Just like every single business owner, you have serious concerns about what is going on worldwide recently. After the subprime American mortgage crisis in 2008, we all had terrible worries and disappointments against our governments. Due to living in a global financial world where every company is connected with others in some ways such as merchant-supplier, it was taking a blink of an eye to view the destructive effects in Europe, China and South America. Especially in Europe, the situation was catastrophic. Troubled countries were called PIIGS (Portugal, Italy, Ireland, Greece and Spain) and their citizens were facing sudden capital controls and blockage of funds. Do you remember Qatar being imposed a strict embargo by Egypt, Saudi Arabia, The UAE and Bahrain? The expats and investors’ funds were locked down for a long period. As you are a business person, we do not need to underline how significant it is to sustain cash flow between corporations. In such a difficult situation, many businesses had to lose their pre-agreed and future international deals. This is a nightmare for an entire economy and leads to a deeper crisis. But no worries! One of the bright sides of globalization is the freedom of opening an offshore bank account.
What is an Offshore Account?
In a nutshell, an offshore bank account is a bank account held by a bank outside of a residential country. To create an overseas account comes with multiple advantages including better privacy, tax exemption or tax-free, having the full control via online banking and finally as we have mentioned above – protection of assets in any economic or political crisis. These reasons lead to a great number of offshore bank account holders day by day.
Where to Open an Offshore Bank Account?
Since the water is a bit blurry it can be pretty challenging to choose the best offshore account banks meeting your needs. We have listed the most popular offshore countries for you with their cons and pros to answer the most common question, “What is the best country for offshore accounts?”
- Switzerland
Switzerland offshore accounts are the most popular ones and the country is the very first country that comes to mind when the subject is overseas accounts. Wealthy Americans have been preserving their funds in Swiss banks for decades. But why did Switzerland become such a popular destination for foreign money? The answer is hidden under the privacy laws of Swiss banking. In this country, it is strictly prohibited to divulge any kind of personal or financial information without the customer’s consent. Therefore, only you and your Swiss banker know about your account details.
- Belize
If you are chasing favorable interest rates, a Belize offshore account can be the one you have been looking for. Being a Central American country with a low inflation rate, Belize serves one of the highest interest rates for foreign accounts. Plus, just like Switzerland, Belize is known as a politically stable nation. Thus, Belize is a safe port for investors and expats.
When it comes to taxation benefits, no country can compare the Cayman Islands.
- The Cayman Islands
Most of the investors are choosing this beautiful tropical country for its minimal taxation liability.
Considering how much you can lose in taxation, a tax heaven is a great gem. Anyone who opens a Cayman Islands offshore account undergoes no direct taxation. Evenmore, we can not talk about an exchange control coming in or going out of the islands. How about spending your retirement in this heaven? Sounds great, right?
- Singapore
Undoubtedly, Singapore is a stable, trustworthy place to keep your funds. If you are a high net worth investor looking for a wide variation of wealth management services, Singapore offshore accounts can satisfy you. Their offshore banking services include financial advice, brokerage houses, tax assistance, estate planning, legal counselor and other investment management services. Formed by specialists who are dedicated to advise you to find the best financial strategy for your money. But, there is a downside in Singapore; it can be challenging for foreigners to create a bank account. To open an offshore account in Singapore requires in-person visit at the beginning.
- Hong Kong
Hong Kong has become one of the most preferred destinations for offshore accounts. It is pretty fair considering the advantageous perks of Hong Kong offshore accounts. With its foreigner-friendly, trustworthy legal system, professionalism in both telecommunications and financial infrastructure, it is not surprising why many investors choose this country. Furthermore, being an effective gateway into the Chinese market is a great plus for business owners doing work with suppliers from China.
- Germany
With Switzerland, Germany creates trustworthy offshore banking services in the Eurozone. When the subject is stability in economy and reliability Germany’s banks take the number one spot. Also, Germany is a highly developed country and provides easy access to top-quality online and ATM banking services with dedicated customer support 24/7/365. If you are a resident in the EU, you can simply open an account in SEPA schemes and own a Visa or MasterCard credit card as well. Don’t you reside in Europe? Your Euros in Germany Banks can help you to travel to Europe or transfer funds to your European corporations.
All in all, opening an offshore account is a great way not to put all your eggs in one basket. Thinking about what we have passed through recently, it is always wise to divide assets on different spots such as offshore countries and e-wallets. Our prestigious e-wallet service, Jeton, is also a smart way to hold your funds safely rather than your residential country. Visit our website today to meet with our beneficial online services customized for you and your business.
