Why Offshore Banking Will Never Be Illegal

There’s an incredibly commonly held misconception that offshore banking is something clandestine - illegal maybe, immoral certainly - and definitely not for the likes of “you and me”...

This is quite simply not the case and this article will show you why: but firstly, it’s important to understand why this distortion of the truth pervades, and why so many people completely misunderstand the concept of offshore banking.

It seems that widely publicised distortions of the truth have become accepted: banking offshore is only for criminals, those seeking to escape justice and fair taxation!

Even those individuals who aren’t convinced that offshore banking is a dirty subject and seek professional advice from lawyers or financial advisers (yes, people who should know better) about whether offshore banking could benefit them, are having their worst fears falsely confirmed - “yes indeed, offshore banking is risky and unethical.”

So, where has this misconception come from?

Well, it’s hard to say exactly and the origins of the myth probably aren’t important - what is important and crucial to understand is that it is in the very best interests of your government and your local banking community to have you believe that banking or investing offshore is illegal, immoral, unethical and basically taboo, and so they are not going to rush to change the image that you hold as true. 

In fact, it’s fair to say that your government and your local banking community are happy if fuel is added to the fire to keep the likes of you and me in the dark, allowing us to feed on the fear and suspicion surrounding offshore banking, investing and company formation.

The Truth - Why Offshore Banking Will Always Be Legal

The truth is that there is not, nor will there ever be a law preventing money being moved outside of your country of residence.

Why?

Because if there was, the economy of your country would break down! 

Think about it - countries such as the US and the UK are heavily dependent on international trade - if it was impossible to send funds out of the country all exports and imports would cease because your country would no longer be able to pay to buy and sell anything!

Yes, it really is that basic!

So if you really want to, you can move every penny or cent out of your current and savings accounts and transfer the whole lot to anywhere else in the world.

This action would be completely legal.

Whether it would benefit you in any way is of course a completely different kettle of fish! 

And as everyone’s personal circumstances are unique you will need to seek individual advice on the matter. 

There are a number of offshore investment and banking articles on this site which may go some way to answering any further questions that you have.  Alternatively, get in touch and let us know how we can help you.

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