9 Reasons To Open An Offshore Bank Account

1.   Freedom-

It’s better to have bank accounts in countries where you are free from government interventions and the unnecessary threats of privacy loss that you might face in your own country. 

Majorly banks have the access to leak your information to the government and to avoid that, it’s more beneficial to have an offshore bank account with strict privacy laws and a government that favors its investor’s privacy and personal details.

And as the world is moving towards digitalization and crypto/digital currencies, it is much more important to move towards a more stable country with beneficial laws.

2.   Earn huge returns-

Some of the offshore locations pay huge returns to their bank holders which might even succeed your domestic country’s interest rate. Sounds compelling, right? That’s one of the reasons to open an offshore bank account.

Apart from the normal savings bank interest which is in itself so high, offshore locations also provide measures for inflation. There are plenty of offshore locations that provide such great incentives.

You must do your research before choosing any offshore location or contact ODINT CONSULTING to give you a tailor-made solution.

3.   Get access to a more stable system-

Often the countries in the west do not provide stable banking systems and might leak your personal information in some way or other. Or you might be living in a country where banks are yet to make their mark and people still do not have bank accounts.

Reasons might be insane but the solution is the same! To have an offshore bank account.

Having a stable banking system and country norms are the prerequisites of selecting the country to open an offshore bank account. When you’ve enquired about both then it’s the right time to open an offshore bank account.

4.   Minimize risks-

Banking is perhaps the most fragile industry on earth. And in 2008, it nearly fell apart. So, to ensure your money is not at risk it’s better to minimize risks by opening offshore bank accounts in more stable countries.

Citizens need to realize that they are the ones who are ultimately responsible for protecting their money and assets.

Banks and governments can’t do it for us.

So, it gets extremely important to have offshore bank accounts that provide more stability.

5.   Diversify your portfolio-

Just as limiting your investments to one stock is risky, so too is limiting your personal wealth to one currency.

The best solution to any problem is often the simplest. And in this case, it’s also the most obvious: diversify. Diversify into multiple currencies, and you will be more stable in times of economic or political turmoil.

The biggest risk you could incur is not undertaking one at all. To put it another way, it makes good sense to register an offshore bank account that allows you to hold a portion of your capital in a different currency to reduce risk. You can profit from the benefits of expanding your portfolio by opening a foreign currency account.

6.   Guarantee you the protection of money-

Offshore bank accounts apart from giving you unlimited benefits, also gives you the protection of your money. Most people would rather keep their money in offshore bank accounts than under their own country’s bank account. Despite the rare situations of a bank run or banking collapse, offshore banks are considered pretty safe places to store your hard-earned cash.

7.   Tax benefits-

The main purpose of offshore banking is to take full advantage of the favorable tax conditions and other benefits of the offshore jurisdiction. With an offshore company, you can legally reduce your tax obligations and keep your money in a haven outside your resident country.

For most people, setting up an offshore bank account sounds complex and risky. But, it isn’t as difficult as expected if you choose a reliable offshore jurisdiction and partner with a reliable service provider such as Odint Consulting. You will be surprised at how easy it is!

8.   Safety of assets-

If you are looking for a place to protect your assets, then offshore bank accounts are the perfect place for you!

In all of the offshore countries, the governments and authorities have paid a lot of attention to protecting and securing the assets of their foreign investors and have stringent rules to check that the proper privacy of such investors is maintained.

Banks such as a swiss bank are highly transparent and managed by stringent laws and procedures. So if you’re planning to have a bank account in offshore jurisdictions then do think and put in some efforts for it because offshore bank accounts are a game-changer for everyone.

9.   Easy to set up-

Offshore bank accounts aren’t tough to set up. Yes, you read it right. If you think that opening a bank account in a different country could be ridiculously tough, then you are wrong because it is not.

Offshore bank accounts are easy to set up and available for everyone. And anybody can easily access it anytime from anywhere through the internet.

In fact, some offshore jurisdictions do not even ask for physical verifications, isn’t it awesome!

Apart from all of this offshore bank accounts operate 24/7 and resolve any queries that you have over the phone itself so you do not have to bother much about anything and overall compliances are not much daunting.