When you hear about offshore bank accounts, it sounds like something from a 007 movie.
The truth of the matter is much simpler: it is a normal bank account. The key difference is that it is set up outside the country of residence of the account holder – in simple words, the place where you pay your income tax.
The main reason, and benefit, for opening an offshore bank account is to benefit of lower taxation.
Other benefits are a more stable economy, enhanced anonymity, better political conditions, more favorable laws, asset protection, and also access to higher interest rates or better investments.
You don’t need to go necessarily to a Caribbean island or a small European nation to open an offshore bank account. Did you know that the US is one of the best jurisdictions for non-Americans? Think outside the box and you will be able to find great jurisdictions for your needs.