Lots of guys use offshore accounts for a variety of reasons. For the most part, banking offshore is about saving on tax dollars.
But if taxes aren’t a concern, liability may very well be -- in which case offshore banking limits a creditor’s access to your funds (different country, different law).
Here’s how you can open an offshore bank account.
Legal issues
If you’re a U.S. citizen, it’s not illegal per se to open an offshore account. If the underlying reason, however, for setting up the account is an illegal act, you might be keeping your money safe, but you could still be in hot water. The offshore bank account, however, may remain free from the long arm of the law.
Risk
When you bank in the U.S., you can be secure in the knowledge that your money is insured by the government. No such guarantees exist with offshore banks. Furthermore, you could find yourself scammed; it does happen.
Money
Offshore banking isn’t just for the super wealthy, but it’s not for paupers either. Minimum deposits vary by bank, but you need to pick a number to make it worth your while.
Travel
You don’t have to visit your money or even be there to open the account. This is international business at its finest and bankers wire money by phone and e-mail. However, at the end of the day, you’re still in your country and your money is somewhere else.
But if taxes aren’t a concern, liability may very well be -- in which case offshore banking limits a creditor’s access to your funds (different country, different law).
Here’s how you can open an offshore bank account.
Legal issues
If you’re a U.S. citizen, it’s not illegal per se to open an offshore account. If the underlying reason, however, for setting up the account is an illegal act, you might be keeping your money safe, but you could still be in hot water. The offshore bank account, however, may remain free from the long arm of the law.
Risk
When you bank in the U.S., you can be secure in the knowledge that your money is insured by the government. No such guarantees exist with offshore banks. Furthermore, you could find yourself scammed; it does happen.
Money
Offshore banking isn’t just for the super wealthy, but it’s not for paupers either. Minimum deposits vary by bank, but you need to pick a number to make it worth your while.
Travel
You don’t have to visit your money or even be there to open the account. This is international business at its finest and bankers wire money by phone and e-mail. However, at the end of the day, you’re still in your country and your money is somewhere else.
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