Banking Offshore - More Good Reasons Than Ever!
Published: 01/25/2010 by Peter Macfarlane
In spite of highly-publicized government crackdowns on tax evasion around the world during 2009, many more billions are headed for offshore banks and tax havens than ever before this year. There are good reasons for this, and it's all completely legal.
Tax evasion is far from the only factor encouraging smart individuals and high net worth investors to go offshore. There are more good reasons than ever to go offshore. Taxes are certainly a factor, but many people these days are motivated by much deeper feelings - they just don't trust the system any more. Basically, they are demanding full control of their own money. The human right to privacy is definitely part of the equation. Why should an individual´s finances be an open book?
Bank failures and bailouts are on everybody's minds, and rational individuals are looking to open accounts at conservative and respectable banks, in countries that respect the rule of law and private property, that do not have this toxic exposure.
Private banking clients seek to protect their assets not just against the perceived injustice of many lawsuits, but more fundamentally against a decline in the value of the dollar and other major currencies like the euro and pound. They are diversifying into other currencies, and of course into precious metals like gold and silver - something made easy by offshore multi-currency bank accounts.
I'm sure you've heard about the risks of keeping eggs in the same basket! So if you are unhappy with the financial climate, consider placing at least part of your portfolio in an offshore bank account.
