Offshore banking has always been considered one of the most important components of a solid asset protection strategy. In the past, offshore banking services were mostly associated with individuals whose high net-worth made it virtually mandatory to explore the tax advantages of international banking.
With the advent of offshore Internet banking, opening an account in a respected foreign jurisdiction like Belize is no longer limited to extremely wealthy individuals.
Benefits of Offshore Internet Banking
The reason nations like Belize attract wealthy account holders is that their banking systems still believe in the time-honored principles of confidentiality and privacy. In offshore banking jurisdictions, government intervention is looked down upon. This is not an arbitrary principle; Belize is a democracy that has enjoyed political stability since it became an independent and sovereign nation.
Offshore Internet banking has opened more opportunities for people who have always wanted to keep their money in a jurisdiction that promotes financial freedom and that strives to safeguard traditional values like privacy and confidentiality. Opening an account these days no longer involves a personal visit to speak to a bank manager although the natural beauty of Belize and the friendliness of its people should entice anyone to plan a trip. Online banking makes it easy to open an account once a few documents are received, without the need for the account holder to be present.
Another important benefit of offshore Internet banking in Belize is that the nation’s tax laws are not imposed on the interest earned by checking or savings accounts. These interest rates are also very attractive for savvy investors who have grown disappointed with the low interest rates paid by financial institutions in banking jurisdictions like the United States. There is also a world of international investment opportunities such as real estate and hedge funds that are open only to investors with offshore banking accounts.
How Offshore Internet Banking Works
Once an account is opened, offshore Internet banking is a breeze. Depending on the financial institution, account holders will be able to monitor their accounts through a Web-based platform or a mobile application. Telephone banking is offered by some banks, and English-speaking customer service agents are the norm. Offshore banks know that their account holders are not able to easily travel to a branch office with cash in hand to make deposits, and to this end they offer flexible methods of making deposits.
Making withdrawals is even easier thanks to debit cards that feature the logos of major financial networks like MasterCard. These cards allow purchases and cash withdrawal from thousands of ATM terminals and merchants around the world. Since these debit cards are integrated with offshore banking systems, account holders can review card activity online and track their expenses, withdrawals and other transaction history items right on their account statements.