Offshore banking certainly has plenty of advantages. For starters, it can diversify your portfolio and make your wealth less vulnerable. It also has the potential to result in fewer overall taxes, and it might help you prepare better for the future.
With so many offshore banks to choose from, however, you might feel overwhelmed by the selection. These top tips can help you choose the best offshore bank for your requirements and investments.
Determine What Services You Need the Most
The first step is determining what kind of services you will need. Some international banks offer little more than checking accounts, savings accounts and personal loans.
While this might be sufficient for some retirees, it probably won’t help you consider new investments. Potential services offered by offshore banks include foreign currency, life insurance policies, loans, international transfers and a variety of investment options.
Local Laws, Stability and Government Intervention
It is important to note that not all offshore banks have the same securities or liabilities. Belize, for example, is a safe choice thanks to friendly investment laws, advantageous tax rates, limited government intervention and a stable banking industry. Keep these factors in mind when making your decision.
Find Out Average Overhead Costs
Fees can vary significantly from location to location. The same account in Hong Kong might be three or four times more expensive than one in Central America, which is due largely to overhead cost differences in the two locations.
Choose a Bank Where You Can Communicate Easily
Don’t underestimate the value of clear communication. It is imperative that you find a bank that employs staff who speak your native tongue. If you speak English fluently, which is now the international banking and business language, you will definitely have an easier time of this.
With so many options, it can feel like a challenge to narrow down your options and select the best offshore bank. Click here to learn more about your options and the types of services you might be interested in.