Who Can Benefit from Offshore Banking?

Summary: An examination of who can and should consider going offshore as well as the benefits of banking offshore

Most people consider their offshore options only as far as opening an offshore bank account and this is often a good place for the majority of people to start because banking offshore can offer great flexibility and even increased privacy as well as in some cases, good taxation benefits as well.

There is of course a lot more to the offshore world than just the banking benefits though and so in this article we’ll not only be looking at who can benefit from offshore banking, but we’ll detail who can and should consider going offshore and what the general benefits of all things ‘offshore’ are…

The offshore world can be accessed by anyone living in free society and going offshore for the purposes of banking, wealth enhancement, tax reduction, increased privacy and confidentiality, asset protection and international flexibility for example, can and should be considered by at least the following people: -

- Expatriates (i.e., anyone temporarily or permanently residing in a country other than the one in which they were born and are considered to be ‘domiciled’)
- Those who own property abroad or who are considering buying overseas real estate
- Those with an annual income over GBP 30,000
- Those expecting to receive an inheritance
- Those with assets to bequeath as an inheritance
- Those with real estate related equity over GBP 50,000
- Those with liquid financial assets over GBP 30,000
- Those acting as director of a company
- Those acting as a partner within a professional partnership
- Those getting married
- Those with children
- Those with non-conventional assets such as an aeroplane, boat, valuable classic car or art collection
- Those who own or lease equipment
- Those who own or lease commercial real estate
- Those in a public facing or potentially liability incurring profession such as consultants and contractors, manufacturers, medical doctors, dentists or vets, architects, constructors or those who are self-employed
- Anyone who is or has ever been un-insured or under-insured
- Those with an obviously affluent lifestyle

How Can You Benefit From Offshore Banking and Going Offshore?

Depending on who you are, where you’re living and what you want to achieve by going offshore, going offshore can potentially benefit you by: -

- Offering you exciting opportunities for international investment
- Giving you access to incredibly flexible and attractive offshore banking opportunities
- Helping you with investment related risk management
- Helping you with investment portfolio diversification
- Giving you greater personal privacy
- Providing your business affairs with greater security and confidentially
- Simplifying your entire personal and/or business financial situation
- Minimising your tax burden
- Protecting you assets, your heirs, your business and yourself

As you can see, not only is the offshore world and offshore banking in particular available to the vast majority of us, it is of potential and far reaching benefit to a great many people.  If you believe you could benefit you should seek professional advice so that if you do go offshore you do it right!

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