In a world full of small and big worries, how do you protect yourself and your money? How do you keep your assets safe? Where can you find the best haven possible? At International Wealth, we recommend you turn your eyes to offshore jurisdictions. Reliable and safe, they offer the best asset protection instruments available nowadays, especially considering that financial controls are getting tighter by the day all over the world and there are few ways to avoid the pressure.
In a given context, offshore banking can be the answer you are looking for. Even more so that with the rise of digital technologies, you are free to set up offshore bank accounts online without leaving your home. The thing is, even though most top offshore jurisdictions are likely to be far away from you, setting up an offshore bank account in one of them is no longer an issue. The only thing to do to achieve your goal is find the right offshore bank for you that will be willing to open an account for an overseas customer. FYI: this is possible but not every offshore jurisdiction bank offers the opportunity due to multiple limitations and local laws such financial institutions shall comply with. Plus, don’t forget that the risks involved in the case of overseas customers are greater for these banking establishments as all of them must follow rather tight international AML regulations and meet the KYC requirements currently in force.
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Yet, if you manage to get through and become a successful offshore account holder, the benefits to enjoy will be truly priceless. The first item on our offshore account benefit list is obviously much higher financial privacy. With an account in your home bank, you face the danger of your financial details being passed on to any of the government bodies or institutions in charge of financial reporting, etc. in your home jurisdiction. Thus, forget about any privacy altogether. Moreover, the money sitting in your bank account there can be seized or taken to discharge tax or any other liabilities you might have. In case of any legal trouble, local authorities have the right to freeze your funds for an indefinite period of time. With financial privacy levels declining everywhere, laws like CRS or FATCA make the situation even worse for account holders. To avoid this, you should aim to set up offshore bank accounts in jurisdictions that haven’t yet signed the CRS standard or search for loopholes therein. Considering what a valuable resource bank info is, this is extremely important even where there is nothing to conceal.
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Even though every jurisdiction outside your home country is normally considered offshore and comes with a much higher protection level compared to your home banks, don’t be in a hurry to judge a book by its cover. With a variety of excellent offshore banking opportunities in a modern world, the choice is not so easy. It depends on a number of factors like whether you need to set up a personal or a corporate bank account offshore, if avoiding CRS requirements is an issue in your case, etc. As far as the latter is concerned, don’t forget that if you reside in a CRS country and have a bank account therein, you can’t avoid your bank and tax info eventually landing somewhere in a local financial control body office, and the same happens in FATCA member states. Although with all the loopholes the CRS comes with its demands are fairly easy to avoid, this requires some prepping if you want your bank info to stay private. Go ahead and talk to the International Wealth finance consultants to learn more. We are here to answer any of your multiple questions like the ones below:
- what minimum opening balance is necessary to set up a bank account offshore
- what jurisdiction is the best for the above purpose
- where in the world is offshore account setup legal
- what expenses are involved with opening an offshore bank account
- is it safe to bank offshore
- what offshore account type is best in your particular case
- how to transfer money from an offshore account, etc.
Remember that with all the changes and transformations the bank offshore industry experiences at present, setting up an offshore bank account on your own may appear tricky. To succeed therewith, expert support is beyond priceless. With their deep knowledge of the industry and all related procedures, the International Wealth professionals will eagerly advise you on the documents to prepare and submit,the offshore jurisdiction to choose, and the bank to apply to. For more information and expert support, don’t hesitate to contact the International Wealth consultants at [email protected] for a free initial consultation where we will discuss all issues you are interested in.