Offshore Bank Account Advantages
An offshore account is simply a bank account that you have outside your country away from the grasp of your country's government and given below are the reasons why you must have one.
Cut Down Your Political Risk
The cause that threatens your savings the most isn't the market risk. It's your government itself. There is no doubt that your government poses a very high and increasing risk to your savings.
Governments are hopelessly descending deeper into insolvency. Unsurprisingly, they are turning to the identical desperate measures they've used in every part of history. It is only sensible for one to anticipate catastrophic actions from the government as witnessed in many countries like Cyprus, Spain, Poland, Portugal, etc. Individuals having over $ 100K in their bank can become targets for any government that is looking forward to shoring up their inability to manage finances. And these kinds of things can happen in your country as well. The only strategy to reduce the political risk for your savings is to set up an offshore bank account in the jurisdiction that is suitable and convenient for you and store your savings there, out of their reach. By storing your savings in the right jurisdiction, you can avoid getting all your wealth confiscated, frozen, or devalued. Besides, if your home government imposes capital controls, an offshore bank account would help you secure your access to your wealth when you need it the most.
In short, having your wealth stored in an offshore bank account can largely protect you from any future devastations that can occur from your country's government actions.
Better Banking Systems and Sounder Banks
Most of the banking systems in some countries are radically not very sound. They have descended their values to the lowest. The worst part is that most of these banks only keep a tiny bit of cash on hand to meet customer withdrawal requests. This means you may suddenly face inconveniences accessing your money.
The majority of people don't even put much thought into choosing a bank account for their savings. Most of these people don't even realize that they have other options which can be more secure and beneficial.
Banks that have stable jurisdictions don't gamble with customer deposits (your money). Many of these banks are much sounder options and much better capitalized.
In other words, offshore banks in the right jurisdictions are more worthy custodians of your hard-earned savings.
You might think that only people living on the lawsuit firing line are the ones that are at risk and all your assets are safe. But think again, are you sure you are out of the risk of losing your assets
Unless you're extraordinarily lucky, sooner or later your turn will come. And when it comes you are not going to like it.
It's not anything to neglect, over 80% of the world's lawyers are always looking to implement new systems and these systems are for rewarding them with your money as a trophy.
There is practically no such thing as 100% protection but an offshore bank account can be used to decrease the risk and to make you a less appealing target.
Setting up an offshore bank account is the easiest way to protect you from the overzealous government agencies that have the power to freeze down your assets. That's because the offshore banks are out of their reach.
If you ever find yourself and your assets in a struggle against government agencies and lawsuit systems, then the foreign bank account provides all the necessary resources that you can count on.
One of the best ways to diversify your portfolio risk and protect your purchasing power is to hold foreign currencies. It can also help internationalize some of your savings.
Having an offshore bank can help you in holding foreign currencies. They commonly offer appropriate online platforms for holding foreign currencies.
Higher Rates of Interest for Your Deposits
Have you ever wanted to get a higher interest from your savings kept in banks? But your country banks only provide a very small amount of interest
Well, this is one of the reasons you should have an offshore bank account where you can get higher rates of interest on your stored wealth.
Besides, you will also be able to avail yourself of all the other exclusive facilities which you can only get in offshore banks.
Access to foreign Medical Care
Suppose you are not able to receive proper treatment in your home country and you may want to get better medical support that isn't available in your country.
In some critical cases, proper medical support could mean the difference between life and death.
You would need to go abroad to get that proper medical support and you would need to transfer money abroad to pay for it. However, if there are capital controls already imposed by your home government, it could be very difficult or even impossible in some cases to pay for the medical care you need.
So, in these situations, offshore banks can help you pay for the medical care you require.
The Ability to be Advanced and Act Quickly
It is always better to be able to act quickly when it comes to international diversification. One must be about as advanced as possible as even a minute delay can be too late to act.
Once a government has imposed capital controls or levied bank accounts, it's too late to safeguard your hard-earned money.
If you don't have an offshore bank account, you should open one now, even if it's a small one.
Just having one offshore bank account allows you to have a variety of benefits, even if there is not much initial money on it. It provides you with the option to act quickly and transfer more money abroad in the future, which can help in a lot of situations.
Maintain Limited Privacy
The offshore bank account maintains privacy and helps you safeguard your private details and financial assets. They won't disclose it to any third parties, not even to your country's government.
Peace of Mind
An offshore bank account is like an insurance policy and it helps you to protect yourself and your wealth from any disastrous actions of a bankrupt government.
Knowing that you are always protected from any sudden disasters by having an offshore bank account, gives you peace of mind.
Maximize Your Freedom
Having a foreign bank account avails you of more options and more options means more freedom.
It's a significant step to provide yourself with freedom from absolute dependence on any one country.
Once you have achieved that freedom, it becomes extremely difficult for any government to dominate your destiny.
Is having an Offshore Account Legal?
Having an offshore bank account is legal and it's not any kind of tax evasion or anything illegal.
It's simply protecting a part of your wealth from sudden disasters and also making yourself available to foreign facilities. All the facilities and benefits provided by foreign banks are why it's becoming harder each day to open a foreign bank account. Even nowadays it's very hard to create one.