In troubled times, when the world economy is feverish, lacking stability and confidence in the future, it is especially valuable to have effective tools to protect your assets. personal offshore accounts in reliable jurisdictions are one such tool.
Do not be frightened by the definition “offshore”, because it does not mean anything illegal or illegal. Offshore accounts are any accounts that are opened by a respondent outside the country of his tax residency. That is, if a person lives, for example, in Kazakhstan, but decides to become a client of a bank in Cyprus or the Cayman Islands, he must submit the required package of documents, go through the usual client verification procedure and finally get access to his account. Everything happens as when opening an account in the bank of your own country, i.e. it is completely legal and legitimate.
Advantages of a personal offshore accounts
Having one or, better, several offshore bank accounts in banks of other countries gives their owner the opportunity to reliably protect his money from possible illegal encroachments on them by various structures and fraudsters. At the same time, the client of the foreign bank gets access to online banking and can control the movement of his funds.
If the issuing bank is chosen correctly, then the account holder can even receive profit in the form of interest on the deposit.
An undeniable advantage of a foreign account is also the possibility to transfer money to any country in the world. Usually a client of a foreign bank is given a plastic card, which he can use when traveling. And this factor makes life much easier during foreign trips. Especially for citizens of those countries whose banks have fallen under any restrictions.
Where is the best place to open a personal account?
If you are on the lookout for the best bank, consider opening a bank account in the Cayman Islands. The banking system in the Caymans is rightly considered the “Switzerland of the Caribbean”.Most offshore banks are branches and affiliates of international financial institutions, and 40 of the 50 largest banks in the world are represented in the Islands.
The bank with which we offer cooperation, offers its clients the opportunity to open a multi-currency account in such currencies as USD, GBP, CAD, EUR and many others.
At the same time, clients are offered attractive interest rates. Which are formed depending on the current trends in the market or depending on the term and size of funds placed. The minimum deposit amount for a savings account is only USD$2,500. If you are planning to open a deposit account, then the minimum amount on the account should be USD$100,000 or more.
Why you should open a personal account in the Caymans:
- Privacy and data protection. The Caymans offers a high level of banking privacy. But it is worth remembering that the Cayman Islands is a participant in the program of automatic exchange of information on financial accounts (CRS). So account data is transmitted to the fiscal authorities of the country of tax residency of the foreign client.
- Tax benefits. In some cases, depositors from other countries can take advantage of tax incentives and reduce their overall tax burden.
- Investment opportunities. Caymans may provide access to certain investment opportunities and markets attractive to investors.
- Convenience and speed. Many banks in the Caymans will offer remote account opening. The process does not take long.
Opening an account in the Caymans can provide an opportunity to diversify financial assets outside of your home country. The jurisdiction attracts clients from all over the world, and this in turn creates a favorable environment for creating international ties and business partnerships.
How to open an account in the Caymans?
It is worth noting that opening an account in the Cayman Islands can be done remotely. The applicant needs to submit a package of documents, including a completed application for opening an account. A notarized copy of a foreign passport, and proof of residence. As the last document can be used as receipts for payment of utility bills for the last three months.
You will also need a document proving the legality of the origin of the funds. The bank may request recommendations from a lawyer, accountant or other professional. Who has known the applicant for at least two years and can characterize him as a good and law-abiding citizen. All these papers must be translated into English and notarized. The bank in the Cayman Islands also offers a wide range of services for corporate clients. In any case, cooperation with this financial institution implies a lot of advantages for clients of any format.
By deciding to open an personal offshore accounts, you thus show concern for your future and expand your financial opportunities. You should not put off solving urgent problems!