5 Myths about offshore banking you Might have believed
Many of the people think they don't need an
offshore bank account.
They think that offshore banking is just for
criminals and tax evaders.
Or, maybe, they think that an offshore bank
account is just for the rich.
Much of this thinking is because of a lack of knowledge.
There are a number of different myths surrounding offshore accounts.
This article will dispel those myths and may help you understand, that if you are the type of person who wants to take responsibility for their own financial future, an off shore bank may be just what you are looking for.
Myth 1 - offshore banks are located in unstable countries ď‚— As soon
as you mention the term offshore bank acc ount to someone, they immediately think of some politically risky country that they can't trust. But an off shore bank account means any bank account that is not in your home jurisdiction.
Myth 2 - offshore bank accounts are illegal ď‚—Offshore banking is legal, and it has
to remain legal. In a global economy, money has to move between various countries to facilitate trade.
Myth 3 - offshore banking is only for the rich
Companies and rich individuals have been using offshore accounts for many years.
But, that doesn't mean that they are only for the rich.
Offshore accounts can often be setup for under a thousand dollars.
Myth 4 - Privacy is the only reason for offshore banking
Much of the benefits of banking offshore come from privacy. But there are many other reasons to consider
Better range of investment opportunities
Diversified currencies
ď‚—
Access to your cash while traveling abroad
ď‚—
Better banking features and benefits