5 Reasons to Open Offshore Private Accounts
A private offshore bank account is a fantastic financial option for those who want to protect their assets and diversify their holdings. Offshore, in this sense, typically refers to an international destination, and a private account is different from a corporate or business account. If you are still undecided about whether an offshore private account is right for you, learn more about the five biggest advantages that they can offer.
Get Rid of Government Intervention
For many, the primary reasons to seek out a private account offshore is to take back complete control of your financial assets. In North America, the government may be able to freeze assets or learn about your financial movements. If you would prefer to remain anonymous when banking, keep your finances private and get rid of government intervention altogether, then a private offshore account may ideal.
Reduce Your Taxes
Taxes are a constant almost everywhere on the planet that you or your money goes, but there are several ways that you can legally reduce the amount you are required to pay. By keeping high-yield assets in a private account in Belize, for example, you can eliminate capital gains tax, which is nonexistent for foreign investors in the country of Belize.
Reduce Your Financial Vulnerability
It would be inadvisable for anyone to place all of their wealth into a single bank account or invest into a single company’s stock. Despite this common knowledge of diversification being key, many people still make financial decisions that leave them vulnerable. Investing geographically, which can include private offshore bank accounts, is a way to reduce the potential for vulnerability and spread out the risk of your portfolio.
Create a Plan for Retirement or Your Estate
Offshore private accounts can be used for a number of purposes, but there is no question that many account holders choose them specifically for long-term plans. If you are not yet at retirement age, but you are eagerly looking ahead to that stage of life, an offshore account might be the right step to help you financially prepare for retirement. Estate planning through managed trusts and funds may also be something you want to do in order to financially care for your friends, charities and loved ones in the future.
Explore New Types of Investments Around the World
Finally, it is worth noting that offshore private accounts can be a gateway to new adventures, experiences and investments around the world. Your offshore account might serve as your travel fund to spend a month relaxing in the sun in Belize, or you could use it to purchase international real estate and an investment property. However you are interested in financially expanding, an offshore private account can be a tremendous asset.
These five reasons highlight the appeal of opening up your own offshore private account. Click here for additional information on how to get started and open up your own account today.