Witnessing that everything can fall apart during Covid-19 pandemic, our beliefs in countries and current authorities took a knock. It is irreversible now! People have seen how fragile our holdings are. Maybe it was for the best to be an accelerator to convert our financial world into something limitless. The loss of trust in the system and fear of being custodian of savings into one particular spot triggered a Renaissance for offshore bank accounts and the service providing them. According to the latest research, overseas accounts have boomed 60% worldwide and the number of people who want to have a Plan B in this unstable and wild world increases day by day.
What is an offshore account? The usage of banking services in a foreign jurisdiction except the country where one resides is considered as engaging in offshore banking. For instance, if you are a Greek citizen and you create a bank account in Austria, this makes you an offshore account holder.
Why should I prefer offshore banking?
Let’s list 7 reasons in the main titles.
1- Your own country!
In 2013, Cypriot expats were suddenly blocked from cashing out their own money out of their accounts and out of the country. How about capital controls Greece and Iceland in 2016? Retirement savings nationalizations in Poland, Hungary, Portugal, and Argentina? You have forgotten that Qatar was imposed an embargo by Saudi Arabia, The UAE, Bahrain and Egypt earlier this year? Citizens and investors of these countries had really hard times. There is no country which is totally safe nowadays. Thus, if you think your country is totally safe, think again! Your overseas account is an insurance policy for your financial future.
2- Get higher interest rates! Win more!
Many countries offer greater interest rates and other advantageous offers for reasonable deposits. Plus, you can find a wide selection of funds and investments which may not be available either in your residential country.
3- Protect your assets!
If you are facing a government agency or a frivolous lawsuit, an offshore account gives you resources you can rely on. It will also protect you from overzealous government agencies to block your assets. Is it fluke that The Legal Resource Network interfiles millions of lawsuits in the United States every year.
Offshore bank accounts serve expat tax advantages. They can vary from keeping your money outside of the tax jurisdiction to protecting it from taxes in the country in which you are currently residing.
5- Be served!
According to many offshore bank account policies, you will be given a highly personalised service and comprehensive online banking 24/7/365. Moreover, a private manager may be assigned for you, so you will have a contact whenever you need any kind of assistance. Therefore, you can experience top-quality customer service and you will feel secure.
6- Exchange with the best rates!
Thanks to the multi-currency accounts, transferring money between accounts will be quick and out of charge. Multiple offshore banks serve competitive foreign exchange rates compared to regular banks or other exchange services.
7- Have access to medical care abroad!
You are not satisfied with your country’s health system? Why not apply for health insurance to your offshore bank? Furthermore, in a scenario that you will need an urgent operation, it could be challenging or totally impossible to pay for the medical care you need in capital controls or blockades.
Which country should I choose for my offshore account?
Please note that some countries and regions can have more advantages to have an offshore account. Countries such as Singapore, Belize, Cayman Islands and Switzerland provide favourable financial benefits including strong banking practices and regulations. Therefore, it really matters which country you choose to open your account. Switzerland and Singapore are widely known with their profitable and wide offshore investment selection whereas Belize enables its customers to make accounts online and deposit a low threshold.
Is it legal to have an offshore bank account? Absolutely! Forget what you may have heard so far! Unlike general misconception, offshore banking is completely legal. It is your right to open a bank account in other countries and have peace of mind.
In basics, there is no difference between an offshore account and a Jeton account. Most of these benefits are also valid for Jeton account holders. Plus, Jeton deposits and withdrawals are much more convenient according to an offshore account. Less paperwork, low transaction fees and costs are other advantages to consider. Why not prefer a reliable e-wallet over an offshore account? No reason! We are just a few clicks away!