Bank in US Dollars, Euros, Pounds, Canadian Dollars, or Swiss Francs Offshore

Opening an offshore bank account will commonly allow you to bank your hard earned money in the currency of your choice. Depending upon your wishes you can bank in Swiss francs, Euros, Canadian dollars, British pound sterling, or the US dollar. No matter where you are in the world you will typically be able to get cash from an ATM machine or make point of sale credit card/debit card purchases in local currency based on your bank account. In some cases a client can obtain a free international credit card just for making a low qualifying deposit when opening an offshore bank account.

Why Open an Offshore Bank Account?

Offshore bank accounts in tax advantaged jurisdictions have been popular for years. With the large number of expatriates living offshore or doing business offshore it has become imperative for many to have an offshore bank account. Engaging in offshore investments is often easier with an offshore account. There are numerous offshore asset protection vehicles such as international corporations, foundations, and trusts which simply work more efficiently with banking offshore.

Why Bank in a Different Currency?

Over time the US dollar has gone done in value compared to many other currencies. Because of this fact many have chosen to move their money to banks in countries where their savings are held in a different currency. However, it is not really necessary to physically place you money in London, Geneva, Toronto, or Bonn in order to bank in a currency different from the US dollar. Many offshore bank accounts offer the option of holding your money in any of several currencies.

How Do I Open an Offshore Account?

Opening an offshore bank account is as simple as contacting the bank or offshore financial institution. Money is typically sent by wire transfer although small deposits can start with cash. Personal checks can take a long time to clear internationally and are usually discouraged. The bank or their representative will help you with the paperwork which will vary based upon the jurisdiction. For many a very viable option is an offshore financial company such as a New Zealand Offshore Financial Company (NZOFC) (NZOFC) as this type of institution can take deposits from, pay interest to, and extend loans to anyone across the globe. An institution such as an NZOFC is not subject to New Zealand banking laws, which can provide its clients with a degree of flexibility not seen in registered banks. An NZOFC is subject to rules and regulations but not by New Zealand banking regulations. A wise decision before setting up an offshore account is to give some thought to what other legal offshore devices or legal vehicles one might wish to take advantage of and how to integrate them with the bank account.

An Offshore Bank Account and Comprehensive Offshore Asset Solutions

Many who move their money offshore have concerns about asset protection and privacy. Many are concerned with finding effective, legal means to reduce inheritance and other taxes. A Panama Private Interest Foundation, a New Zealand Trust, or an International Business Company formed in a number of jurisdictions may be helpful this these regards. Having a clear idea about what you need and what you want to do long term with assets offshore will be a great help in deciding where to bank offshore and if you wish to bank through another offshore vehicle or in your own name.