Benefits of Offshore Banking For Businesses

We are fellow expatriates and as such we understand what is important to you and your family, which is why we would like to share with you the 7 key reasons why we believe that offshore banking could be the right option for you.

offshore banking for business
Shutterstock Licensed Photo – By Biz Idea Production

Let’s examine each of the benefits in detail:

1.         Security

Bank deposits in many countries don’t necessarily have the same level of protection as you might have been used to back at home. If you use an offshore bank that’s based in a transparent and highly regulated jurisdiction, such as the Isle of Man for instance, you can feel secure that your money is safe.

Do you remember what happened in Cyprus back in 2013? Expatriates found themselves unable to take money out their accounts and out of the country. What about what happened in Qatar when the whole nation was embargoed?

If you choose to bank offshore or set up an offshore savings account, you help protect your wealth from such threats. Keep your money secure and safe.

2.         Service

Offshore bank accounts generally offer a service that’s highly personalized, giving you access to your money through telephone and online banking 7 days a week, 365 days of the year.

Your account may have a relationship manager assigned to it, which means that you will always have a personal point of contact. The best banks offer the highest levels of service, which can be incredibly appealing for expatriates with international financial opportunities and obligations.

3.         Convenience

The ability to keep your bank account in one specific location, irrespective of the number of times you move countries can be a major benefit especially if you are an expatriate. It is actually this reason alone that’s enough for a lot of expatriates to open offshore bank accounts.

4.         Tax

Using an offshore bank can offer tax advantages to expatriates, but whether they will apply in your case depends on your personal circumstances, such as your country of residence.

The tax benefits that an expatriate can enjoy range from keeping your money outside the tax jurisdiction of your home country to protecting it from the country that you are currently residing in.

Offshore bank accounts can be incredibly useful with regards to estate planning in some instances. If you would like to explore whether you will enjoy tax benefits by banking offshore, get in touch with us to explore your options.

5.         Investing

A good offshore bank can provide you with a wide range of investments and funds that are not generally available either in the country that you care currently living in or your home country.

Investing via an offshore bank is straightforward and there could be tools or advice on hand to help you develop an investment portfolio that’s appropriate to your risk profile as well as the outcomes that you wish to achieve.

However, it is important to choose your bank careful since some simply white label other’s solutions and offer poor options. If you are in doubt, you should ask us and we will help you sort the wheat from the chaff.

6.         Foreign Exchange Services

Multi-currency accounts are now coming as standard, which means that transferring money between accounts will be both free and quick.

If you need to transfer money between currencies, some of the offshore banks offer competitive exchange rates in comparison to regular banking service.

This is probably one of the greatest benefits associated with offshore banking facilities for expatriates with international financial obligations.

7.         Credit and Lending

Depending on your choice of bank, some offshore accounts are essentially a private banking service, a benefit of which is that credit and lending and credit facilities are usually more tailored to your needs and flexible too.

For instance, you may find that mortgage rates for your property are incredibly competitive, especially if the property is in a mainstream market such as the United Kingdom.