Updated time: Apr 09, 2020, 06:36 (UTC+03:00)
The term “Offshore” refers to a location outside of one's national boundaries, whether or not that location is land- or water-based. The term may be used to describe foreign banking accounts, corporations, investments, and deposits.
In the terms of Offshore banking account, we can define it as a foreign banking account which is opened overseas supports outsourcing business activities like manufacturing or call centers..., in another nation rather than the one in which the company most often does business or any situation in which the offshore investors reside outside of the country in which they are investing.
Why do expatriate entrepreneurs prefer Offshore banking accounts for their overseas business or investment? Of Course, it has tremendous advantages that assist expat grow their business globally.
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Financial security is typically influenced by the politics of a local nation or jurisdiction. We have to admit that capital could be protected in the countries which operate in stable regimes. There are some case studies for this point such as the banking crisis in Cyprus of March 2013. In this period, banks in Cyprus closed their doors and their ATMs for nearly two weeks due to many reasons. Later on, A re-negotiated offer from the E.U. enabled banks to re-open, but depositors were limited to withdrawing €300 per day and banned from cashing cheques, while overseas transfers were limited to €5,000 per person per month. Transactions worth more than €5,000 would be reviewed by a specially established committee. Or in some nations that are weak in inflation control like Venezuela 2019.Crisis-hit Venezuela tops a list of countries with the highest levels of inflation, with a rate estimated at almost 282972.8 percent in April 2019*.
An offshore banking account is one of the best choices for tax optimization. Tax benefits can range from keeping your money outside of the tax jurisdiction of your home country or the local nation that you are currently living to protect it from taxes. However, the case still depends on your personal circumstances, such as the country of residence regulation.
Offshore banking service is a type of private banking service. Most offshore banking centers offer a high level of personalized services. You can access your money in real time through online banking, 24/7 phone banking, mobile app and a variety of seamless payment options, such as prepaid/credit card. Moreover, you are also served by a personal Relationship manager. Clients prefer to speak to an assigned customer service officer who takes care for their private account.
Expats usually take across border business trips frequently. They may stay in a specific nation in a period of time. It would be inconvenient to open a current account every time you move to another country. As a result, an offshore banking account is the best solution for this situation.
In fact, the reason itself is persuading enough to open an offshore account.
Along with other services, Offshore banking account is also specialized in online currency exchange service that enables you to complete your transactions quickly and efficiently. Quicker and easier than traditional international bank transfers with multi currency accounts. You can enjoy the comparative foreign exchange rates, compared to regular banking service when it comes to money transfer between currencies.
As an expatriate, the need for funds transfers and seamless payment is playing a crucial part in overseas business. You can lay down your worries by having a smart solution to address all. Let’s contact us for support, our Relationship manager will always listen to your queries dedicatedly.
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