Is offshore banking just for crooks and conmen? Well, let me put your mind at rest and say, no.
An offshore bank account is simply a bank account in another country. Some people have them because they were born there. Some have them because they do business abroad. Some have them because they want to have money kept safe from nuisance law suits. Some have them because their own government is unstable. Some have them because their own currency is unreliable. Some have them because they want to hide money from the wife!
There are other advantages too. First, no tax is deducted from interest earned on deposits. Secondly, there will, or should be, be no active onshore bank accounts to aggravate your case for non-resident classification the Inland Revenue or IRS. And, third, private offshore banking is strictly confidential.
You might also want private offshore banking to:
– Expand your business;
– Simplify business administration;
– Asset protection;
– Global and/or tax-free investing;
– Trade worldwide.
Simplicity of operation may be even more important than lower taxes. If you are...
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