Off Shore Account

New banking and financial regulations and standards established by different international organizations such as the Financial Action Task Force (FATF) of which there is a Caribbean branch (CFTAF) that have sought ways to prevent illegal activities with the use of both onshore and offshore banking facilities have helped to reinforce offshore banking institutions.

Despite the challenges that off shore account opening has confronted over the past decade, offshore banking continues to be an essential and safe way for doing business. The new trends that business and foreign investment have adopted as a result of increased capital mobility and reduced barriers to trade have only increased the need to setup offshore bank accounts that would provide a medium through which effective business can take place.

Although the tax and asset protection benefits that can be achieved from owning an off shore account cannot go unnoticed, holding an off shore account equips international business companies, people and new businesses with the right tools for stepping into the international corporate arena. A few of the features of an off shore accounts include multicurrency accounts which facilitate trade, international debit and credit ATM cards, internet banking and international money transfer and investments facilities. The limitation of trading in a currency that is not legal tender in one’s country of residence is of no importance with an off shore account as highly specialized offshore banking facilities enable off shore accounts to be kept in a number of different currencies. Off shore accounts generally offer much higher interest rates than regular banks and thus allow for high yields on investments, while proving a medium for trading stocks and bonds and establishing sound relations on the international business market.

Offshore internet banking facilities play a key role in off shore account holding as they are the main way by which active communication is maintained with the offshore bank and for checking the status of an off shore account on a regular basis, while regular or complicated bank transactions can be performed in the comfort of one’s home or office. Off shore internet banking facilities that grant access to off shore accounts are sound and are protected by very tough internet security which enables off shore banking clients to perform transactions with peace of mind.

Doing business off shore can only get better with the use of an off shore account whether as an offshore investment account, offshore merchant account, offshore trust account, off shore corporate or personal savings account. Each of these off shore accounts are available to people such as expatriates, investors and frequent travelers or business entities that see the need to transfer its assets off shore so as to establish better and solid footing on the international market with the support of the international banking facilities of an off shore banking institution.

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