Offshore Bank & Tax News Is Offshore Banking Still Relevant?
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It is definitely losing relevance for those who opened undeclared accounts "offshore" and now these are being exposed to tax info exchange between countries.
Term offshore needs to be revised. I would say International banking will always be relevant for many reasons both for private individuals living international lifestyle, as well as international businesses, who can't use their domestic banking for international life and business purposes.
International banking is also good for assets diversification and protection in the current volatile environment.
For Individuals:
Benefits of international personal banking include financial advantages (higher interest rates, cost efficient services), security and stability (safe jurisdictions and stable big banks), tax benefits (no interest withheld), international access to your money (24/7 Internetbank and phonebank) as well as access to experts on international investments.
International banks understand your life on the move very well and accommodate their services to suit your unique needs like free international transfers, service 24/7, accounts in multiple currencies and so on. They make it also very easy to apply from the distance – you don’t have to visit a branch!
For Businesses:
Setting up and managing international business is a challenge. Even bigger challenge often is setting up international corporate bank account since your local corporate account is mainly suited for local business only and you may have no idea of where and which bank to choose.- International banks have services specifically designed for international businesses
- They understand your international or offshore set up (no problem for opening of account for offshore registered company)
- Provide tailored services – access to bank online and phone 24/7, quick international transfers
- Offer internationally accepted charge cards
- Offer business overdraft for international needs
- Offer deposit accounts with attractive interest rates and multiple currencies
- Provide international commercial lending/mortgages
- Have personnel speaking in English and familiar with international businesses