| If you are someone whose career and place of | | | | access to all of the worlds markets, and this |
| residence changes a lot, then you might want | | | | makes it easier to invest in a diverse range |
| to keep your banking constant. One way to do | | | | of products and services. |
| this is by using offshore banking, which | | | | |
| allows you to keep your money in one country, | | | | Offshore banking features |
| yet have access to it wherever you go. If you | | | | |
| want to know more about offshore banking then | | | | You can use offshore banking simply as a |
| this guide has some information that might be | | | | savings account, or you can use it as your |
| useful | | | | main means of banking. You can have a current |
| | | | account with a debit card, and even make |
| Why get offshore banking? | | | | investments and buy insurance and loans using |
| | | | your offshore bank. Most of the products and |
| Getting offshore banking can be useful if you | | | | services that your standard bank can offer |
| are travelling around a lot and arent really | | | | are available offshore, with the added bonus |
| located in one specific place. If you use an | | | | of being available around the world. |
| account from one country then you will find | | | | |
| it harder to get your money out abroad, and | | | | Risks |
| might have to pay fees each time you want to | | | | |
| carry a transfer or withdrawal. You might not | | | | Offshore banking does use the law to its |
| even be able to access your account in some | | | | fullest, and so there are a number of risks |
| countries. Offshore banking can help you to | | | | associated with it. Firstly, if you dont know |
| have access to your accounts like you were in | | | | what you are getting into then you could end |
| your home country wherever you are in the | | | | up in legal trouble. Before signing up to |
| world. | | | | offshore banking you need to consult a |
| | | | lawyer. Also, you need to deposit a large |
| Tax exemption | | | | amount of money in order to get offshore |
| | | | banking, and that money could be at risk if |
| Another reason why offshore banking is | | | | anything happens in the country you opt for. |
| popular is for tax exemption. If you have a | | | | You know that your money in your own country |
| large sum of money that you dont want to pay | | | | is insured, but if something happens offshore |
| tax on, then moving it to an offshore account | | | | then you might be in trouble. Offshore |
| might be useful. Of course, you need to make | | | | banking does have some benefits, but make |
| sure that you abide by the tax laws of your | | | | sure that you know the details of the system |
| country, but there are legal ways to save | | | | before proceeding. If you do this then |
| yourself money through offshore banking | | | | offshore banking can help you save money and |
| | | | access your finances wherever you are in the |
| Benefits of offshore banking | | | | world. |
| | | | |
| Apart from the tax benefits, having your | | | | Peter Kenny is a writer for The Thrifty Scot. |
| money offshore means that you have equal | | | | |