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Offshore banking benefits

Offshore Q&A » Offshore banking » Question 2

Offshore banking has become a hot topic in recent years. Once an exclusive preserve of the mega-rich, even the moderately wealthy nowadays want a piece of the offshore banking action.

No wonder. Offshore banking services, once shrouded in mystery, are today advertised virtually everywhere -- from lifestyle magazines to the Internet. Gone are the days when clients would be horror-struck to see the name of their offshore bank in print. Today, virtually every offshore haven -- and each individual offshore banking house -- competes aggressively to attract even modest deposits.

Opinions vary as to whether or not this state of affairs is preferable, even desirable, when compared to the "good old days." There is no doubt, however, that offshore banking remains a powerful mechanism through which to assert one's financial freedom and privacy.

If you don't already hold a bank account offshore, note that there are at least three good reasons why you too should consider moving at least a portion of your assets to a good offshore banking haven:

- to protect,
- to preserve, and
- to increase.

Assets held domestically are subject to political and social factors that you cannot control. Your home administration may suddenly raise taxes to fund a failing economic experiment. Local courts may be encouraging a culture of legal actions aimed at asset confiscation. The prevalence of divorce, malicious prosecution, and our unstable political world make their own argument each for relocating assets offshore.

The unrestricted offshore environment, on the other hand, delivers freedom from excessive taxation and freedom from red tape. Moving your assets to a tax haven bank will allow them to benefit from the offshore fiscal sunlight and grow at a faster rate than back home under the dark shadows of bad financial planning.

Offshore banking, however, isn't only about saving taxes. Offshore banking also equals access to investment products and opportunities that might not be available from your domestic bank, as well as effective asset protection and a level of privacy/secrecy usually unheard of "onshore."

In short, doing at least some of one's banking offshore makes financial sense. Isn't it time you tried, too?

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