What Types of Offshore Financial Services are Available?
In decades past, offshore investing was something that only frequent travelers, incredibly wealthy investors and corporations were interested in. Today, however, diversification in investing is becoming a focus. Offshore investing has plenty of perks, and one of the biggest is the ability to serve as a financial safety net of sorts. You don’t need to be extravagantly wealthy, and you don’t even need to be interested in elaborate financial planning techniques. Here are some of the most popular offshore financial services that are available in locations like Belize today.
Like a loan from almost anywhere around the world, an offshore loan will require letters of credit, information about your identity and some kind of guarantees for repayment. Unlike domestic loans, which may only allow you to withdraw funds in one currency, an offshore loan can be in a number of popular currencies. Each has a different interest rate, and investors have lots of options that might be more attractive than a traditional loan.
Offshore Asset Protection Trusts
One of the most popular offshore services is that of asset protection trusts. By placing some of your assets in an offshore trust in a destination like Belize, you are essentially protecting it from domestic interference. Samples of interference can range from lost court cases and punitive damage fees to bank failures where assets are frozen or inaccessible. With money safely stored in an offshore trust, you may be able to pay less in taxes, maintain more of your wealth over time and still be able to provide for your loved ones in the future without complication.
Foreign Currency Accounts
If you have only ever used a domestic account when overseas, you have probably encountered high withdrawal fees at ATMs, unfavorable currency conversions and the hassle of finding a local bank that accepts your bank card. Thankfully, a foreign currency account can be a simple and effective way to end this problem. If you are retiring in Belize, for example, you can have access to the local currency whenever you need it. If you travel extensively overseas, a foreign currency account can be a smart choice, and you can check your balance and move money over the Internet just like with any other standard checking or savings account.
Along with asset protection trusts, variable universal life insurance policies, foreign currency accounts, offshore loans and advice for international investments, offshore financial services will give you peace of mind. Geographical diversification is one of the pillars of successful wealth management, and it can help your future no matter how many zeros are in your account balance. Click here to learn more about the different kinds of international financial services that could benefit you.