Benefits of opening offshore bank account with private banking

There is two types of banking : public and private banks. Public banks, also called retail banks, provide services to every type of customers and fulfill their banking needs. Whereas, the former is a personalized form of banking that establishes a secure and more confidential relationship between  clients and private banker. Working and services of both a retail bank and private bank are same. The only difference is that private banks provide highly reliable services to high net-worth individuals. Such individuals own liquid assets like precious metals, real estate property and company shares,  over a certain figure. Their wealth is not manageable by retail banks, so they go for private banking.

The relationship between banker and private bank account holder works on one to one basis. Wealthy individuals with private accounts can meet their banker personally and have direct phone contact with him. A bank can own both a retail as well as private banking separately.

Private form of banking in some offshore  jurisdiction plays a great role for benefits of high net-worth investors. The term ‘offshore’ originated from the Channel Islands being offshore from the United Kingdom. While many offshore banks are located on islands, but this is not compulsory. Today, the term is used to represent every bank  located outside of a home country.

 Such offshore banks are located in some foreign jurisdiction that offers banking services at low taxes. Wealthy investors have been using offshore banking service since many years. The banks offering offshore accounts to foreigners are well established and offer online banking options, credit or debit cards and business by fax or phone.

>> Benefits of offshore bank account :

* Asset protection . offshore private banking provides full protection to all assets as well as cash of the offshore account holder. Thus placing your assets in some offshore jurisdiction out of home country is a secure steps towards asset protection.

* Choosing the nominee. Offshore banking allows account holder to choose nominee account holder after  the offshore account holder.

* Simplicity .One of the best aspect of offshore banking is getting an offshore account opened is a straightforward process. Offshore service provider agents helps people open their bank accounts without any need for them to actually visit that offshore company.

* Owner's privacy. Utilizing an offshore bank service to protect a rich amount of assets, bank transactions and/or personal financial investments provides additional privacy and anonymity.
Offshore banking ensures your accounts are kept strictly private. The confidentiality of all operations conducted through the account is protected by legislation.

Offshore bank accounts are considered illegal , used only by criminals. But today, most of the offshore banks have stricter laws than the onshore banks. Depending on a personal account holder's personal circumstances it's possible to reduce tax liability, increase prosperity prospective and increase comfort with the use of an offshore bank account. The most important reason for opening an offshore banking account is to gain from financial and legal system of tax haven jurisdictions. Investors gain heavily from the offshore banks due to their lower taxation policy over traditional banking. Another advantage thing about it is that a person can open more than one bank account in different offshore jurisdictions.

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