Benfits of Offshore Banking

Banking on your Assets

Questions we often receive from clients are often how and why we need to protect ourselves by opening an offshore account.  There are obvious tax incentives to establishing several offshore entities as well as a great means of legal protection.  We''ve compiled a short list of what should be kept in mind when think about going offshore.


Legal Protection

This is a very important reason for opening an offshore account or IBC.  By internationalizing your infrastructure, on the chance that one of your clients or competitors opts to sue, you will be safe.  Today we have individuals filing law suits with the hope of making a lot of money at your expense, with little or no reason at times. By having an IBC and offshore bank account, you are making it very difficult, if not impossible, for an individual (or even government in some cases) to pursue you beyond their jurisdiction.  Also, even if they do manage to get past the legal barriers of their jurisdiction, with the aid of a nominee director, they'll never be able to figure out where your money and company are located.

Mobile Money

One reason to open an offshore bank account is that it is a handy, neutral base to keep your money if you are traveling the world from country to country. You can leave your money there gathering untaxed interest rather than move it around endlessly as you move, with the inevitable loss of interest and the possibility that you fall into a tax net. With secure internet messaging you can still operate your offshore account from however remote a destination your work takes you to.

Multi-Currency

Another reason to choose an offshore bank is that you are likely to find services which are attuned to the internationally-minded. You will find a range of currency facilities, allowing you to save – and often to borrow – in currencies other than sterling.

These of course are just a few reason why one should have an offshore account.  It its very important that one looks out for their own interest in a world filled with sharks.  To put it simply, you're either a shark, or shark bait.  Make sure you've taken the steps to protect your ass(ets).