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Moving Overseas - Offshore Banking Services Explain Why Your Money Should Move With You
There are a heck of a lot of things to consider when moving overseas. The usual processes of a job hunt, house hunt, looking for suitable schools and making new friends are compounded by learning another language, getting a different drivers license, and even simple things like changing bank accounts. If you are moving overseas, you have several options for bank account opening.
You can open an account in your new country of residence; keep your old account back home, or open another account in an unrelated jurisdiction. Investment management services actually see the third option as infinitely preferable to the more 'familiar' first two. We look at why offshore banking services recommend taking a global view when you are looking for a new bank account.
If you had a regular savings account in your home country that your wages were paid into, you probably also have fees attached for processing international transactions, as well as quite a low rate of everyday interest and few flexible features. Everyday savings accounts are designed for everyday people - and if you are living overseas and sending your money to an account back home, you are not an everyday person!
Offshore bank account opening may seem like an intimidating process, but with the help of investment management services and corporate offshore banking specialists, it can actually be quite simple.
There is a huge range of benefits available to corporate offshore banking customers, that ordinary account holders don't have. Offshore bank accounts are flexible, and can be accessed from any city on the globe.
They are not subject to foreign income duties and taxes, which can be steep in some countries, and if you plan to return home after a short period, any income from your time overseas may be taxed at exorbitant rates, depending on your country of residence. Business consultancy services also see benefits like being able to easily handle exchanging money from one currency to another, performing cross-border transactions, and paying into investments offshore.
For those living in certain jurisdictions, like Dubai, the simple facts of better returns and greater flexibility are also compounded by more major issues. Expats living in Dubai who only keep a Dubai bank account will find their assets frozen in the event of their death, for a period up to 18 months.
Furthermore, if you are sponsoring your family to live in Dubai while you work, they will have only 30 days to leave the country, after their visas are rescinded. You certainly aren't 'planning' to die while living overseas - but then again, nobody ever plans to. Offshore bank account opening is the only sensible and safe option for living in jurisdictions like this.
If the logistics of bank account opening offshore seem a little scary, there are actually plenty of services that can help you out with jurisdiction advice and account setup, for minimal fees.
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