Why Do You Need An Offshore Bank Account?

It is really impossible to live without a bank account or a debit/credit card nowadays. But what if you need a flexible international account for your business or some other features that a bank account in your country cannot give you?

This is why some of us might need an offshore bank account. An offshore bank account is simply a bank account outside your home country – and you might need it for several reasons.

FInancial Freedom

Having a foreign bank account gives you more options. More options means more freedom. It’s a crucial step in freeing yourself from absolute dependence on any one country. Achieve that freedom, and it becomes very difficult for any government to control your destiny.

Asset Protection

An offshore bank account allows you to organize and operate your money with more freedom and independence. This is a great way to protect yourself from potential lawsuits and in a way secure that your money will be reachable only to you. Also, an offshore bank account is a way to protect your privacy for anyone other than you. You will open one and nobody else will know about it.

Currency diversification

Holding foreign currencies is a great way to diversify your portfolio risk, protect your purchasing power, and internationalize some of your savings. Chances are that your domestic bank offers few, if any, options for holding foreign currencies. Offshore banks, on the other hand, commonly offer convenient online platforms for holding foreign currencies.

Avoid economical and political risks

There’s no doubt government poses an increasing risk to your savings. Governments are sinking hopelessly deeper into insolvency. Predictably, they are turning to the same desperate measures they’ve used throughout history. Setting up a foreign bank account in the right jurisdiction is a convenient way to project your assets from any potentially threatening scenarios. That way your home government can’t easily confiscate, freeze, or devalue all of your money.

In order to learn more about how to open a personal or corporate bank account abroad remotely, please contact us here.