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The following is a summary of the different reasons that force individuals and companies to open bank accounts abroad with the purpose of protecting and hiding their money.
At first glance, nobody should invest his or her money outside the country of residence. An investor knows strong and weak points of its home country better than any other territory and with relative ease can inquire any information about applicable laws and their modifications. You can enlist the help of experts and change advisors. Get to know the language, the customs, the people, the different regions, what they produce and what they need. However, there are situations and circumstances where we are obliged to protect ourselves from our own government and transfer a part, or the total amount of our assets, to an offshore account abroad.
Main reasons to open offshore bank accounts abroad are:
The purpose of opening a bank account abroad in this case is to seek new investments or undertake commercial activities, which are sometimes more profitable in other countries than in the country of residence. Although these operations can be carried out from the home country through a local bank, they can often be carried out more efficiently and flexibly through third countries and investment agents located abroad.
It is common to open a bank account abroad in order to seek better tax conditions for amounts that can be advantageously invested in another country, and repatriate the dividends when desired. For example, it is sometimes more convenient, from a fiscal point of view, to invest from abroad in the country of residence than to invest from within the country itself. Other times, the aim is to flee from excessive taxes, avoiding commercial operations whose taxation significantly reduces final profits. In this case opening a bank account for your company abroad you save, in the long term, quite high amounts of money.
In this case of opening a bank account abroad the goal is to increase the guarantees of the funds and savings gained with effort throughout years of hard work. Having a deposit or saving bank account in another country for retirement or in case things go wrong: divorces, lawsuits, civil liability, threat of jail, can guarantee you a security for the future. For example, there are more and more professionals and not just doctors and surgeons, who are subject to multimillion-dollar claims. People with economic means look for ways to protect themselves from these eventualities.
In addition to the licit use of these financial systems, there are clearly criminal actions associated with them. Tax evaders, corrupt politicians and organized crime bands use offshore economies and foreign bank accounts to avoid paying taxes, in the least bad of situations, and more frequently to launder the proceeds of criminal activities. Our company does not support the use of offshore financial centers for criminal activities.
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