You may think setting up bank accounts in foreign countries is for the rich and famous or people who have something to hide, but the truth is diversifying your banking relationships is an extremely beneficial financial strategy. When looking outside our borders to invest, Americans can benefit from different tax laws, new investment options and foreign exchange. The best part is it can all be done with a name you already know and trust.
If you’re looking for a way to gain new exposure for your personal assets here are four good reasons to consider an offshore bank.
Offshore banking can offer Americans tax advantages they would otherwise not have access to domestically.
Of course the possible tax breaks depend on a variety of individual factors such as your country of residence, how you pay your taxes and how your money is invested. It’s best to consult with a professional to fully understand the tax laws before opening accounts.
Accounts are offered in a variety of currencies with access to several different types of financial products such as Structured Notes and Mutual Funds.
Some banks offer an International Brokerage Firm with global trading in 25 different countries. If you want banking and investing opportunities outside the United States, Jersey may be the place to go – and it’s a good excuse to take a vacation to warmer climates.
Security and peace of mind
Doing something because everyone else is doing it seems like a really bad way to make a decision – unless we’re talking about money. It’s comforting to know that companies and individuals alike trust Jersey when it comes to their banking.
Jersey is home to the largest financial services offering in the Channel Islands. It has a stable economy and an established political system. The market is also regulated by a local Financial Services Commission. This should give investors peace of mind that their money is in good hands. There is over 154 billion British Pounds invested in Jersey at any given time – now that’s a lot of confidence.