Top countries to open offshore bank accounts in 20235 min read

As our ancestors figured out earlier, “Don’t put all your eggs in one basket”, many individuals or legal entities prefer to have an offshore bank account.

With no doubt there are many advantages to doing so but before mentioning how to open an offshore bank account and top countries for offshore bank accounts, let us explain what an offshore account is.

 What is an offshore bank accounts?

Simply this term refers to the accounts you have in another country where you are not an official resident. It is really common for the people who heard off offshore accounts for the first time to associate this term with its so-called bad reputation.

But let me assure you, they are totally mistaken. In contrast to widespread prejudice, offshore bank accounts are legal and licit. 

Why an offshore account?

After taking a deep breath, another question may pop up in your head. “Why should I have an offshore account?”

There are more than one advantages that an offshore account offers to an individual or legal entity but generally the main idea is to benefit from the conveniences and facilities that your own country can’t offer because of the current legislative regulations.

Other possible reasons may be listed as in the following;

• • Confidentiality: As the offshore accounts are based in a country different from where their depositors are in, they are not obliged to share or report information unless owners are subject to an international law requested. In other words it is a good way to keep assets private.
  • Assurance: Some countries may have a shaky economical environment so it is wise to move your funds to offshore countries where the economical conjecture is stable.Even if it is not full protection, by doing so you can avoid the risk of freezing and or confiscating.
  • Tax Relief: Top offshore countries popularly known as “tax haven” You may be exempt from taxes with offshore accounts and use the fund for investments.

Top Five Countries for offshore accounts 

1. Cayman Islands: Best known for tax avoidance.You can use the benefit minimal taxation liability for international investors. You don’t have to pay capital gains tax, corporate taxes, withholding, property, payroll, or income taxes. Moreover you can use any currency.

2. Switzerland: Best known for Privacy Law for banking regulations. It is probably the most popular option that comes to mind about offshore accounts. It also offers a secure environment as the country is economically and politically stable.

3. Hong Kong: Best known for access to new markets. Legal regulations are effective and the taxation system is convenient. It has a strong world-wide connection in technological markets and global financial aids.

4. Belize: Best known for favourable interest rates. Belize has the highest interest rates. Besides, you are exempt from local taxes and are ensured by the stable political environment.

5. Germany: Best known for safety. As you may know Germany is a very neat stable country with high life expectancy. Having a determined and strong economy and political conjuncture Germany is the best for depositors that value safety most. 

The Guardian Bank also offers a great deal to the customers. You can evaluate The Guardian Bank as an offshore account combining all the important features.