Offshore bank is typically better than a local bank because it offers more advantages to investors. The difference between offshore and onshore is that offshore bank is located in a foreign country while onshore bank is situated in your home country. Offshore bank has strict privacy protection law unlike onshore bank. It will not reveal the client information to the third parties such as government unless it involves a serious crime. Because it won't reveal the client's information, there is no away that the government can know your savings in the bank account. Some wealthy people live in countries with political and economical unrest. If your country is problematic, your money and asset will not be safe in the local bank. To prevent your money be confiscated, your best solution is to open an offshore banking account. The offshore financial institution will abide by the bank secrecy law. In bank secrecy law, the account of the client is associated with a number instead of the name. Therefore, third parties who are trying to search for your financial information in a foreign account will have problems locating it because the real name of the account is not revealed to the public. In onshore bank, the account is registered under the client's name. By depositing your money in offshore account, investigators will not easily have access to the funds. A financial institution offshore is located in a country with lenient tax law. Because of the lenient tax law, the deposit is usually not subjected to taxation. Interests are paid directly to the account without tax deduction. Hence, you earn a lot when you deposit your money in an offshore bank account. On the contrary, onshore bank is subject to the government tax. Normally, the amount of tax that applies to a normal onshore bank account depends on the size of the savings. The larger the size of your savings, the more tax you have to pay. If you have a considerable savings in your account, you will have to pay a lot of tax. To reduce your tax, you should consider saving your money in a financial institution offshore. It is relatively easy to open an offshore bank account. However, if you are not familiar with the process, it is best that you let a professional handle it. Unlike onshore bank account, there are not many requirements you have to fulfill. If you sign up for an onshore account, you have to provide documents such as bank reference, passport, notarized specimen signatures and etc. Although some offshore banks require these documents, most of the offshore banks don't require them. To find out what documents are needed, you can check with the bank you have chosen. Offshore banks also issue cards for customers just like normal banks. The difference between the onshore card and offshore card is that offshore card is not actually a credit card. It is more like a debit card because you have to put money into the account before you can spend it. The advantage is that it can be used at millions of merchant outlets just like a normal credit card. In addition, you won't get trapped in debt situation because you can only spend up to the balance in the account. You will have to use your money if you want to buy things with the card. You won't be charged with high fees associated with a credit card. Offshore banking is not risky contrary to what many people think. It is important that you conduct a research what is the best for you before making a decision.
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