Banking in tax haven zones is not for everyone, tax haven banking can deliver giant advantages for those that need it. For many tiny businesses, a great offshore account has supplied the ‘key’ or competitive edge to unlock massive financial security. Firstly I need to dispel 2 big myths about tax haven banking. Parable one – Tax haven banking is only for big businesses. You do not need to be super rich to open an offshore banking account. While it is true a’wealth-management’ service with a personal banker might require an initial investment of US$1MM, accounts with no minimum deposits definitely exist, and variations of amounts in the thousands even hundreds are rather common. myth two – Offshore bank accounts aren’t legal, or used only by wise guys. The confidentiality that offshore banking accounts offer has led on to abuse by criminal gangs, but in fact nowadays many offshore banks have stricter due groundwork than their onshore rivals. Criminal activity, wire fraud and money laundering will just as likely take place in Long Island or London ( government funded or otherwise ). Similarly, ownership of an offshore checking account is rarely illegal, though not announcing that you have it can be illegal ( laws will change from country to country ).
What can an offshore deposit account do for you? Here are some of the edges that have helped speculators make their choice. 1- Privacy – Keep your money sheilded from meddling eyes. The phrase’If you’re not doing anything wrong, you have got nothing to hide’ is sometimes used, but the brutal truth is that many citizens from nations all over the world are exposed to debase authorities and criminal elements. Even in more steady countries flighty litigation can decimate a man’s wealth, while he won’t trust the governing body to rule in his favour. Why take the risk? By shielding your money identity with an offshore checking account you can escape the eye of greedy counsels and experience the kind of total commercial freedom a domestic account can’t offer.
Two – Money Security – Wealth held offshore is harder to reach for anyone who might want to to rob it. Often the physical distance and legal complexity of trying to uptake an offshore account will make sure a case against the account holder never takes off. Three – Earn tax free interest – Many offshore accounts will not have interest taxed at source like your home checking account. In addition the offshore account can open up for you some of the finest investment opportunities unavailable in the domestic market. 4 – A variety of currencies at your fingertips – exchange money at a little part of the price of doing it at home. Some accounts may use foreign exchange and Trading accounts, permitting you to straight away sell and buy instantly from a tax free offshore base. Five – Perhaps the best benefit of an offshore account is that it will allow you to make global transfers with little hassle and admin. If you attempt to transfer even comparatively little amounts of money from your home account you will probably have to do the usual security checks and other invasive queries, but a good tax free account will enable you to have this activity on the interent easily, and with little boundaries on the amount. See also for more informationPrivate Banking AppointmentsFamily Office NewsAsia Private Banking.