Not everyone needs an offshore account, but it can be seen as essential for some. If you work or live abroad, regularly travel or are aiming to retire/move to another country then they could be very useful indeed. It’s quite easy to set up a high interest offshore bank account, most accounts are available to anyone that is over 18 years old. It’s a myth that offshore accounts are only for the wealthy that are looking to save on their taxes, some accounts can be opened with as little as one pound. One of the benefits about getting an offshore account is that it does not have to be held in sterling, they come in dollars, euros and a number of other currencies. This makes them extremely useful for those people that travel a lot. If you’re our of the UK a lot then take a look at the accounts available to you. Here are a list of benefits to setting up an offshore account:
1) If you’re on the move a lot and travelling through different time zones, the unlimited access to your money is a huge bonus. Offshore accounts are very convenient to manage and access; you can use telephone, internet banking or if you like you can go there in person.
2) The higher interest rates are probably one of the main reasons why people choose an offshore account. The banks are more likely to give you very generous returns on your balance if you use an offshore account. The tax breaks you will receive for having an offshore account means that your money will grow more significantly.
3) People do like to enjoy the privacy that comes with an offshore account. You will get an increased level of privacy with your funds and personal information. Sometimes people don’t want others to be able to dig up their personal information and feel that they should secure in the knowledge that information they don’t want to be in the public domain can be kept private.
4) If you are a traveller that has turned in to an entrepreneur whilst on the road then you’ll love the freedom that offshore accounts will offer you. This type of account is a must for anyone that engages in online business and needs to manage overseas accounts. Access to your money won’t be a problem because most banks will give you debit or credit cards which makes accessing you money in any location very simple indeed.
5) Everyone wants to know if their money will be safe regardless of where they choose to bank. The good news is that the majority of offshore banks are very safe to invest with. The banks offer greats security, safety and privacy.
So those are my reasons for having an offshore account. If like me you do a lot of business online and are always on the road then you should think about getting on for yourself!