Take advantage of your offshore savings account by saving for retirement, avoiding costly currency conversions, lowering your banking fees, enjoying higher interest rates and paying less in taxes each year.
Savings accounts are perhaps the most common type of bank account on the planet, and now an increasing number of account holders are turning offshore for their savings accounts. This shift means that you can potentially pay less in taxes, meaning more profits for you. Offshore or international savings accounts also offer diversification and a reduction in your financial vulnerability as well as lower overall banking and maintenance fees depending on the location of your bank account. Finally, anyone who is planning to move overseas or retire internationally can benefit by having access to an account for rent, bills or cash in the local currency.
If you are still unsure about whether an offshore savings account is the right financial move, think about what it is that you want to achieve. If your objective is to move to a new country or retire abroad, then a savings account in that offshore location can be ideal. Other key reasons to start the process of opening up an offshore savings account include the desire for increased privacy and anonymity, the potential to legally reduce your tax burden and the desire to protect your assets in a country with a safe and secure banking system.