The phrase “offshore asset management” is something you might hear often in the financial world, and its meaning is exactly what you would expect: professional asset management in an offshore, international destination. Asset management can include a variety of services such as tax advice, choosing investments that meet your risk level and estate planning.
While many people choose to handle these decisions on their own, many busy individuals prefer to let a professional take the reins. Read on to discover some of the most important things you should know about offshore asset management and how it might benefit you.
Make the Most of Your Estate for Future Generations
One of the main reasons that individuals turn to offshore asset management is to begin the process of estate planning. Even if you have been successful in your life and amassed a lot of wealth over time, you should still take care to preserve as much of it as possible for the future.
Estate taxes can eat away at the money you leave children, spouses, grandchildren or charitable organizations, but an offshore asset management professional may be able to establish trusts or rearrange assets so that your dependents and loved ones benefit.
Legally Reduce Your Tax Burden
A major advantage of seeking out offshore asset management is so investors can minimize their tax burden. You might not be familiar with the best jurisdictions for foreign investors, but a professional in the world of asset management will.
They can help guide your decisions and ensure that you place your assets in a country where taxes are minimal, if not nonexistent. In Belize, for example, foreign investors won’t be subject to any capital gains taxes, which can be a significant boost to your profits each year.
Pick the Best Investments for Your Portfolio
An important element of offshore asset management that should be addressed is the fact that your asset manager will work hard to pick the best investments for your portfolio. Even if you work in the financial field, staying ahead of current market trends in multiple countries is a daunting task.
A professional asset manager, however, can recommend the best use of your assets. They may suggest that you buy commercial real estate in a foreign country, trade one currency for another or pick stocks that offer stable and long-term growth potential.
Reduce the Time Spent on Your Finances
Anyone contemplating the use of offshore asset management should consider their lifestyle, their knowledge of investments and their desire to manage their own assets. For many people, including parents, grandparents, retirees and busy professionals, there simply isn’t enough time in the day to get everything done that they want to achieve.
Unfortunately, this could mean that your financial investments are ignored, jeopardizing your savings and your net worth. Turning to offshore asset management saves you time while maximizing your portfolio and the future of your holdings.
Managing your wealth can be a big job, and it may not be something you have the time or desire to handle on your own. Through offshore asset management from a professional at Caye International Bank, you can have peace of mind about your holdings.