Offshore banking may have been associated with crime, money laundering and tax evasion in the past but modern offshore banking is a respectable and useful financial tool. Expatriates can benefit very nicely by shifting to an offshore bank, some of the advantages to consider being:
Low or No Tax – The typical offshore tax haven, especially useful if you are working abroad as an expat and are unwilling to have your income taxed by your home nation when you pay your salary or earnings into your bank account back home.
Protection – If you are an expat living in an unstable economy or culture, you may well wish to know that your funds are secure, and any local problems will not see you lose your nest egg.
Privacy – Although offshore banks are no longer entirely private, it is still substantially more difficult to obtain information from them than it is from a conventional bank, meaning your financial situation is kept private.
Offshore banking is no longer expensive, and the application process is extremely straightforward. Anyone who currently uses multiple bank accounts that cross national boundaries should take a long hard look at what offshore banking has to offer but always remember to consult a qualified financial advisor before making any decision about your money!