Think about offshore banking and what pops into your head? The super rich hiding their wealth in tax havens such as Jersey, Gibraltar or the Bahamas in order to avoid paying tax? Well, think again. Even if you’re middle class with a modicum of savings, setting up an offshore bank account can be a shrewd move to protect your hard earned cash – and it’s all perfectly legal and above board.
More attractive interest rates
Shopping around for best interest rates is a depressing business in the current economic climate. But if you widen your search to include international accounts offered by many offshore banking institutions, your options are not quite so bleak. Why wouldn’t you put your savings where they will produce the greatest returns?
What’s more, the larger your account balance, the higher the interest rate on your investment is likely to be. Add to that the favourable tax position on your savings, and you could literally be laughing all the way to the bank. Take Gibraltar, for example. Gibraltar only taxes [earned] income, it has no wealth taxes, gift taxes, inheritance tax, capital gains tax, or tax on bank interest.
Protection from domestic fluctuations
Economic performance at home isn’t always predictable. As they say, the value of shares can go up as well as down. And while we all believe that our money is safe in investments protected by the FSCS (Financial Savings Compensation Scheme), even the most trustworthy financial institutions have been known to fail. Do you remember the financial crisis from 10 years ago and the sudden collapse of Lehman Brothers?
If you lost wealth during the last recession or are worried about trusting anyone with your money, it’s a good idea to spread the risk. By opening an international account alongside your domestic accounts, your investments are less likely to be affected by shifts in the UK economy.
Foreign currency advantages
You don’t need an in-depth understanding of the foreign exchange markets to realise that exchange rates between different foreign currencies change all the time. By taking advantage of the opportunities presented by favourable Forex rates, there’s money to be made. How does this affect you?
Domestic banks tend to stick with Sterling accounts, which means that your wealth could decrease as a result of undesirable exchange rate movements affecting the Pound. Offshore banks typically have a wealth of options for holding different currencies in customer accounts. Having a foreign currency account puts you and your savings in a much stronger position to take advantage of forex markets in order to grow your wealth.
Greater asset protection from the law
According to Section 37 of the Senior Courts Act 1981, the High Court can grant a temporary freezing injunction that includes bank account, private and public shares and other tangible and intangible assets. If you were sued, say in a divorce case or business insolvency, your domestic assets could be frozen to fulfil the judgement.
However, if you had a foreign bank account, you would still be able to access it. Courts can of course impose worldwide freezing orders but assets held in international accounts are rarely subject to seizure. And even if they are, it takes a lot more time and effort to enforce the freezing of assets in a foreign bank account.
Flexible retirement provisions
Pension saving should be a key part of everyone’s long-term investment plan. Is your pensions pot on track for providing you with sufficient income for a comfortable retirement? In addition to your domestic pension plan and any other assets you may have such as property, placing some of your wealth offshore can help to provide greater financial security in your autumn years.
What’s more, should you want to retire abroad, there are lifestyle accounts that can help you grow your wealth conveniently while providing handy access to your funds. And whether you choose to live in the UK or abroad in your old age, your offshore assets also provide a reassuring financial cushion in case of unexpected illness or other unforeseen emergencies.
Financial peace of mind
Using a combination of domestic and offshore bank accounts provides the most diverse investment portfolio to deliver the most stable growth conditions for your wealth. When you set up an offshore checking account or deposit account, think of it as a way to take advantage of all the opportunities available to you, while guarding against any potential mishaps that might come your way. And if you want to get a certificate of deposit, you may consider purchasing a Certificate of Deposits Account in your area. With all the bases covered, you can go about your daily business, safe in the knowledge that you have done the best you can to secure your long-term wealth.
Source: https://coinpoker.com/crypto-casino/
