Debunking the Myths of International Banking

Myths like international banking is for the wealthy, international banking has a stigma and international banking requires travel have all been proven false while it is true that international banking can legally reduce taxes.

If you’re new to the world of international banking, you might have a hard time separating truth from myth. There are a lot of opinions circulating about the benefits of offshore banking and the reasons behind it, but not all of them are accurate. Debunk the myths by learning about the truth behind the following assumptions about banking internationally.

International Banking is Only For Millionaires: False

This is one of the most popular myths surrounding the world of offshore and international banking, but it is absolutely false. If you think that opening up an international bank account requires a million dollars of assets or even more, then you are in for a pleasant surprise. Whether you are a young professional who is starting to save for the first time, you are a retiree who wants to protect their assets or you are just looking toward wealth management for the future, an international bank account or investment can be the answer you’re looking for regardless of your net worth.

International Banking Reduces Taxes: True

Most people know that offshore or international banking can reduce taxes, but you may not be exactly sure how that works. The truth is that offshore banking can legally lead to a reduction in taxation, but it varies from country to country. For example, some countries offer a tax incentive plan to foreign investors. In Belize, there are no capital gains taxes for any international account holder. This can lead to a lot less money that you have to pay in taxes each year, making this myth one that has a lot of factual basis behind it.

International Banking Requires International Travel: False

Opening up an international bank account doesn’t necessarily mean that you have to travel abroad. In fact, modern technology means that most offshore account holders never visit the institution where their money is held, although you are certainly welcome to do so.

Thanks to online banking, most account holders fill in forms over the Internet and even check account balances right from their smartphone or Internet-ready devices. Long gone are the days when you needed to fly overseas just to open up account with an international bank!

International Banking Has a Stigma: False

Decades ago, there was a stigma attached to banking overseas. Perpetuated by films, television shows and the fact that so many bank account holders were extremely wealthy, this myth is simply no longer true.

All kinds of people have international bank accounts, and they do so for a number of different reasons. A young couple might have an international bank account because they want to diversify their assets in case of a domestic banking crisis, an older couple might want to guarantee financial care for their children in the future and a working professional might simply want to legally reduce their tax burden and pay less in banking fees. Whatever the reason, there is simply no longer a stigma attached to banking overseas.

Once you have separated fact from fiction, it is easy to see the appeal of opening up an international bank account. Find out how you can begin enjoying the benefits of international banking at Caye Bank in Belize.

Caye Bank

Caye International Bank Limited (CIBL) was granted an Unrestricted "A" Class International Banking License on September 29th, 2003 by the Central Bank of Belize and is regulated by the Central Bank of Belize which set the standards for liquidity and capital adequacy.

Open A Bank Account Online For Offshore Use

Online applications make opening a bank account much easier. In international banking, it is often the only efficient way to open an account for retirees before they leave their homeland. In particular, there may be a transition that is difficult if money is not accessible, whether before they leave their home or when they enter a new country. Affluent bank customers stand to lose much more financial ground if they go even one day without access to their money. Additionally, as they may make a sizable initial deposit, it is nice to know that it is electronically secured and not mailed.

Tips for Setting Up an Offshore Account

The potential of the right offshore account cannot be underestimated. Unfortunately, some investors tend to approach the process as if one account was just as good as the next. When it comes to international investing situations, that is not the case. Before moving forward with opening any type of account for offshore activity, take some time to consider these factors.

Top Ways to Invest Offshore

A few of the top offshore investments include offshore trusts, managed mutual funds, precious metals like gold and silver and offshore real estate in the form of second homes or investment properties.

Grow Wealth With Offshore Investments

Tired of tying up your hard-earned assets in domestic funds only to make pennies in profits annually? Savvy investors with a willingness to venture into international banking can build wealth faster than they can through a domestic bank. Offshore investment tools not only minimize an investors tax liability, but they give investors the opportunity to grow a bigger wealth base in a smaller amount of time.