In today’s world, it is virtually impossible to avoid having a bank account. Personal bank accounts are used to pay bills, have employment checks deposited into and afford everyday expenses from groceries to mortgages.
Rather than storing all of your cash assets in a domestic bank account, many savvy investors are opting to open a personal bank account through an offshore bank.
Find out seven of the top reasons to have a personal bank account with Caye International Bank in Belize.
1. Bank Privately and Anonymously
One of the more convincing reasons to open up an offshore personal bank account is for the opportunity to conduct your banking privately. Rather than worrying about government intervention or being concerned that the local government could freeze your assets, you can remain anonymous and free yourself from any potential hassle or invasion of privacy.
2. Diversify Your Assets
Few investors would place all of their next worth in the stock of a single company, yet many individuals unknowingly do just that by keeping all of their assets in a single country. Opening up a personal bank account in Belize can help to geographically diversify your assets and potentially reduce your vulnerability.
3. Legally Reduce Your Tax Burden
Taxation can eat away at profit, which is why so many people turn to investing in offshore destinations like Belize. By enjoying the country’s nonexistent tax policy for foreign investors, you can make the most of your profits and see your net worth grow over time rather than stagnate or even decline.
4. Plan for Retirement
Retirement can be an exciting prospect, but it is also an expensive one. If you want to ensure that you have a safety net in place to provide for you in old age, then an offshore personal bank account may be ideal. This could be especially true if you are interested in retiring in a tropical paradise like Belize, where a local bank account can help you to buy a home on the beach, pay for everyday expenses and avoid currency conversion fees at every turn.
5. Cut Banking Costs Drastically
Domestically, you can rack up a small fortune in everyday banking costs. Credit card application fees, loan application fees and regular maintenance fees are all a drain on your resources. In a country where everyday expenses are lower, such as Belize, bank customers can enjoy lower fees.
6. Set Up Trusts or Life Insurance
One major reason that individuals turn to offshore personal bank accounts is because they are ready to begin their estate planning. If you want to set up a trust for your children or invest in a life insurance policy for the financial security of your loved ones, doing so offshore can be a more secure option.
7. Personal Bank Accounts are Easy to Open
Finally, it is worth noting that opening up a personal bank account through Caye International Bank is a simple and straightforward process. The documents required are similar to those needed domestically.
