Offshore banking in a nutshell, is depositing your money with a financial institution which is not in your country. Primarily people will do this for the added financial benefits and increased stability of their assets. Gone are the days where offshore banking is considered for criminals, it has in fact become very mainstream and it is not uncommon to see advertisements for these banks in your favourite magazine or newspaper. The primary function of a financial institution offshore is to provide day to day checking and short to long term savings accounts. These are the common types of accounts that most people will use offshore banks for, as it gives them a medium to store their cash. However many offshore banks are starting to get into more conventional bank offerings. You are now able to get loans and even credit cards from offshore banks, if you meet their strict requirements. The primary benefit off using a financial institution offshore is the privacy that it provides to the customer. Traditional banks in your own country are bound by very strict legal and ethical laws which they will follow to the letter. An example of this is that they have to report any transactions you make that are in excess of $10,000 and many countries have laws that make it illegal to hide large transactions in many small $9,999 amounts for example. Whatever happened to your money being your business? No local bank will offer you the privacy that an offshore ban will, that's yet another reason why Offshore Banking Is Great! When your money is paid into and tied up in local banks there are no real guarantees that your money will be safe and secure through all political and economic changes. Imagine if a political party in your country decided to raise taxes on your income and interest earned on money. What if some crazy new law were introduced that limited ones net worth? Thankfully because financial institutions offshore are generally in countries with a very stable political landscape and with laws being rather lax to taxing and net worth your assets are very safe. Because your funds are able to help the nation improve itself and become stronger financially they protect you as they want your investment. There have never been any major incidents where an offshore bank has withheld an account holder's funds, it just doesn't happen. Basically if you have a high net worth, work overseas or operate a global business then you really need to look into an offshore bank account. The tax benefits alone outweigh using conventional banking, let alone the safety, security and privacy you are provided. You are allowed much simpler global access to your funds, and overall the banks are very flexible to suit your specific needs. Look into the many offshore bank offerings for an account that suits you. Some people prefer to invest their funds offshore, whilst others want them readily available. The choices are there to be made, as the saying goes Offshore Banking Is Great. Billy Horner, is a professional writer for the financial industry. Permission to reprint this article is granted if the article is reproduced in its entirety, without modification, including all information. Please include a hyperlink to: investments and IBC LAB which provides company incorporation.
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