Offshore Bank Accounts
An Offshore Bank Account, or overseas, bank account is one that you have in a country you don’t reside in.
They allow you to make and receive payments, hold money and set up savings and investment accounts in multiple currencies.
Why use offshore accounts?
Offshore accounts can make it simpler to manage your financial commitments across multiple countries and regions. They can be useful if you need to make, or receive, regular international payments and transfers.
Most expats have a bank account in their home country and another account in the country they’re living in. Many also consider opening an offshore account, as this can be an effective way to save, invest and manage money while abroad.
Reasons to open an offshore account include:
- you’re already living and/or working abroad
- you’re planning to move abroad – eg for work, or to retire
- you’re an international assignee and move countries regularly for work
- you make frequent trips between countries – eg for business
- you get paid in a foreign currency – eg for freelance work
- you own assets abroad – eg investments, or property
- you have family members abroad who you support financially – eg a child’s school fees
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You’re a smart person and have diversified your assets across numerous asset classes. You own growth stocks, blue chip stocks, bonds, real estate, gold, Bitcoin…
You name it.
Most know about asset diversification but are blind to the benefits of geographic diversification.
There are so many examples of wealthy business owners going completely bankrupt when the economic meltdown of 2008 hit.
Many people who held and invested all of their money in the United States, for example, lost everything.
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Even though they had diversified their assets by owning stocks, bonds, real estate and others, very few thought about geographic diversification.
And that’s why, when the crisis hit, they lost everything. Had they held some of their assets offshore, the blow would’ve been much softer.
History has a way of repeating itself. There’s always wacky stuff happening in politics, making you nervous about your assets and wealth.
Putting money into offshore accounts in various countries can be an excellent way to diversify.
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