{"id":25508,"date":"2023-01-17T10:54:56","date_gmt":"2023-01-17T15:54:56","guid":{"rendered":"http:\/\/www.escapeartist.com\/?p=25508"},"modified":"2023-01-18T16:51:57","modified_gmt":"2023-01-18T21:51:57","slug":"a-foreign-incorporation-strategy-for-the-perpetual-traveler","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/a-foreign-incorporation-strategy-for-the-perpetualtraveler-incorporating-offshore-banks-into-your-financial-plans\/","title":{"rendered":"A Foreign Incorporation Strategy for the Perpetual\u00a0Traveler"},"content":{"rendered":"

Incorporating Offshore Banks Into Your Financial Plans<\/strong><\/h1>\n

Establishing an offshore company is an effective legal way of protecting your hard-earned income against lawsuits while letting you take benefit from international tax cuts, providing more opportunities for your business to progress offshore.<\/p>\n

Our experts look forward to discussing a Foreign Incorporation Strategy plan with you!\u00a0 Contact us today<\/a> to arrange for a consultation.<\/p>\n

\"Invest<\/a><\/p>\n

Unlike the common understanding, setting up an offshore business is not necessarily done to avoid local taxes or keeping money illegally from your state government. It is about formulating your business strategies and affairs in a way that can let you proliferate from international laws that are created for everyone who cares to benefit from them in accordance with their business.<\/p>\n

To protect offshore companies and investments better, foreign investors opt for offshore banking. Offshore bank accounts may help you with protecting your assets from lawsuits, protection from creditors and judgments, excessive taxes, and helps with your business expansion.<\/p>\n

Why Incorporating An Offshore Bank Account In Your Financial Plans Is Good For You<\/strong><\/h3>\n

When you opt for offshore banking, it\u2019s important to realize that it\u2019s no different to your local bank. You can use online banking or acquire debit cards; in fact, there are offshore companies that will issue you a prepaid debit card. No matter which country you belong from, obtaining offshore banking services<\/a> is imperative to the growth of your offshore company. You want to have a look at these reasons to know why.
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Provide Asset Protec<\/span>tion<\/span><\/strong><\/p>\n

If you live in the US, you should know that 5% of the world\u2019s population resides in the US, which includes 80% of the attorneys, and 96% of the world\u2019s lawsuits. And every resident is equally exposed to the threat of a lawsuit.<\/p>\n

Whatever your profession is, there is always a risk of getting sued. Setting up an offshore bank account<\/a>, where your assets are provided safety, can be the only way to keep your business and finances protected against all possible legal turbulence.<\/p>\n

Offers Diversified Currency Holdings<\/strong><\/h3>\n

Offshore banks<\/a> allow you to hold various currencies that lead to diversified investments, higher returns, and lower risks. Diversification in currency holding is crucial to the safety and stability of the investment portfolio in the longer run. There are only a few local banks that allow you to hold diverse currencies.<\/p>\n

You can reap benefits from the fluctuations in monetary policies and value of the currency if you are holding assets offshore. After 9\/11, many locals opened Canadian Bank accounts and earned 30% profit by converting their US dollars into Canadian dollars.<\/p>\n

Diversified Flow Of Income<\/strong><\/h3>\n

You may recall the US economy was struck by a massive recession in 2008. At that time, Asia\u2019s economy was experiencing a boom. Limiting yourself to domestic bank accounts can be an obstruction for your business to profit from growing economies when your own economy is facing a dip. You can even consider opening multiple offshore bank accounts to reap the benefits of various international laws. For example, in Switzerland, banks also perform the functions of investment management firms that guide you through your financial planning, whilst suggesting portfolios for your business growth and financial safety. Many state laws cap the number of trades and transactions per day, this limit can be avoided if you have offshore banks accounts.<\/p>\n

Higher Interests On Deposits<\/strong><\/h3>\n

If you are a local resident in the United States, your local bank may only offer you an interest rate of 1% to 2% annually for your deposits in a savings account.\u00a0 You might be satisfied with your local rates, but examining other offshore banks will make you realize how you can earn a higher interest on your deposits. Countries such as Australia, The Netherlands, and Switzerland are not only known among the world\u2019s safest banks but also known for offering high-interest rates.<\/span><\/p>\n

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Flexibility In Moving Funds<\/strong><\/h3>\n

Having a bank account offshore allows you to easily move your funds, protecting you from all the hassle. Mostly domestic banks also make it very difficult for you to access your money, by limiting the funds on hand for large cash withdrawals. This type of asset protection, as well as policies, can be lethal in various situations\u2014for instance, if a lawyer wants to freeze your account, it may be too late until your bank hands over your funds to you.<\/span><\/p>\n

Setting Up An Offshore Bank Account<\/strong><\/h3>\n

While your state regulations and laws can make it difficult for you to get a hold of an offshore bank account, an experienced professional can save you from the trouble.<\/span><\/p>\n

Due Diligence<\/strong><\/h3>\n

Here are a few things that cannot be overlooked whilst you plan to open an offshore bank <\/span>account. These requirements are called \u201c<\/span>Due Diligence<\/span><\/a>\u201d in the banking language, where the bank typically tries to get to know their customers. Following are a few examples of things required while banks perform Due Diligence:<\/span><\/p>\n