Long term and immediate financial profits via offshore banking are no longer meant for just the rich. An increasing number of individuals and companies are turning to offshore bank account solutions to reap benefits.
What is an offshore account?
An account that is set up by a person in a country other than his/ her country of residence is called an offshore account. Some jurisdictions allow opening offshore accounts by accepting a minimum deposit of just $500. As such, offshore banking attracts several investors. The larger the deposit, greater is the financial gain in an offshore bank account setup.
Why go for it?
Investors look at offshore banking as a way to secure their wealth. If there is a civil or economic crisis in a person's country, their wealth in the offshore bank account will remain unaffected. An important feature of offshore banking is that it provides anonymity about finances. Account information is only revealed to government investigators if the account holder is suspected of being involved in ciminal activites. Moreover, civil lawsuits or divorce settlements do not affect finances stashed away in offshore accounts. No wonder offshore bank account solutions are a hot favourite these days!
Types of accounts
An offshore bank account may be a personal, corporate or nvestment account. An individual looking to avoid taxes and benefit from offshore jurisdiction may open a personal account. Companies or businesses may open corporate accounts that have services tailored specifically for them. An investment account is a financial tool for investors and provides a perfect setting to manage funds. Along with security and profits, an investor also gets to buy mutual funds, stocks, brokerage and custodial accounts with an offshore bank account setup.
The procedure to set up an offshore bank account is simple and similar to opening an account with a local bank. You only need to provide a copy of your passport, driving license and some legal documents.