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A Guide To Offshore Banking

Aug 17, 2007
If you are someone whose career and place of residence changes a lot, then you might want to keep your banking constant. One way to do this is by using offshore banking, which allows you to keep your money in one country, yet have access to it wherever you go. If you want to know more about this type of banking then this guide has some information that might be useful

Why get offshore banking?

Getting an offshore bank account can be useful if you are travelling around a lot and aren't really located in one specific place. If you use an account from one country then you will find it harder to get your money out abroad, and might have to pay fees each time you want to carry a transfer or withdrawal. You might not even be able to access your account in some countries. Offshore banking can help you to have access to your accounts like you were in your home country wherever you are in the world.

Tax exemption

Another reason why offshore banking is popular is for tax exemption. If you have a large sum of money that you don't want to pay tax on, then moving it to an offshore account might be useful. Of course, you need to make sure that you abide by the tax laws of your country, but there are legal ways to save yourself money through offshore banking

Benefits of an offshore bank account

Apart from the tax benefits, having your money offshore means that you have equal access to all of the world's markets, and this makes it easier to invest in a diverse range of products and services.

Offshore features

You can use offshore banking simply as a savings account, or you can use it as your main means of banking. You can have a current account with a debit card, and even make investments and buy insurance and loans using your offshore bank. Most of the products and services that your standard bank can offer are available offshore, with the added bonus of being available around the world.

Risks

An offshore bank account does use the law to its fullest, and so there are a number of risks associated with it. Firstly, if you don't know what you are getting into then you could end up in legal trouble. Before signing up you need to consult a lawyer. Also, you need to deposit a large amount of money in order to get this type of banking, and that money could be at risk if anything happens in the country you opt for. You know that your money in your own country is insured, but if something happens offshore then you might be in trouble. Offshore banking does have some benefits, but make sure that you know the details of the system before proceeding. If you do this then an offshore banking account can help you save money and access your finances wherever you are in the world.
About the Author
Peter Kenny is a writer for The Thrifty Scot. Please visit us at Current Accounts and Best ISA
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