If you suggest to the average person that he or she might benefit by owning a foreign bank account, you’ll more than likely get a puzzled look and a response such as, “Why on earth would I want to do that?” The average person tends to have an extremely parochial attitude when it comes to their money & suspicion of foreign banking activities. The media has exposed them to an unending series of foreign banking tales involving political shenanigans, financial fiascoes and criminal capers.
The simple fact is, some people can benefit from owning a foreign bank account. Foreign banking, ”offshore banking” as it is more popularly known today has become an important tool for thousands of legitimate and highly successful businesses and individuals. In today’s high tech computerized satellite communications world it is easier than ever before.
An offshore account gives the investor the opportunity to synchronize the benefits of various banking activities and blend them into a unique profit-making financial strategy. For the careful and conscientious investor, it is one way of expanding the realm of financial opportunity and way to diversify assets.
There are approximately 45 jurisdictions around the world that bill themselves as offshore financial centers or banking havens. Just as when you invest in a financial institution in the states you should exercise caution and make sure the bank is well managed, experienced and offers the services and security you are seeking.
As a means of increasing your wealth by diversifying your investments, minimizing your tax load and increasing your investment profit you may want to consider an offshore account.