Not Sure if an Offshore Bank Account is Right for you?

Most of us feel safest when we’re in the comfort of our own home. This is because we’re familiar with our surroundings and we understand it. It can be difficult when moving overseas, as an expat, to trust people and a system that we do not fully understand; especially with something as important as our financial security.

Read: 3 Reasons Why All Expats Need Offshore Banking

By choosing offshore banking, you can have access to the personalised world of private banking, at a surprisingly affordable entry point. Choosing the right bank, in a safe jurisdiction, allows you peace of mind in the knowledge that your money is 100% secured. It also means you will have the right tools, such as online banking at hand to monitor and take control of your finances.

What is offshore banking?

Offshore banking simply means you own a bank account and conduct banking activities in a jurisdiction outside your current residence country. Countries that offer offshore banking, such as Singapore, Switzerland, Isle of Man and China, are highly regulated and they consider banking and financial services as one of their most important exports. The main benefit of banking offshore is that it ensures that if anything happens in the country in which you are residing, you can rest assured knowing your money is being held securely in another location. Additionally, in many cases, keeping your money outside your home country will also help you to avoid paying unnecessary taxes.

Is offshore banking right for me?

If you are a globally mobile expat who is looking for a safe, accessible way of building wealth, then opening an offshore bank account could be the right solution for you. Offshore bank accounts are better suited to, and are more cost effective for, those of a medium/high net worth. Most UAE expatriates, due to the nature of their jobs, fall into this category. We have found that most internationally mobile expats will benefit greatly from offshore banking.

Who uses an offshore bank account?

Offshore banking is used by those who want to keep their finances safe. An offshore bank account opens the doors beyond pure banking. Our clients often claim the primary benefit of having an offshore banking and investment platform is that it’s a one-stop shop for all their cash, loans, term deposits and investment needs. You may also hold the entire family’s accounts in one secure location and you have the option to add your pensions and investments.

Offshore banking is particularly helpful for those:

  • Who regularly transfer money home or to family members abroad
  • Who value the security of their money (in their home country or where they are residing)
  • Who are not sure about how to best manage their money but know they want security and transparency
  • Who value tax efficiency
  • Who want a single location to securely operate their banking and high-value investments

If you think that opening an offshore bank account in the UAE will be beneficial to you, you may contact our consultants here to learn how to get started offshore banking.

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