We often hear of a megarich tycoon having millions of dollars stashed away in some foreign country. We hear about it so much, it has become a cliché. Having an offshore bank account, though, is not restricted to the top tier of the wealthy. Average Americans are eligible as well. Not only is it a plausible reality, offshore banking offers many great perks that you simply won’t get by having a bank account in the United States.
Expand Your Portfolio
The more you have, the more you have to lose. It’s a sad reality and one that applies to money as well. With more money comes more risk. If an economic crash or other event depreciates the value of the dollar, your savings will depreciate as well. One of the greatest ways to combat this volatile situation is to expand your portfolio. The goal here is to place your money in other areas. This is why so many people swear by the merits of investing in gold and silver. The same is achieved in offshore banking by having some of your money in other countries’ currencies. Even if the value of the dollar tanks, another currency may be protected.
Increased Protection
When you have personal assets in overseas accounts, other people—criminals, creditors, ex-spouses—will find touching that money harder and maybe even impossible. When 100 percent of your life savings are sitting quietly in a US bank account, your funds may not be as safe as you would like to imagine. Between the possibility of the government accessing that money and the sue-happy society that we live in, there is a chance, one day, somebody will come looking for their share of that money. With offshore banking, you can rest safe and sound knowing that money in that bank cannot be touched by anyone within the US.
Because You Can
Offshore banking is completely legal and available to anyone. The process may be a bit confusing, but countless resources are available for anyone who wishes to send money into offshore accounts. Here in America, we enjoy exercising our rights, including the right to use offshore banking.
Overall Lower Risk
Having an offshore bank account greatly lowers your financial risk on many levels. With finances, risk worries people the most. Offshore banking is a great way to reduce risk. Make protecting your life savings a priority by lowering the risk of their loss as much as possible. These offshore banking benefits are a few great ways to accomplish just that.
Kidal Delonix is a contributor to Mr. Hoffman's blog. The views and opinions are entirely his/her own and may not reflect Mr Hoffman's views.
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