While corporations of all sizes utilize and appreciate offshore accounts, don’t forget that offshore banking can be just as beneficial to the individual. Whether you’re a retiree looking to protect your assets, a parent hoping to secure funds for dependents or just a professional looking for ways to mitigate risk, learn more by taking a closer look at these seven reasons people love private offshore accounts.
1. They Keep Assets Safe
More than likely the most important thing you’ll ask for in a bank is security for your hard-earned assets. Private offshore accounts in countries like Belize, where reserve requirements are twice as high as they are in the United States, can help you feel peace of mind about the long-term stability and safety of your money.
2. They are Accessible Around the World
One of the common misconceptions about private offshore accounts is that they are only accessible if you physically visit the offshore destination and open the account. Thankfully, that isn’t the case. Anyone can open up an offshore bank account with ease, and there numerous ways to access that account once it is opened without ever stepping foot out of your country of residence.
3. They Could Help You Save on Your Taxes
A primary reason that many individuals opt to keep their assets in offshore accounts is so that they can lower their tax obligations. Although the tax codes vary from country to country, jurisdictions like Belize are very favorable to foreign investors. In fact, there is virtually no capital gains tax at all for any foreign investors in Belize.
That means you can pocket more of your profits and spend less on taxes each year, growing your wealth in a major way over time.
4. They Can be Managed Entirely Online
In the digital age, many individuals are used to banking online, and private offshore accounts won’t be any different. From your smartphone or your laptop, you can easily check the balance of your account, pay bills or transfer funds.
5. They Can Become a Key Part of Estate Planning
For those who are ready to begin estate planning, private offshore accounts can play a key role. They may help you establish a trust, protect assets for a loved one or even establish a life insurance wrapper.
6. They Might be Cheaper than Domestic Accounts
If you have several bank accounts, or you opt for financial management, then fees alone can be a big portion of your budget each year.
Private offshore accounts in affordable countries like Belize, however, often come with much lower banking fees. This saves you money and lets you keep more of your wealth.
7. They Diversify Your Finances
Private offshore accounts can also go a long way in adding diversification to your portfolio. By expanding beyond domestic bank accounts, you can reduce your vulnerability and mitigate your financial risk, helping you feel more secure about your holdings.
Clearly, there are a number of great reasons to appreciate private offshore accounts. If you’ve decided to take the plunge, contact Caye Bank to learn more about the many account options available.