Have you ever thought of creating a bank account in another country? Nowadays, this is no longer exclusive to those who have large amount of wealth to protect from unlawful creditors. Even regular entrepreneurs take advantage of the idea to ensure that their businesses will continue to progress with enough funds.
There are important factors to be considered when setting up an offshore bank account. First and foremost, you have to regard the distance. The farther your bank account is from your country of residence the better. This makes your fortune as invisible as possible. Often times, large sum of money cannot escape the public eye. In fact, their owners are suspected to have illegal wealth and the worse of all the government can confiscate all of it.
Choose a remote bank that can offer you easy access to your account. Although this is not a problem as most banks across the globe provide international credit and debit cards, it is still wise to be assured of the online features that your prospect bank possesses. Go ask your prospect banks about it.
Putting your account under another individual's name can give an added sense of privacy to it. Another way to do this is through a trust company. Offshore trusts are legal means that can shield your identity while you practice full control over your wealth. Depending on the trust agreements only you and your rightful beneficiaries can take a hold of your money.
Offshore incorporation also goes along well with offshore bank accounts and trust funds. It protects not only your wealth but also the identity of your company with which you earn your income. Let us say that the company directors are unnamed as well, then your company and personal bank accounts would be more difficult to trace. There is an option though where in you can have nominee company directors. That is another great feature you can utilize however it might cost you extra fees.
For assured secrecy of your money, be firm in not telling anyone about your offshore bank account. Your secret wealth will be most likely to be divulged if many people know its whereabouts.
Tuesday, December 9, 2014
Tuesday, December 2, 2014
Provision in the event of illness - You can never tell when an accident or sickness may come to steal your ability to work momentarily or permanently. Having to pay for your medications while providing for the needs of your family can be very challenging. If you do not have the enough funds to cover your expenses, your life and the lives of your spouse and children could be in danger. Receiving payouts until you are able to work again or find another source of allowance can help you make it through during your time of need.
Lifestyle security - Let us face it. Whatever benefits you might receive from the government can be set at minimum amounts. Being dependent on these alone may force you to live uncomfortably and barely making both ends meet. It is not only your lifestyle but also your children's lifestyle that would have to change. Inability to pay your bills and other responsibilities like legal dues for your properties can prod you to give up some things that make your family's life convenient. These may be the opportunity to live in a restful house in a safe town, your children's education or the family car that you are paying for monthly. While you can easily cope with such changes, your children may not. In fact, they can get traumatized by the abrupt deviations in your family's lifestyle.
Safekeeping Assets - Do you have properties to pay for every month? If yes, how then can you ensure rightful possession over them if you fail to pay your legal dues? Losing your house and lot and other investments can definitely happen once you loose a definite source of income. Having some amount to cover at least a part of your payables can keep your investments intact.