For many years, many people have held the view that opening an offshore bank account is bad. The stereotypes have made a lot of people to accept the status of their wanting banking systems. Well, it is the time to face the facts and go for private bank account opening non resident.
A closer look at western banking systems reveals that they are faced with huge political risks. From one nation to another, the song of capital controls, bail-outs, nationalizing of the retirement savings, and taxes on deposits keeps recurring. This is not all. If your savings are in a bank, a lawsuit can easily find itself to your door. The next thing you will hear is that the account has been frozen.
To enjoy the benefits that come with opening an offshore bank account, you need to overcome all the myths. Here are some of the common myths that you should know.
- Private bank account opening for non residents is illegal
This is a myth. Once you have earned cash, it is up to you to spend or store it the way you want. Just like you can opt to go shopping abroad, it is also open to save in the bank of choice. Whether you want to open and save cash in Hong Kong, Panama or Mauritius among other countries, it is legal to do so. For those who come from the United States, the only legal requirement is ensuring you report the cash in the account annually.
- Only the rich can open private offshore bank accounts
This is a myth. Offshore bank accounts are not meant for the rich only. Any person with some form of income can open and run the accounts. Whether running a business or working as an employee, banks abroad will allow you to hold and operate an account. What they look for during private bank account opening non resident is proof of income, proof of residence, and tax compliance. Being rich is not part of the qualifications.
- Putting cash in an offshore account is like throwing it away
This is a myth. This assertion lacks merit in every notion. When you deposit cash in a foreign bank account, it is carefully stored and insured to guarantee users of direct access when they need it. Depending on the bank, you can easily access the cash using the agreed channels. Some banks provide users with credit cards while others allow online payments such as PayPal. Cash in an offshore bank is as good as cash in hand.
- Foreign bank accounts are very expensive to open
This is false. When you decide to go for private bank opening non resident, the process is direct and easy. The documents you need are the same as those that local banks want. Therefore, you do not need extra processing. The only thing that can make opening an offshore bank account more expensive is the need to travel abroad. But you can also beat this cost by pairing account opening with a holiday, business visit, or even research in the target jurisdiction.