There are many benefits of having an offshore bank account. The obvious one is tax minimization - doing business where tax is legally not payable. Another is privacy. Most offshore locations have laws in place guaranteeing your financial privacy, some banks around the word has a strict level of privacy that might prevent powerful authorities like FBI from approaching your account under any reason.
Another advantage of an offshore bank account is the access it provides to profitable offshore funds, as most offshore financial institute will provide you with internet banking access along with credit card to make it convince for you to do your transactions at any time and from anywhere.
Another advantage of an offshore account, when tied in with an offshore trust or company, is the protection of your assets and the administering of your estate. Many countries are dangerous places for litigation, and adept at fleecing people - after they have died.
QROPS – a Qualifying Recognised Overseas Pension Scheme – If you are a non UK resident with a UK pension fund you know that you have the ability to “unlock” your UK pension funds and release them to a Government approved offshore location - so you can protect your pension funds from UK taxes here is some of QROPS benefits:
- Transfer of the fund to future generations upon death.
- No deduction of tax at source. Taxation will apply in accordance with the legislation governing the QROPS scheme member’s country of residence.
Excerpted from:
The Benefits of Having Offshore Bank Account
