Many people think an international or offshore bank account is just for global business people. However, people from all walks of life can take advantage of one, especially if they want to make investments internationally or travel. However, countries like the U.S. expect their citizens to meet their offshore compliance procedure, ensuring they file their offshore investment income in their annual tax returns.
“People have embraced offshore banks for several reasons. The main ones are the increased security provided by favorable legislation, higher interest rates, stability for people faced with politically unstable situations and currencies, and easier accessibility of their money internationally,” says Luigi Wewege, the President of Caye International Bank headquartered on Ambergris Caye in Belize.
For many individuals, their international accounts are a confidentiality tool to elevate their financial privacy, especially if these are in the name of an offshore company or trust. Additionally, depending on the country account holders live in, they may have some tax benefits.
Whether you are a retiree, corporation, or serious investor, here are the ten reasons to consider opening an international account:
1. Personal Asset Protection
Considering the number of lawsuits filed in the US annually and government agency scrutiny, many people prefer to keep their assets in locations that give them anonymity and extend out of their reach.
Suppose you worry about frozen assets or lawsuits. An international bank account in an offshore location, like Caye International Bank, can provide high personal asset protection and high liquidity ratios.
2. Portfolio Diversification
Creating a more diversified portfolio with global investing is far easier with an international account. Caye International Bank can help you build a balanced portfolio in various asset classes. Still, it also offers diversification thanks to Belize’s stable and growing economy, giving it a leading position in the Central American banking sector.
3. Financial Protection
Personal and government financial woes can often take people down, especially if they have all their assets in one location. In recent years we saw the bail-in of Cyprus, the taxes on bank deposits in Spain, capital controls in Greece and Iceland, and the nationalization of retirement savings in several European countries.
An international bank account held in a stable country can ensure that you don’t lose all your money in case of personal or government debt. If anything happens, you know you have a reserve elsewhere to help rebuild your position.
4. Currency Choices
Another persuasive reason to hold an international account is the ability to pick the currency you want to maintain your assets. With Caye International Bank, you can hold multi-currency accounts in USD, CAD, EUR, GBP, and CHF plus many more. You can also get personal or corporate real estate loans in the five major currencies at favorable interest rates and repayment terms.
5. Competitive Tax and Interest Rates
International banks can offer competitive interest rates on deposits thanks to lower working expenses, meaning you will enjoy greater yields. In addition, these jurisdictions provide low or no tax rates on bank interest. For example, Caye International Bank has competitive interest rates on deposits, and the country has a no-tax policy, allowing you to reach your financial goals easier. However, remember that tax benefits also rely on the conditions of your country of residence policies.
6. Minimum Balance Requirements
Despite what many people think, you don’t need lots of money to open an international bank account. Most banks have a small minimum requirement, allowing you to build your savings.
7. Personal Freedom and Convenience
The more options a banking account offers you, the more freedom you have and less dependence. An international bank account allows you to move freely abroad as you work, travel, or even live elsewhere. A bank account in one international location allows you to control all your payments and investments, even if you move around frequently.
8. Exceptional Service
International banks have a reputation for offering exceptional customer service in all their departments. Their clients enjoy innovative and secure banking on online platforms 24/7. For anyone seeking more personalized service, these banks provide high levels of customized support, including personal banking services. At Caye International Bank, the winner of five prestigious international awards, including Best offshore Bank for CARIBCOM in 2021, clients can expect support from multi-lingual and financially qualified personnel.
9. Staying Within Safer Jurisdictions
International banks formed in offshore and secure locations globally can protect you from political and financial disruptions that can impose drastic measures that affect your assets. The sooner you get an international account, the faster you can act.
10. Asset Selections
You can choose how to invest to ensure the fastest possible growth. Some options include global investment, property, and a range of deposit options.
Bottom Line
In just a few steps, you can enjoy the advantages of an international account in an offshore location without leaving your country of residence. The 10 reasons are convincing enough to ensure you build a nest egg that offers you more freedom in a secure location.
