Unlock the power of global financial opportunities with a foreign bank account. In today’s evolving landscape, individuals seek offshore accounts to meet personal, investment, and business needs, enjoying a broader range of banking services, enhanced confidentiality, and robust asset protection.
Some decades ago, it was customary to have one bank account in your home country. However, times have changed: people need money abroad for personal purposes, investment projects, and business undertakings. They want to have a wider range of banking services, more confidentiality, and reliable asset protection. What is more, diversification of risks is the ABC of financial literacy, and a foreign bank account will be your Plan B if something happens in your country of residence.
Offshore Pro Group has been helping customers with offshore account openings for a few decades now. We know all the pitfalls connected with opening and maintenance. We not only open an account for you: we make sure it serves the purpose! Read an article on how to get an offshore account on our portal and get in touch with our specialists. Some consultations are free, so don’t miss your chance!
Reasons to Open an Offshore Account
Present-day people are looking for opportunities, and they go beyond the financial services offered in their country of residence to find them – or sometimes just make their payments easier, more convenient, and faster.
The first group of reasons to open a foreign account typically refers to some connections abroad:
- You choose a foreign country to work in, get a degree, undergo medical treatment, or retire.
- You are planning to move to a foreign country for some time or for good.
- An offshore account will be useful for your frequent business trips abroad.
- You often travel for personal reasons.
- You have a person who is dear to you, and you need to support him or her financially in a foreign country.
- You work as a freelancer and get your fee in different currencies.
- You have a worker or a contractor abroad and you need to make settlements with them.
- You intend to become the owner of real estate or other assets abroad.
There are a lot of reasons why a bank account in a foreign country will be a more convenient financial instrument for you than an account back home! But that is not all.
People who have accumulated some assets usually take care to manage them wisely, and that’s where foreign bank accounts come in useful. Wealthy people open overseas accounts to:
- Get reliable protection for their assets (from relatives or creditors)
- Receive passive income from different property or investment projects and accumulate it in their account
- Get more financial privacy than is possible back home
- Diversify capital in case any black swan is on the way
Offshore Account: Main Advantages
- You will get access to a wide range of offshore banking services that you will really appreciate.
- Offshore banks are usually very flexible, and their online banking is very good.
- If you hate paperwork, offshore banks will solve the problem as they don’t require much (at least if we compare them with European banks).
- Your data will be as secure as possible! Offshore banks are not required by law to share information about their customers with any institutions. The only exception is a direct request from law .enforcement bodies that they cannot leave unattended. However, one thing should be kept in mind: some countries require you to declare possession of foreign assets, so you may have to do that in your home country.
- Diversification. Yes, we will say that again and again! Having a second account is simply convenient as the account in your home country may be suddenly frozen due to some suspicion – even if you have not violated any laws! And an offshore account may sometimes be of great help here.
- Asset protection. If a creditor files a lawsuit and wins it in your country, the situation is clear: the money will be taken away from your account. However, this is not the case with offshore accounts! Our specialists will be happy to recommend some jurisdictions to you where the decisions made by foreign courts are not recognized, and the creditor will have to start the proceedings one more time in a local court – with not much chance to win. Meanwhile, your funds will be perfectly safe!
- Tax savings. Many offshore jurisdictions offer tax benefits, so you will not only accumulate your funds in a safe place but also save on taxes.
- More investment opportunities. If you open a multicurrency account, you can form a really profitable investment portfolio.
Sounds great? Use the link above to visit our portal where you will find much more information on almost any aspect of banking and will be able to book a session with a qualified specialist who will answer any questions you may have.
Things to Pay Special Attention To
Each client has its needs, preferences, and priorities, and you are probably not an exception. Before you open a bank account, you will have to look at three aspects to make sure you will get what you want from this undertaking:
- Total costs you will have to bear. They include the cost of opening an account, the cost of its annual maintenance, and the minimum balance requirements. Some banks charge more for opening but offer lower commissions afterward, so it is a matter of thinking and calculating.
- Currency. Think of the main currency (or several currencies?) you will need to successfully cater to your needs. The most widespread options are US dollars and euros, of course, but you may need something different. Some customers want to be able to pay in cryptocurrency, for instance, and this requires selecting an appropriate bank.
- Jurisdiction. We usually recommend entrusting the choice of jurisdiction to a specialist. We keep track of all the latest news in the banking sphere and we know which jurisdiction and which bank to choose. Offers come and go, some jurisdictions are blacklisted, and some of them enter a period of crisis. However, there are always good offers on the market, and we will be glad to share them with you.
A bank account abroad is not opened overnight as you will need to provide some documents, undergo some checks, and get approved. However, our specialists will make the process easy and hassle-free for you, and you will get your offshore bank account in no time.
Start by booking a free session where we will select the right jurisdiction and bank for you!