Many people don’t see off-shore bank accounts as legitimate ways to store your money, but that’s not true. There are tons of reasons why this is a great choice for you to make, so be sure to keep reading and we’ll tell you why!
It takes down on your political risk
It’s been shown time and time again that the biggest risks that you face will not come from economic or financial forces. But rather, the biggest risk comes from your own government. More and more governments don’t know how to manage their banking systems to ensure the financial security of their citizens. One of the best ways to protect yourself against this kind of political insolvency is to put your money out of the hands of your own government. Putting your money in an off-shore bank account is the best way to protect against these political risks. And it is wise to have an experienced tax attorney on your side, who will help you out regarding the international tax laws and keep your money safe.
There is a much safer banking system
Those banks that are operating off-shore are going to be much more reliable and safe than those banking systems in your home country. That’s because most Western banks are built on the backs of unreliable governments who don’t know how to manage your money. Putting your money into off-shore bank accounts is the best way to protect yourself against unreliable institutions.
Protection of your assets
You might think that you’re safe against lawsuit threats, but that’s just not true. There are tons of lawsuits filed in the US every single year and you might be at the firing line of one of them soon. While you can’t protect yourself 100% of the time against these lawsuits, you can protect yourself by putting your assets into offshore bank accounts.
Diversification of currencies
One of the best ways to diversify your portfolio is to hold multiple currencies. However, when you only work with domestic banks, you probably will not have that much access to buy foreign currencies. When you work with offshore banks, you can have access to those options.
There’s a higher interest rate for deposits
In most Western countries, interest rates are manipulated to stay at super low levels. This is not good for investors who are trying to make the most out of their money. That’s why you should look into offshore accounts that will give you a significantly higher interest rate than the ones that you would find in your home country.
There’s ensured access to medical care abroad
It’s been shown that you can find better and more affordable medical treatment abroad than you can find in your home country, especially when that country is the US. When you have an offshore bank account, you can easily take out the money for medical treatments that you otherwise wouldn’t be able to afford in the US.
You can act quickly
It’s been shown that you can act so much more quickly when you have assets stored in an offshore bank account than when you have a domestic bank account. Whenever your government takes action that will hurt your assets, you wouldn’t have enough time to take protective actions. However, with an offshore bank account, you are going to be protected against any disastrous actions that your home government might take.
There you have it! When you’re thinking about opening up an off-shore bank account, then there are certain reasons why you should do that. We’ve gone above the top reasons up above, so you should have no doubt in your mind right now that this is the right decision for you!