Offshore bank accounts are supposed to safeguard your income from any undue tax payments and unnecessary payments that could take a chunk of your savings away. In order to safeguard yourself from avoidable expenses and deadweight tax losses, it’s essential that you know what your offshore account options are.
1. Cayman Islands
The Cayman Islands have a reputation for being a tax haven for all people across the globe. In fact, they’ve developed an economic niche for themselves based on the ease with which people can avoid taxes through their bank account there.
In addition to offering very little tax rates, the Cayman Islands have confidentiality clauses that protect the privacy of investors. This client-oriented approach that leads to minimum tax payments and confidentiality makes the Cayman Islands one of the best places to keep your financial integrity intact.
Switzerland banking entities actually offer ironclad confidentiality services to their clients. The law in Switzerland has incorporated its banking services as a type of economic specialization. Bankers are forbidden from disclosing any information about their clients to any inquiring parties.
While privacy is fully guaranteed in Swiss bank accounts, these are also generally considered the safest possible investment due to the financially stable economic system. Swiss financial regulations require all banks to maintain a minimum capital level to ensure that all clients are paid in full for their holding in case of bank liquidation.
The Singaporean financial sector offers great investment protection for your assets. The economic and financial conditions of the country are fairly stable and the banks are connected globally to offer connections to major financial hubs around the world.
Storing your wealth and income in Singaporean bank accounts offers you access to highly qualified investment and financial managers in the world. In addition to the connectivity to financial centers worldwide, you also stand to make large sums of money working with financial experts in Singapore.
Germany is widely considered as one of the safest places to save your money in considering the financial stability and the safety protocols that German banks have to offer. The services extended by these banks are far superior to those offered by banks in other countries, that include easy access to bank accounts and low accounts opening costs.
Banks in Belize offer some of the best protection and investment perks in the offshore financial industry. The financial sector is a major contributor to the revenues earned by the country and so, it’s very carefully managed. Banks are required to maintain a minimum liquidity ratio of 24%, interest rates average around 13% and accounts can be managed 24/7 through online portals.
With the increased access and financial stability, having a bank account in Belize offers you some of the most stringent privacy protection measures in the world.
Expat Money Show offers insights into offshore financial services for those who wish to store their money in safe and secure bank accounts. We help our clients get offshore bank accounts in Belize, set up offshore companies and creating offshore gold and silver vaults. Contact us today for a conversation on how you can avoid foreign taxes legally and information on the full extent of our services.
ABOUT THE AUTHOR:
Mikkel Thorup is the host of The Expat Money Show podcast and the author of #1 Best-Selling book Expat Secrets. He has spent nearly 20 years in continual travel around the world, visiting more than 100 countries including Colombia, North Korea, Zimbabwe and Iran.
His goal now is to help Expats just like you to generate additional streams of income, eliminate your tax bill, and take advantage of offshore structures so you can travel the world freely and never have to worry about money again.