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What is an offshore bank account? Seems pretty straightforward, right? But many people have misconceptions about this term. They usually imagine a bank on a faraway island where rich people keep their money. In fact it means something else.
It used to be true that rich people would hide their money in offshore banks to avoid taxes but those days are mostly gone. Today offshore banking offers a lot of other much more practical benefits like improved access to foreign currencies, lower transaction costs, protection from jurisdictional risk, privacy from litigators, access to more and better investments, higher levels of service and much more.
We are explaining the term of offshore bank accounts once for all and explain why if you’ve even got a modicum of wealth and especially if you’re looking at being a global citizen this is one of the critical factors to get set up.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
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Author: Michael Rosmer
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