The Office Copier

Watching movies gives the impression that offshore bank accounts are used only for illicit activities and elaborate embezzlement schemes. That is really a narrow-minded perception of this type of banking that Hollywood likes to play up in order to make their films more dramatic. There are actually numerous legitimate uses for offshore bank accounts, which is why law-abiding citizens the world over take advantage of them.

Contrary to popular opinion, millionaires aren’t the only ones who can (or need to) open offshore bank accounts. People from all walks of life and all different income brackets participate in this kind of banking because of the many benefits derived from doing so or because they would simply like to build a nest egg for retirement or a rainy day.

What kind of benefits are we talking about here? Well, one of the most common reasons people open an offshore bank account is to protect their money from excessive taxation in their home countries. Many nations do not levy taxes on funds held overseas, so it’s no surprise that people would want to move their assets to avoid these extra fees.

Another perfectly legal reason for having an offshore bank account is to take advantage of higher interest rates. A majority of these international banking institutions attempt to attract customers by offering very competitive rates that eclipse the standard interest rates offered by regular banks in most countries. Everyone wants the best ROI possible, even if that means keeping their funds in a remote location.

And finally, as banks in the United States and other economic powers become increasingly selective about who they accept as customers, people the world over are looking at offshore bank accounts as a means of getting the financial services they need without having to worry about credit checks and other red tape. Everyone is entitled to these services, and shouldn’t have to jump through hoops to gain access to them.

Most offshore bank accounts can be opened online, over the phone, or via fax with very little paperwork or hassle involved. All you have to do is run an Internet search for the top banks in whichever country you’d like to keep your funds, and then compare the services provided by each institution until you find what you want.

I’ve had an offshore bank account since 2005, and couldn’t be happier with the experience. I know my money is safe, is earning a fantastic rate of interest, and will grow to a nice, big sum by the time I’m ready to retire — at which point I will be able to collect it and live the high life in an exotic locale!

Filed under: Finance, The Office Copier on June 10th, 2008