Despite what you may have read or heard, anyone is free to open an
offshore bank account nowadays! In fact, banking offshore has been
used successfully for tax reduction and asset protection by both
individuals and worldwide organisations for decades.
And opening an offshore bank account in this day and age couldn’t
be simpler either! Here are five straightforward steps to take
towards opening an offshore bank account.
Step One – Understand The Advantages Of Banking Offshore
There is no point in opening a bank account offshore if it is going
to be of no use to you! So you need to understand some of the
general advantages of banking offshore.
Depending on an individual account holder’s personal circumstances
it’s possible to reduce tax liability, increase wealth potential
and maximise privacy with the use of an offshore bank account.
Further advantages for an expatriate or internationally focused
individual are the flexibility, ease of access and global reach
that an offshore bank account may provide.
Other general benefits may include asset protection, estate
planning, better interest rates and the chance to exploit active
business interests overseas.
At this point it’s essential to point out that each individual’s
circumstances are unique and a person should seek personalised
professional advice before venturing into the offshore world. This
article does not constitute direct personal advice.