{"id":27456,"date":"2022-11-16T17:14:32","date_gmt":"2022-11-16T22:14:32","guid":{"rendered":"https:\/\/www.escapeartist.com\/?p=27456"},"modified":"2022-12-12T16:28:13","modified_gmt":"2022-12-12T21:28:13","slug":"9-reasons-you-need-an-offshore-bank-account","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/9-reasons-you-need-an-offshore-bank-account\/","title":{"rendered":"9 Reasons You Need An Offshore Bank Account"},"content":{"rendered":"

You currently don\u2019t own an offshore bank account<\/a>, which is why you\u2019re here. Is it because you think offshore bank accounts are only for the rich with millions or billions lying around? Or is it because you\u2019re concerned about their legality and think only criminals have one? Whatever the reason, it\u2019s never too late to look for the right answers! So, let\u2019s dive in.<\/span><\/p>\n

\"Feedom\"<\/a><\/b>What Are Offshore Bank Accounts?<\/strong><\/h3>\n

Evident from the name, an offshore bank account<\/a> is an account set up in a country other than that of your residence. The banks that offer offshore banking operate under international banking laws and offer less regulation and increased privacy, compared to bank accounts established inside the United States.<\/span><\/p>\n

\"Sharper<\/a>
Receive $10 off your order when you spend $100 or more. Enter Coupon Code: AFF10 at checkout.<\/figcaption><\/figure>\n

What About The Legal Status?<\/b><\/h3>\n

It is 100% legal to open an offshore bank account.<\/strong><\/em><\/h4>\n

Due to their lenient regulations and policies, offshore banking is often associated with illegal or criminal activity but that\u2019s a huge misconception. It’s true that offshore banking has a history of being used for hiding undeclared income or tax evasion but there\u2019s nothing illegal about opening an offshore bank account. The account is simply for your protection, on both individual and business levels and helps you diversify the risks legally by safeguarding liquid cash in a well-capitalized institution.<\/span><\/p>\n

As for the money laundering, high-level corruption and tax evasion, international banking has made serious changes to its regulations over the past two decades to actively combat financial terrorism and make individuals more compliant with legal requirements of their country of residence.<\/span><\/p>\n

Why Do You Need An Offshore Bank Account?<\/b><\/h3>\n

In the simplest terms, offshore banking helps you improve your financial bottom line and is quite different from your local bank account.<\/p>\n

Here Are 9 Reasons Why You Should Apply For Opening An Offshore Bank Account.<\/strong><\/h3>\n

1. Minimized Political Risk<\/b><\/h3>\n

While most business owners only consider market and financial risks, risks from your own government can be equally damaging to a company in fiscal terms. The same goes for individuals whose savings can be at risk due to government intervention and changing economic conditions. Bank deposit taxes, capital controls, bail-ins and retirement savings nationalizations are just a few threats among many to your money in a local bank account.<\/span><\/p>\n

Then, there\u2019s the issue of governments <\/span>using the money for a bail-out<\/span>\u2014from accounts with a certain amount\u2014to better manage a financial crisis, which can confiscate or freeze your savings completely or partly, preventing access to liquid cash. With an offshore account, you can protect yourself from all this mess in your home country.<\/span><\/p>\n

2. Stable Banking System<\/b><\/h3>\n

Compared to banking in the United States, international banking offers a fundamentally sound banking system. From being unable to meet high withdrawal requests to <\/span>bankruptcy risks<\/span><\/a>, your local bank can hinder access to your own money and may even use your deposits for risky investments following a more conservative system.<\/span><\/p>\n

3. Strengthened Asset Protection<\/b><\/h3>\n

The US is quite a litigation-happy country; millions of lawsuits are filed every year and most revolve around money. So, if you think that your business is protected and isn\u2019t prone to get sued, you\u2019re wrong.\u00a0<\/span><\/p>\n

For every suit filed against you, your assets are at risk and while offshore banks don\u2019t offer a hundred percent asset protection, they better protect them by making it hard to access for authorities looking to freeze or take away your assets.<\/span><\/p>\n

Similarly, if the government seizes your assets due to any number of reasons, you can use offshore assets, since they don\u2019t fall under the US jurisdiction.<\/span><\/p>\n

<\/a>4. Currency Diversification<\/b><\/h3>\n

This is especially useful for companies that regularly conduct business in the country where the offshore account is established. Not to mention, foreign currency is vital for purchasing power and for diversifying unavoidable risks.<\/span><\/p>\n

5. High Deposit Interests<\/b><\/h3>\n

If you compare local banks to international ones, you\u2019ll notice that offshore banking offers higher interest on your savings. Low-interest rates are hardly ever beneficial, especially when it comes to keeping pace with inflation.\u00a0<\/span><\/p>\n

6. Instant Access To Funds\u00a0<\/b><\/h3>\n

There can be a number of reasons for you to seek medical treatment in a country outside the US. In that scenario, you\u2019ll need access to instant cash or asked to transfer money abroad. With capital controls imposed, this can literally be the difference between life and death if you\u2019re unable to transfer the funds and therefore are denied medical care.<\/span><\/p>\n

An offshore bank account ensures that this doesn\u2019t happen; no matter where you are, you\u2019re able to access as much capital as you want.\u00a0<\/span><\/p>\n

This is not just limited to medical care, it is beneficial if you\u2019re simply traveling or making large purchases abroad.<\/span><\/p>\n

7. Better Privacy<\/b><\/h3>\n

If you hold an offshore bank account, legally you\u2019re required to declare your account by filing a \u201cForeign Bank Account Report (FBAR)<\/a>\u201d. This only applies if you have an aggregate $10,000 or more in your one or more offshore bank accounts. If the aggregate falls below $10,000 you can maintain your privacy and do not have to declare to the US government.<\/span><\/p>\n

8. Maximized Personal Freedom<\/b><\/h3>\n

Banks have a lot of power over how businesses are run financially or how an individual spends their money. With an offshore bank account, you can live your life outside the shadows, without the fear of the local government\u2019s or bank\u2019s interference.<\/span><\/p>\n

\"Compare<\/a>9. Buy Foreign Property<\/b><\/h3>\n

Holding a bank account in a country is often a requirement if you plan on buying property in said country. Even if you want to rent a property, a bank account may be necessary, which is why a foreign bank account can help you enjoy perks that you otherwise can\u2019t.<\/span><\/p>\n

<\/a><\/p>\n

Not Convinced?<\/strong> Here are several articles on offshore banking, read them and let me know what you think!<\/h4>\n

Five Reasons To Use Offshore Banking<\/a><\/strong><\/p>\n

Offshore Banking 101 – Setting Up Your Tax Haven<\/a><\/strong><\/p>\n

The Resurgence of Private Offshore Banking<\/a><\/strong><\/p>\n

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

Concluding Thoughts<\/b><\/h2>\n

Offshore banking among US citizens is becoming increasingly popular. The ongoing trade war and economic instability have made it even more attractive but before you go ahead and establish an offshore bank account, it\u2019s important to understand the rules and regulations set by Foreign Account Tax Compliance Act<\/a> (FACTA) and how you can enjoy the benefits of an offshore account while being FATCA-compliant.<\/span><\/p>\n

It’s also important to know that offshore bank accounts overall offer much more than a local bank account even when you\u2019re not faced with bail-ins or capital controls.<\/span><\/p>\n

Thank you for taking the time to read 9 Reasons You Need An Offshore Bank Account. In this article we discussed in detail, what can I do with my offshore bank account, why I need offshore bank account, that they are 100% legal, what can I do with my offshore bank account and I answer the question: do offshore bank accounts get high deposit interests.<\/p>\n","protected":false},"excerpt":{"rendered":"

You currently don\u2019t own an offshore bank account, which is why you\u2019re here. Is it because you think offshore bank accounts are only for the rich with millions or billions lying around? Or is it because you\u2019re concerned about their legality and think only criminals have one? Whatever the reason, it\u2019s never too late to […]<\/p>\n","protected":false},"author":308,"featured_media":27667,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","om_disable_all_campaigns":false,"footnotes":"","_jetpack_memberships_contains_paid_content":false},"categories":[9410],"tags":[29,258,301,302],"yst_prominent_words":[1724,2274,1712,2129,2304,7132,4904,4079,6171,7131,7133,2061,2313,2305,2318,2316,2301,2320,4132,4129],"acf":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.escapeartist.com\/wp-content\/uploads\/2019\/09\/offshore-banking.jpg","_links":{"self":[{"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/posts\/27456"}],"collection":[{"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/users\/308"}],"replies":[{"embeddable":true,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/comments?post=27456"}],"version-history":[{"count":29,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/posts\/27456\/revisions"}],"predecessor-version":[{"id":47181,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/posts\/27456\/revisions\/47181"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/media\/27667"}],"wp:attachment":[{"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/media?parent=27456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/categories?post=27456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/tags?post=27456"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/yst_prominent_words?post=27456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}