Offshore Bank Accounts: Remote Havens

2007-03-08 10:33:40

( Financial )



Offshore bank accounts refer to bank accounts maintained by a depositor outside his country of legal residence. Some countries have been providing offshore financial services, and this has been their main source of national income. Countries known for offshore financial services are Switzerland and Gibraltar, among many others.

THE SAFETY OF FOREIGN SOIL

These offshore bank accounts came about in response to the need of corporations as well as private individuals to protect their privacies in terms of wealth and assets protection. Offshore bank accounts also provide solutions in terms of conducting business dealings that require a high level of confidentiality between client and company.

The main lure of these offshore bank accounts is that they provide legal and financial benefits that cannot be found anywhere within your native country. The main advantages of offshore banking are low to zero taxation, very strong privacy policy, and lax legal regulations.

Another feature of offshore bank accounts is high accessibility. Because of the limitations in terms of physical distance, most financial transactions will be remotely done, either via phone or email. You can also set up various online savings accounts for greater convenience.

Offshore banking services offer a variety of financial products such as high yield savings accounts and high interest money market accounts. They can provide you a broad spectrum of services and even offer products not normally found in your regular banks.

HIGHER INCOME BRACKET

Often, offshore bank accounts are tied with offshore holding companies that maintain the account in your behalf. Countries that offer offshore banking will also provide you these incorporation services if need be.

Most offshore bank accounts cater to a higher income bracket because the high cost of creating and keeping this type of account renders it inaccessible to most people. The prohibitive cost of offshore financial services is the price that you must be willing to pay in return for the legal and financial haven that these offshore companies provide.


All rights Reserved © Tradenet Services srl
Do not duplicate or redistribute in any form.