IT ISN’T CRIMINAL TO HAVE AN OFFSHORE BANK ACCOUNT Contrary to popular belief, you won’t get in trouble with the law for opening your own offshore bank account to transfer some or most off your assets there. The process can get very complex however and if you don’t follow the set rules and regulations you may face some serious consequences. Misconceptions surrounding offshore banking are further fuel by criminal activity in the form of high stake tax evasions and money laundering lawsuits. So in truth, the only way for offshore banking to be considered criminal is if you intend it to be. Other than that, it gives you loads of benefits. WHY DO MOST PEOPLE OPT TO MANAGE THEIR FINANCES OFFSHORE? Offshore banking is actually a very lucrative industry which contributes greatly to the progress of international economy. Apart from this, it offers a lots of benefits for you as an individual. Here are some of the advantages of opening your own offshore bank account: 1. Secure funds during political turmoil This is perhaps the main reason why most individuals prefer to open offshore bank accounts. Since your assets have been secured outside the country, it limits the risk of having them diluted by a government that is going through a recession. It affords you financial security in times of crisis. 2. Reliable banking systems Offshore banks are governed by a strict international justice system which facilitates a more conservative system. Trust that your assets will not be gambled away. 3. Protection of valuable assets Having your assets transferred to a foreign account makes you a less attractive target for ill-repute organizations or an overzealous government to seize or freeze your assets. 4. Diversification of currency When you have foreign currency, makes you a more powerful foreign buyer, expand your portfolio threat and at the same time have your savings internationalized. 5. High interest rates This speaks for itself. You benefit from higher returns for your foreign deposits. 6. Allows you access to foreign medical care In the event you cannot procure medical care in your country, having foreign accounts affords you access to medical assistance abroad. 7. Gives you more privacy This is both a benefit and a slippery slope for some. Certain provisos give you the option of not reporting you assets for taxation. Remember to always consult your tax advisor regarding the extent and limitations of asset declarations. 8. More Freedom Offshore banking gives you a host of banking options. It puts more control in your hands. FOR MORE FINANCIAL SECURITY AND CONTROL OVER YOUR ASSETS, OPEN AN OFFSHORE ACCOUNT NOW. With plenty of available options and benefits, offshore banking may be your best bet to getting proper security and protection for your funds or valuable property. It affords you more control unlike domestic banking systems that prove to be too restrictive particularly now when local governments are becoming more and more fraught with peril. Offshore banking is not a luxury it’s a necessity in today’s economic climate.