Finance

Taking Advantage Of Offshore Banking

Finding a bank account overseas might seem problematic, but there are plenty of reasons to do it. Many people will think of a tax advantage, and this would refer to money hidden in vaults of very permissive economies that are willing to put private customers ahead of the interests of national governments when it comes to tax enforcement. Wealth might even legally accrue in these foreign accounts for years and only be tax liable at the date of withdrawal.

Offshore banking can also be the start of an international career. Many countries prefer domestic banks to foreign institutions setting roots into their economies. For this reason, having a foreign account might be an important step to having a job in another country. This setup would make it possible to receive direct deposit in that country. Another advantage is ease of spending funds in a foreign economy due to an extended stay.