An offshore bank can be opened in a foreign location to take advantage of the healthy situation prevailing there. Offshore account can be a safe and secure way of investing in these times of recession. One of the key benefits of opening an offshore account is the amount of tax savings possible. The lesser taxes attract investors as that would lead the investors towards higher return. Besides lower taxes, the investors can of course take advantage of the foreign land. The political stability and better infrastructure of the jurisdiction can help the investors gain intangible benefits.
To open offshore account, it now takes only a phone call, a mail or a fax to start your offshore account. Once the country and jurisdiction is decided, people can open the account. Generally the site for opening an offshore account is chosen based on the provisions of that area. Jurisdictions attract non-resident deposits by offering banking secrecy, a tax-free environment, legal protections against overseas civil court actions and a sophisticated array of private banking services. The offshore jurisdiction can be chosen based on certain aspects that include aspects like:
· The bank is legally enshrined.
· Stability of the jurisdiction and the chosen bank.
· The bank keeps a low profile, to avoid undue suspicion.
Offshore account has become the new buzzword for the savvy investors of the world. The account not just saves taxes but also leads to higher return over investment. The cost of operating an offshore account is too less which is forwarded by the bank to the customer in the form of higher returns.