Debunking the Myths of International Banking
If you’re new to the world of international banking, you might have a hard time separating truth from myth. There are a lot of opinions circulating about the benefits of offshore banking and the reasons behind it, but not all of them are accurate. Debunk the myths by learning about the truth behind the following assumptions about banking internationally.
International Banking is Only For Millionaires: False
This is one of the most popular myths surrounding the world of offshore and international banking, but it is absolutely false. If you think that opening up an international bank account requires a million dollars of assets or even more, then you are in for a pleasant surprise. Whether you are a young professional who is starting to save for the first time, you are a retiree who wants to protect their assets or you are just looking toward wealth management for the future, an international bank account or investment can be the answer you’re looking for regardless of your net worth.
International Banking Reduces Taxes: True
Most people know that offshore or international banking can reduce taxes, but you may not be exactly sure how that works. The truth is that offshore banking can legally lead to a reduction in taxation, but it varies from country to country. For example, some countries offer a tax incentive plan to foreign investors. In Belize, there are no capital gains taxes for any international account holder. This can lead to a lot less money that you have to pay in taxes each year, making this myth one that has a lot of factual basis behind it.
International Banking Requires International Travel: False
Opening up an international bank account doesn’t necessarily mean that you have to travel abroad. In fact, modern technology means that most offshore account holders never visit the institution where their money is held, although you are certainly welcome to do so.
Thanks to online banking, most account holders fill in forms over the Internet and even check account balances right from their smartphone or Internet-ready devices. Long gone are the days when you needed to fly overseas just to open up account with an international bank!
International Banking Has a Stigma: False
Decades ago, there was a stigma attached to banking overseas. Perpetuated by films, television shows and the fact that so many bank account holders were extremely wealthy, this myth is simply no longer true.
All kinds of people have international bank accounts, and they do so for a number of different reasons. A young couple might have an international bank account because they want to diversify their assets in case of a domestic banking crisis, an older couple might want to guarantee financial care for their children in the future and a working professional might simply want to legally reduce their tax burden and pay less in banking fees. Whatever the reason, there is simply no longer a stigma attached to banking overseas.
Once you have separated fact from fiction, it is easy to see the appeal of opening up an international bank account. Find out how you can begin enjoying the benefits of international banking at Caye Bank in Belize.