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Legitimate Uses for Offshore Bank Accounts

Apr 24, 2008
I don't know what you think of when I say offshore bank account, but what used to come to my mind was dodgy business deals, and money laundering. Of course this is a view I got from watching too many movies. Since opening my own off shore bank account I have found there are many advantages and benefits to keep your hard earned money overseas.

Contrary to popular opinion, millionaires aren't the only ones who can (or need to) open offshore bank accounts. People from all walks of life and all different income brackets participate in this kind of banking because of the many benefits derived from doing so or because they would simply like to build a nest egg for retirement or a rainy day.

There are many benefits to opening and offshore account, the main one being to protect their money from being over taxed in their home nation. There are many countries that do not tax overseas funds; it's obvious that people would want to take advantage of this.

Also, having an offshore bank account is great way to take advantage of higher interest rates. International banks use the offer of competitive interest rates to attract new customers. Everyone wants the best return on their investment, so keeping their cash overseas isn't that big a problem

And finally, as banks in the United States and other economic powers become increasingly selective about who they accept as customers, people the world over are looking at offshore bank accounts as a means of getting the financial services they need without having to worry about credit checks and other red tape. Everyone is entitled to these services, and shouldn't have to jump through hoops to gain access to them.

Most offshore bank accounts can be opened online, over the phone, or via fax with very little paperwork or hassle involved. All you have to do is run an Internet search for the top banks in whichever country you'd like to keep your funds, and then compare the services provided by each institution until you find what you want.

I've have been using offshore bank accounts for around 10 years now, with great satisfaction. I have peace of mind, get great income from the interest rate and by the time I am ready to retire I'll have a nice little nest egg to collect and spend in an exotic location!
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