In this age of Big Brother watching your every move, offshore banking has become an ideal way to keep personal financial matters private. Many of the wealthiest people in the world have chosen tax-free offshore accounts to ensure their anonymity.
Simply put, offshore banking refers to keeping a bank account outside the tax jurisdiction of where you live. While this sounds inconvenient, the many benefits of offshore banking make it worthwhile.
Offshore accounts can generally be opened via postal mail, and accessed or managed through the internet, by phone, or by fax. Many offshore banks or banking services will help investors organize their funds, provide administrative services, and contact shareholders. With most of the population already having a difficult time finding enough hours in the day, these convenient services can be invaluable.
The main benefits of offshore banking are protection of assets, confidentiality, reduced taxes, and the ability to set up trust funds that will not be subject to taxes or fees once administered.
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