You may have wondered: “What’s the difference between having a bank account at Bank of America and having an offshore bank account?”
The truth is, there’s possibly all the difference in the world.
Here are the top 10 reasons why you need an offshore bank account.
- Dilute Your Political Risk. Governments are hopelessly sinking into insolvency, which is a big threat to your savings.
- Sounder Banking Systems and Banks. Offshore banks are almost always more responsible custodians of your hard earned-savings.
- Asset Protection. If you ever find yourself in a wrestling match with a government agency or with a frivolous lawsuit, you’ll have resources you can count on.
- Currency Diversification. Offshore banks commonly offer convenient online platforms for you to hold foreign currencies.
- Higher Interest Rates for Your Deposits. If you look abroad, you can find banks that pay interest rates significantly higher than what you’d find at home.
- Ensure Access to Medical Care Abroad. An offshore bank account—which can’t be held hostage to capital controls in your home country—can help ensure that you always have access to medical care abroad.
- The Ability to Act Quickly. Once a government has imposed capital controls or levied bank accounts, it will be too late to take protective action.
- Maintain Limited Privacy. If the aggregate total of your foreign financial accounts remains under $10,000 for the year and they are not held in a trust, LLC, or other structure, you can legally maintain your privacy.
- Peace of Mind. An offshore bank account helps protect you from unsound banks and banking systems, the destructive actions of a bankrupt government, and frivolous lawsuits.
- Maximize Your Personal Freedom. Having an offshore bank account gives you more options. More options means more freedom.
Despite what you may hear, offshore banking is completely legal and is not about tax evasion or other illegal activities. It’s simply about legally diversifying your political risk by putting your liquid savings in sound, well-capitalized institutions where they’re treated best.
This special report shows you how to get an offshore bank account and the best places to get one.
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