Those of us in business who run themselves ragged trying to lay the foundation for business growth and prosperity are clearly unhappy with the abusive taxation that kills their profits. Instead of paying excessive amounts in taxes, you can try something radically different for a change. Setting up an overseas business sounds like a sensible idea to lower your tax burden manifold.
If you haven’t yet contemplated your own business with an offshore bank account overseas, it may be high time to study the prospects. Even if you are an individual trying to protect their assets it makes sense to open an offshore bank account in order to enjoy highly appealing interest rates combined with bullet-proof asset protection and diversification.
Reasons behind setting up bank accounts offshore
Actually, reasons behind the decision in favor of banking offshore are many:
- diversification of political risks
- appealing interest rates
- reliable asset protection
- currency diversification
- higher confidence
- wealth diversification
- tax optimization.
Diversification of political risks
Keeping all your eggs in one basket has long been proven to be a recipe for disaster. While no one doubts it is necessary to diversify assets across various categories and classes, diversifying them geographically is oftentimes overlooked. The mistake may cost you a fortune or make your company slide into bankruptcy, should a major crisis hit. The issue is easily avoidable with moving some or all of your assets offshore. Remember, not a single crisis of the kind is the last one. Governments issue outrageous orders, conflicts strike, and epidemics break, meaning nothing lasts forever and there are no guarantees your corner of the world will forever remain as safe as it is at present.
Appealing interest rates
If you look, you might discover that some offshore banks offer double-digit interest rates on customer deposits. This no doubt is a big win compared to the pitiful percentage that your domestic bank comes with. Naturally, offshore banks offering the above unbelievable rates have their terms that deposit holders shall follow, like holding money on the deposit within a fixed time period. This is obviously a small price to pay for future high profits.
Reliable asset protection
Are you happy with your government? Maybe, you think it always acts wisely and has your best interests at heart? I can see you laughing. That’s what we are talking about, even if your country’s officials act reasonably at present, they may easily have a change of heart or lack common sense at some unforeseen point. Say, your home accounts may be frozen by government officials if the latter decide so, and what can you do about it? If your money safely sits in an offshore jurisdiction, it is protected from most creditor claims, greedy ex-spouses, and business partners trying to get a piece of the pie. When in offshore bank accounts, it is out of reach for them.
Diversification is a useful instrument when it comes to wealth preservation. Traditionally, silver and gold are used for the above purpose and it works. If you wish to secure higher profits, consider currency diversification. With a currency account in a developing nation, your APY may reach as high as 18%.
In Singapore, Andorra, and Hong Kong, multi-currency accounts with local banks support 12 to 15 currencies in 1 secure account with an offshore bank. At the same time, investing in USD accounts comes with 5% to 6% API together with all related offshore bank account benefits.
From time to time, a recession may hit that affects the banking sector. If this happens, many banks will suffer and fail thus placing in doubt asset safety as in this situation banks simply can’t take proper care of your money any longer. With overseas banks, this risk is greatly reduced as funds held therewith are hard to hit. To find out about the best offshore banks and get recommendations as to how you can open an international bank account online, you are welcome to message the International Wealth super-pros at email@example.com. We are here to advise you on every procedure detail involved.
Wealth diversification and tax optimization
Lucky holders of offshore bank accounts enjoy all tax privileges and incentives that come with effective strategies to diversify wealth. With an offshore bank account, you may legally reduce the amount of taxes to pay. After you set up an offshore bank account, any funds you obtain as income and keep therein will either be tax-exempt or you will pay an insignificant percentage in taxes. Beware though that before making up your mind as to where (meaning, in what bank and jurisdiction) to set up an offshore bank account, you should carefully study the market. its nuances, and opportunities therein. This will guarantee you will successfully avoid the related hidden pitfalls. Better though, contact International Wealth for recommendations and assistance. Supported by our experts you are sure to make the right choice as we will take into account all your needs and requirements and turn your dream of succeeding with offshore company incorporation and account opening into a reality.