Most people I’m talking about believe that they don’t need an offshore bank account. We claim that offshore banking is for criminals and tax evaders only. Or, maybe, they assume a Swiss Bank is only for the wealthy.
Much of this thought is due to a lack of knowledge. And that’s because there are several misconceptions about offshore accounts. The article will once and for all debunk these theories. And it may help you to understand that if you are the type of person who wants to take care of their own financial future, an off-shore bank may be just what you want.
Myth 1— Offshore banks in unstable countries are housed.
As soon as you mention someone’s term offshore account, they immediately think of some politically dangerous country they can’t trust. However, any bank account not under your jurisdiction is an off-shore bank account. Technically speaking, each country would need to be deemed unstable if offshore bank accounts were in unstable countries alone.
Myth 2— Banks on offshore banks are illegal.
Offshore banking is legal and must continue to be legal. Money must be transferred between different countries to facilitate trade in a global economy. Companies and individuals therefore …
