to us.
Opening an offshore bank account in a jurisdiction that promises stability, low taxes, bank secrecy is what you should be thinking about.
Well, just to reiterate, an offshore bank account is an account held in a tax haven jurisdiction other than your own country. To understand why you should open an offshore bank account, an outline of its benefits is of essence.
Foreign banking institutions are much healthier than your domestic banks
Foreign banking institutions in Hong Kong, Singapore, Dubai and many more situated in Tax havens have never failed.
Contrast this to the US negative $17 trillion net worth, or the failure of Lehmann brothers or most recently the unsettling situation of the banking sector in Cyprus and you get the picture why opening an offshore bank account is the best remedy. You are literally protected from financial markets fluctuations.
Currency diversification
With an offshore bank account, you can hold multiple foreign currencies and effectively reduce or forget altogether about domestic currency depreciation.
A bank in Hong Kong will enable you to diversify over a dozen foreign currencies hence giving you peace of mind against currency depreciation.
Foreign banks are not under the control of your local government
Your funds are safe in an offshore bank account as they are away from prying eyes of your local government.
Bank secrecy is something that offshore bank accounts are synonymous with. All transactions are traced under a company or a proxy and therefore you don’t need to worry about prying eyes.
Add to this political stability, tax havens and you have every reason to open offshore bank accounts.
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