What Are the Main Reasons to Open an Offshore Bank Account?
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Getting an offshore bank account simply means opening an account outside of your home country. It is a legal service provided by a licensed financial institution. They are provided by both local banks with branches in offshore banking centers such as citigroup or UBS as well as international banking institutions such as HSBC.
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Individuals may open an offshore bank account by selecting a professional company that specializes in secure personal and corporate banking. There are several reasons why people decide to open offshore account.
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One of the main reasons is that developing countries are often characterized by political and economic instability, so people look for safer places to keep cash.
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How to Open an Offshore Bank Account
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Most multinational financial institutions usually request the following documents from those who wish to open offshore bank account:
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- A fully filled and signed bank application form filled out by the person who wishes to open the account.
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- A signature sample certified by a public notary.
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- A certified copy of one’s passport.
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- Confirmation of address and - A reference from ones original or domestic bank for every signatory of an account.
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Main Reasons to Open an Offshore Bank Account •
Privacy - Shield your assets from prying eyes.
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Asset protection - Wealth held offshore is harder to reach for anyone who might want to get their hands it.
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Earn tax-free interest - Many offshore accounts will not have interest taxed at source like your home bank account.
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Higher interest rates
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For more information on Offshore Bank Account opening visit our website at [ banking instruments] for comprehensive advice and tips on how to open your Offshore banking account.