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13. OFFSHORE BANK

Main Kw: OFFSHORE BANK

Secondary Kw: Offshore Bank Account, Open offshore bank account in United Arab Emirates, Offshore Bank In UAE Dubai

Reasons to open an account with an offshore bank

You may be interested to open an OFFSHORE BANK account in your choice of country. if so, then you need to take a well-informed approach. Opening an offshore account is not that as it sounds. It does require you to have knowledge of the procedures involved and the eligibility factors. It is a common belief that offshore accounts are restricted to the celebrity, rich and industrialists. You may be concerned with its legality aspects. There are various reasons cited to open accounts in a foreign bank.

About Offshore Bank Account

It is considered to be an account that is generally opened in a country apart from your own where you reside. The banks providing overseas clients with offshore accounts tend to adhere to international banking laws. When compared to banks in your own country, these foreign banks may offer increased privacy and less regulation.

Legal status

This crucial aspect should be taken into consideration when opening up an Open offshore bank account in United Arab Emirates. The fact is opening an offshore account is 100 percent legal. Any individual or business can open such accounts provided they fulfill essential obligations as required by the offshore bank. Such banks are believed to have lenient policies and regulations and are often related to criminal or illegal activities. But this is a common misconception. It is an accepted fact that such banks have a history to help people to evade tax in their own countries. Some open up accounts just to hide their undeclared income. The account provided is merely for your protection. This is with regards to business and individual levels, allowing you to diversify your risks legally. You can also safeguard your liquid cash in such well-capitalized institutions.

There have been introduced significant changes in international banking regulations lately to prevent tax evasion, high-level corruption and money laundering. This is also to stop illegal transactions associated with financial terrorism. It helps individuals to be more compliant with their country’s legal requirements.

Why require Offshore Bank In UAE Dubai or in another country?

Offshore banking when properly selected can help enhance your financial condition. It is also much different when compared to the bank account that you open locally in your country. Given below are few reasons to apply for offshore accounts.

·       Stable banking system: The banking system in your country of residence might not have stability. This also includes U.S. citizens. On the other hand, a fundamental sound banking system can be derived with an OFFSHORE BANK. Your local bank might hinder easy access to your hard-earned money. You may be faced with bankruptcy risks to not being able to meet withdrawal requests. They may even use your deposits to make some risky investments due to following a conservative system.

·       Reduced political risk: The majority of the entrepreneurs tend to consider financial and market risks only. You may not take into consideration risks arising from your country’s government. When fiscal terms are taken into account, such circumstances can be quite damaging. It also holds true for those individuals whose hard-earned savings may be at risk caused by changing economic conditions and government intervention. The money parked in your local bank account is susceptible to a few threats. It includes retirement savings nationalization, bail-ins, capital controls and bank deposit taxes. Your country’s government might use your money for a bail-out. A certain amount may be taken from different accounts to manage better a financial crisis. This might mean, freezing or confiscating your savings partly or completely, thereby preventing easy access to cash. But the Offshore Bank Account helps protect your money from such mess taking place in the home country.

 

·       Currency diversification: Having an offshore account can be beneficial if you conduct business in that country, where the bank is located. Foreign currency helps diversify unavoidable risks and enhance purchasing power.

·       Strengthened asset protection: There are several litigation-happy countries including the United States, where every year there are filed millions of lawsuits. Most of it tends to revolve around money. This means, no business is safe and might get sued at any point in time. Your asset is always at a constant risk with every suit that is filed against your company. But this does not mean that you can get 100% asset protection with an Open offshore bank account in United Arab Emirates. However, they help protect your business by making it tough for authorities to take away, freeze or look into your assets. Even if your government seizes your assets in your home country, your offshore assets are safe and secure. You can use them during such emergencies since banks in other countries do not fall under your local jurisdiction.

·       Instant fund access: You or any of your family members may require medical treatment outside your country. In such a scenario, you may require instant access to cash or transfer your money abroad. However, with the imposition of capital controls, you will find it tough to transfer necessary funds, thus being denied medical treatment. The Offshore Bank In UAE Dubai makes sure that you do not face such issues. Hence, irrespective of your location, you will be in a better position to access your cash as much as desired. Besides medical care, you can also travel abroad and make large purchases without any worry.

·       Greater privacy: To open legally an offshore account, you will have to file an FBAR (Foreign Bank Account Report) to declare your account. However, this applies, in case you hold a total of $10,000 or excess in any of your offshore accounts. Even if your aggregate falls below $10,000, still you will be able to maintain your privacy. Also, there is no need to provide any declaration to your country’s government.

·       High deposit interests: Offshore banking is known to offer higher interest when compared to local banks on your savings. This will help you keep pace with growing inflation.

The above are cited to be the few reasons for which you should open up an account with a well-established OFFSHORE BANK.

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