The country of Belize is already known around the world for its beautiful climate and relaxed way of life, making it a favorite destination for tourists and retirees alike. However, fewer people have considered this country as a venue for offshore investing. But Belize has very friendly investment laws that allow foreigners to save money and grow investment or retirement accounts easily.
Why Do I Need Offshore Banking?
Offshore savings may seem like a complicated issue that is not really necessary for many investors. However, there are few people with assets of any amount who cannot benefit from investing in offshore accounts.
International banks follow many of the same protocols as domestic banks, so investors will find that saving in an offshore bank is, in many ways, similar to saving at home. However, international banks often offers much greater flexibility in terms of interest rates, savings plans and growth opportunities than domestic banks.
Who Can Benefit from Offshore Banking?
There are many types of people who invest in offshore opportunities or use international banks for their banking needs, but the most frequent visitors to these banks are retirees who are planning to live outside the country after retirement or those who want to travel frequently.
These two groups of people benefit from the convenience of international banks. With access to local currency, a savings account in an offshore bank can open doors for those who want to live or travel in remote locations. An offshore savings account can also help retirees or those who spend part of the year in another country have instant access to funds that would normally be difficult to withdraw.
Investors and Offshore Banking Accounts
Serious financial investors also understand that the costs of banking internationally are often lower than those of banking domestically. International banks work to attract investors from many countries, so they structure their fees in a manner designed to compete with many other banks.
This results in lower costs for investors. Furthermore, investors may be able to avoid certain fees, penalties and taxes associated with domestic investment such as capital gains tax. Although a financial advisor should always be consulted before moving any money, an offshore account may allow investors to save significantly over the cost of investing money domestically.
Foreign investment is not just for the very rich any more. Today, many individuals are taking advantage of the financially-friendly laws available in countries such as Belize for their retirement or investment spending.