One of the best kept secrets of the banking industry are offshore accounts.
These hidden gems have been wealth builders and asset protectors for many for years.
Even with some offshore banks opening up their books more to terrorism watch groups, offshore accounts still remain an option that the private investor should take advantage of.
1.
Number of different offshore accounts available.
Although an offshore bank account is the most well known of the offshore accounts, it is not the only type available.
Many business owners can take advantage of an offshore merchant account.
These are really great for small businesses who are unable to get a domestic merchant account because of overly high hurdles to entry.
Also, there are offshore trusts and offshore foundations.
These provide yet another way for private investors to hold funds offshore.
The end result is that the private investor has a number of different offshore investing vehicles.
2.
Less restrictive rules and laws translates to greater earnings.
One of the single biggest benefits of the offshore banking industry is that the offshore banks are in countries that have laws that encourage banks and private investors to want to do business their.
This type of environment coupled with advancements to modern technology means these banks can operate on a lower overhead than domestic banks and send this back to investors in the form of higher returns.
This is great news for all those who are looking ways to get better rates.
3.
Offshore bank account is still the single best asset protector available.
A fear of many private citizens is that their earnings and/or property can be taken away from them by creditors.
This could take the form of lawsuits, divorces, or in some cases, even nationalization of their property.
In these instances, offshore accounts can help shield these investor's assets from seizure by holding them offshore.
The results are greater privacy for their assets and more peace of mind for the private citizen.
4.
Great vehicle for diversification Offshore accounts are very easy way to help diversity your assets.
An offshore bank account can easily be used to hedge against the value of your home country's currency.
In addition, it is a great avenue for allowing you to spread your money among the three major zones of finance in the world.
Since the odds are that not all zones will suffer at the same time, this diversification allows you to cushion the blow when any one major zone is underperforming.
With benefits like these, it is easy to see why private investors are very interested in offshore accounts.
If you haven't considered offshore accounts before, you should definitely take the time to look into them further.