Many people think that offshore bank accounts are exclusively for corporations, but that simply isn’t the case. In fact, a large portion of international bank accounts are personal or private accounts owned by individuals. A private offshore bank account comes with a number of advantages, just some of which can include the diversification of your portfolio, financial anonymity and the potential for lower or even nonexistent capital gains taxation.
If you are thinking about opening up a private international bank account, or you have just done so, use this guide to learn how to manage your account and use it to your complete advantage.
Opt for Multiple Currencies
If you opt to open up a private offshore bank account, you may also be interested in having access to more than one currency at a given time. Whether you travel a lot internationally for work or business, you want to diversify your assets or you are worried about the inflation rates for a particular currency, having more than one currency at your disposal is a major perk. While this option isn’t always available through a domestic bank, an offshore bank account gives you greater freedom and flexibility.
Check Your Account Balance Online
A definite advantage of opening up a private offshore bank account through a financial institution like Caye Bank is that you can access your account online. Whenever you have a secure Internet connection and a device like a smartphone or a computer, you can check on the balance of your account, pay your bills online or make a cash transfer between accounts.
All of this can happen instantly, and it can happen no matter where in the world you happen to be. Although you don’t have to have an online bank account, it can be a tremendous help when it comes to managing your wealth, particularly if your bank is not located in the same country or time zone as your place of residence.
Secure Higher Interest Rates Through a Lifestyle Account
Make the most of having a private offshore bank account by upgrading to a lifestyle account. The interest rates paid to the account holder on a lifestyle account will increase depending on the balance. This is a huge motivator to encourage saving, and it also helps to increase your wealth dramatically.
At Caye International Bank, your interest rates will be boosted every time your balance gets to the next level.
Apply for a Prepaid MasterCard
A common misconception is that a private offshore bank account is only a way to guard and protect wealth rather than something with immediate, practical and day-to-day value. In reality, you can use your offshore bank account just like you would any other bank account, should you choose to do so.
By applying for a prepaid MasterCard through Caye International Bank, you can spend your hard-earned money at any location where MasterCard is accepted, and you can even make cash withdrawals from countless ATMs around the world.